Saving Income Tax is not a big thing until unless you plan properly. Identifying a good Company and Investing hard earned money is a big task today as there are so many companies offering attractive schemes to policy holders. But as a proposer you should not take decision so quick because Insurance related schemes would be for long term and can change your life style.
LIC of India is fully owned by Government of India. After having so many Insurance companies, LIC is still having big market share and going strong also claim settlement is the best in the World. Life Insurance is very important for everyone in today's modern life. It's unfortunate that many people thing of Life Insurance in their late 40s. Life insurance policy is an essential product to plan for future and retirement. We all know and seen what most senior citizens face after retirement. Many exhaust their savings over the years and live as helplessly on others support.
In simple terms, Life insurance policy can be used to secure your children's education and future. When one is alive he can take care of his children. What if he dies? Is it possible for him to perform the same role? We all know it's impossible. Death as we know is unpredictable and inevitable. It can come when you least expect. So with this in mind its important one purchase a life policy in anticipation of the future.
With a life policy, your children won't have to be thrown out of school. They won't have to live the rest of their life in squalor because you have taken a wise decision to protect them.