Five Common Insurance Myths

1
Five Common Insurance Myths
2

• Insurance is only meant for the wage earner of
  the family
• Every family member needs insurance. The need
  for insurance may differ from person to person
  but it is important to gauge and analyses this
  need. It is not just the chief wage-earners
  prerogative to insure himself.
• Benefits of insurance can be reaped only after
  death
• Insurance provides financial protection to you
  and your family. One of the main objectives of
  taking insurance is to provide financial support
  to your family in case you are not around, as in
  case of term insurance. But that is not the only
  objective. Insurance helps you to build a corpus
  for yourself and your dear ones. It provides you
  with comfortable retired life and even takes care
  of your needs at various life stages.

3

• Insurance is mainly for tax saving
• Saving tax is just an added advantage of
  insurance. Governments offer Best Tax Saving Plan
  benefits on insurance plans so that more and more
  people feel encouraged to insure themselves. The
  main objective of insurance is to provide
  financial protection to you and your family and
  to build an assured corpus for your future needs.

4

• Group insurance provided by my employer is
  adequate Your group insurance might be adequate
  but what if you change the job? Once you change
  the job your group insurance will cease and you
  will be left with no cover till your new employer
  gets you covered. So it is always advisable to
  take insurance other than the insurance offered
  by your employer. Also the insurance provided by
  your employer may not be adequate to provide
  complete financial protection to your family.

5

• Young people do not need life insurance
• We live with a common notion that people die when
  they are old. But knowing about lifes
  uncertainties, it is best to take insurance early
  in life. Having the risk of death covered is
  definitely better than leaving dependents
  financially unstable in case of an untimely
  death. Besides, it is useful to take benefit of
  the lower premium rates offered to the young. The
  older you grow, buying insurance becomes tougher
  due to higher premium rates or refusal because of
  ill-health.

6
Follow us on
https//www.facebook.com/bajajallianzlifeinsurance
ltd
https//www.linkedin.com/company/bajaj-allianz-lif
e-insurance-co-ltd-
http//plus.google.com/bajajallianz/posts
https//twitter.com/bajajallianzLIC
https//www.youtube.com/user/jiyobefikar
https//instagram.com/bajajallianzlifeinsurance
7
Click to know more on Best Tax Saving Plan
https//www.bajajallianz.com/Corp/life-insurance/s
ave-tax.jsp
Thank You