A new parent’s guide to life insurance

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Being a first-time parent is about planning a fail-safe future for your new family.Life insurance is one such fundamental component of ensuring that there’s enough money to support your family in your absence.

What you do: Pay a regular premium for a pre-defined period
What you get: Your dependents receive the sum assured in case of your demise during the period

Benefits of life insurance for new parents:

· Lower premiums: Typically lower for younger people and go up with age
· Income tax benefits: Eligible for tax saving of up to ₹1.5 lakh under Section 80C
· Covers expenses: Your dependents won’t have to worry about living expenses
· Compound interest: Create long-term wealth if you get a savings insurance plan
Tata Neu