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29 March, 2024 15:55 IST
Financial Planning
   
Why life insurance should not be ignored during financial planning?
Source: IRIS (28-SEP-16)

While looking to purchase a life insurance policy, bear in mind that the insurance plan you choose should ideally offer a combination of adequate protection from risk while ensuring that your family's financial liabilities are met without causing additional financial burden and that the continuity of the lifestyle that they enjoy is maintained. Empirical evidence in India suggests that life insurance needs to become the cornerstone of every Indian's financial plan. Unfortunately for many, life insurance enters the consumer's 'consideration set' as just another financial instrument that is purchased without giving it the due thought and importance one's life cover deserves. In order for this to change, we must realize that life insurance is uniquely different from all other financial products because it has the protection of your financial interests as its core proposition and thus should be the foundation of everyone's financial plan.


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