Life insurance is an insurance product that you shouldn't procrastinate buying.What you do: Pay a regular premium for a pre-defined periodWhat you get: Your dependents receive the sum assured in case of your demise during the period
Benefits of life insurance for young earners:
Lower premiums: Typically, lower for younger people and go up with age
Income tax benefits: Eligible for income tax benefits of up to ₹1.5 lakh
Good health advantage: Easier to get when in good health at a young age
Compounding interest: In case you buy a policy with a savings plan, compound interest helps you create long-term wealth
