<p>It’s an exciting time for you. You’ve just finished your education and have bagged your first job! You’ve got your first serious money, and you’ve got big plans for using it to achieve your life goals. You might want to get gifts for someone special, or plan an unforgettable night with friends or perhaps indulge in a luxury or two for yourself! The list is endless. However, there is another avenue that you must think of. Buying a simple term life insurance plan. This may seem unusual, perhaps, but read on to see why this may be a really smart thing to do for achieving yours and your family’s life goals.</p>.<p class="CrossHead"><strong>Financial discipline</strong></p>.<p>It’s never too early to start a good habit, especially when it comes to your finances. And the earlier you start, the sooner you will gain financial independence. By investing in a term plan with your first salary, you will take the first step in this direction. By starting early, you can be insured for a longer period of time, and your lower age and general good health will also result in a lower premium. By starting off with investing a part of your first salary in a term plan, you’re making sure that you create a healthy habit of planning your finances early, while enjoying decades of low premiums.</p>.<p class="CrossHead"><strong>Big cover, low premium</strong></p>.<p>The best thing about buying a term insurance plan early, is the cost benefit to you. You pay a nominal amount and get a substantial life cover. This is because you have age, health and limited liabilities on your side. And the best part - you will pay the same amount of low premium throughout your term. The life cover will ensure your loved ones have the financial support to achieve their life goals, even in your absence.</p>.<p class="CrossHead"><strong>Tax planning</strong></p>.<p>Now that you’re earning an income, you need to think about taxes too. You will probably be filing taxes for the first time and by paying a part of your income as a premium in a term life insurance plan, you can reduce your tax liability. You can avail tax benefit up to Rs 1.5 lakh from your taxable income under Section 80C of the Income Tax Act, 1961 subject to provisions contained therein.</p>.<p class="CrossHead"><strong>Memorable, smart and responsible</strong></p>.<p>You’re always going to remember what you did with your first salary. Why not do something that you can pat yourself on the back for? Taking on a term life insurance plan is one way of ensuring that you not only have something responsible to share for a really long time, it also ensures you are building a contingency plan for your loved ones very early on in life. And this will make you remember what you did with your first salary long after all the selfies are buried in your phone’s archives.</p>.<p>Life insurance might not be an instinctive purchase with your first salary, but these compelling reasons may convince you that it may be a very worthwhile one. By putting an insurance policy in place today, you form a healthy financial habit, pay lower premiums and save taxes on a relatively inexpensive insurance policy while also ensuring that your family’s life goals are met. For decades to come, you’ll fondly remember the memorable thing you did with a part of your first salary!</p>.<p>(The writer is Chief Agency Officer, Bajaj Allianz Life Insurance)</p>
<p>It’s an exciting time for you. You’ve just finished your education and have bagged your first job! You’ve got your first serious money, and you’ve got big plans for using it to achieve your life goals. You might want to get gifts for someone special, or plan an unforgettable night with friends or perhaps indulge in a luxury or two for yourself! The list is endless. However, there is another avenue that you must think of. Buying a simple term life insurance plan. This may seem unusual, perhaps, but read on to see why this may be a really smart thing to do for achieving yours and your family’s life goals.</p>.<p class="CrossHead"><strong>Financial discipline</strong></p>.<p>It’s never too early to start a good habit, especially when it comes to your finances. And the earlier you start, the sooner you will gain financial independence. By investing in a term plan with your first salary, you will take the first step in this direction. By starting early, you can be insured for a longer period of time, and your lower age and general good health will also result in a lower premium. By starting off with investing a part of your first salary in a term plan, you’re making sure that you create a healthy habit of planning your finances early, while enjoying decades of low premiums.</p>.<p class="CrossHead"><strong>Big cover, low premium</strong></p>.<p>The best thing about buying a term insurance plan early, is the cost benefit to you. You pay a nominal amount and get a substantial life cover. This is because you have age, health and limited liabilities on your side. And the best part - you will pay the same amount of low premium throughout your term. The life cover will ensure your loved ones have the financial support to achieve their life goals, even in your absence.</p>.<p class="CrossHead"><strong>Tax planning</strong></p>.<p>Now that you’re earning an income, you need to think about taxes too. You will probably be filing taxes for the first time and by paying a part of your income as a premium in a term life insurance plan, you can reduce your tax liability. You can avail tax benefit up to Rs 1.5 lakh from your taxable income under Section 80C of the Income Tax Act, 1961 subject to provisions contained therein.</p>.<p class="CrossHead"><strong>Memorable, smart and responsible</strong></p>.<p>You’re always going to remember what you did with your first salary. Why not do something that you can pat yourself on the back for? Taking on a term life insurance plan is one way of ensuring that you not only have something responsible to share for a really long time, it also ensures you are building a contingency plan for your loved ones very early on in life. And this will make you remember what you did with your first salary long after all the selfies are buried in your phone’s archives.</p>.<p>Life insurance might not be an instinctive purchase with your first salary, but these compelling reasons may convince you that it may be a very worthwhile one. By putting an insurance policy in place today, you form a healthy financial habit, pay lower premiums and save taxes on a relatively inexpensive insurance policy while also ensuring that your family’s life goals are met. For decades to come, you’ll fondly remember the memorable thing you did with a part of your first salary!</p>.<p>(The writer is Chief Agency Officer, Bajaj Allianz Life Insurance)</p>