A term insurance policy is a special kind of life insurance that provides financial security to the family in case of untimely and unfortunate demise of the insured person during the tenure of the policy. In this type of life insurance, the nominee directly receives the sum assured by the policy. Also, this is a convenient insurance plan where you have to pay fixed lower premiums for a huge sum of money. The premiums have to be paid either annually or at certain intervals for the entire term of the policy.
If you are concerned about your family and do not want them to be burdened in case of your sudden demise, get a term insurance policy today. The main reasons for you to buy it are providing protection to family, cost-effective premiums and tax benefits.
Complete Coverage for Life – Many of our term insurance plans come with lifetime coverage i.e., up to maximum of 100 years. It is known as a whole life term insurance policy.
Financial Security: In case of an unexpected event of your death, the beneficiary in your family will receive the entire sum assured in either a lump sum amount or regular payouts. With that, they can pay loans or other dues and sustain their lives if you are the only source of income.
Affordability: The best thing about term insurance is that it is a lucrative saving option too. With lower premiums to be paid, you are also entitled to get a maturity benefit once the term of the policy ends.
Tax-Savings: The premiums paid for the insurance plan and the sum received on maturity of the term or after the death of the insured person are exempted from tax. Therefore, term insurance gives you tax benefits.
Rider Options In case of a term insurance, you have the option to add coverages referred to as riders with some additional premiums. Some of the examples of riders are critical illness cover, personal accident cover, accidental death benefit, disability cover, and many more.
Parents- Being the only financial support for the children, parents should buy a term insurance plan to ensure that their children’s future is never jeopardized in case of any mishap.
Married Couple- A term insurance assures the financial security of the spouse after sudden death of the insured person. Married couples hence should buy it.
Working men/women- Young professionals who have started their career and there are no dependents on their income need this insurance planto support their family in future. It works as a great saving plan too.
Tax Payers- As the insurance premiums,as well as the maturity sum,are eligible for a tax deduction, the tax payers should purchase the insurance plan to reduce their hefty tax burden.
Retirees- Retired persons should also get a term insurance policy to support their spouse or children financially if they are dependents.
While people in all age groups can buy a term insurance plan, it is advisable to buy at a young age with affordable and low premiums. It gives you opportunities to save in the long run besides providing your family or dependents with financial security.
