Remember, term insurance is an important tool for securing your family’s well-being, especially during uncertain times. Consider your family’s needs and choose a term plan that suits you best.
Here are 10 benefits of term insurance explained pointwise:
Budget Friendly: Term insurance plans are pocket-friendly as the premium amounts are less in comparison to other insurance policies. Term insurance provides good coverage at a minimum premium amount which is affordable to anyone. Term plans depend on age. If your age is low subsequently the premium amount will be less.In a younger age, you might get a term plan of INR 2 crore for just Rs 1000 premium monthly.
Coverage is high: Term insurance provides a very high sum assured amount as life coverage. It may go up to 2 crore. You can secure your family’s future by taking a term plan at a lower premium.
Simple claim process: Term insurance is very simple to claim and the easiest way to save a family’s further future as it provides a death benefit to the nominee in case the insurer passes away.
Tax Benefits: Under the Income Tax Act term insurance provide tax benefits under section 80C.The premium amount paid is eligible for a tax deduction
The flexibility of premium payment: Term insurance provides the flexibility of premium payment. It may be monthly or annually
Benefit of adding RIDERS: Term insurance provides additional benefits of adding riders to the policy such as critical illness coverage, Accidental death benefit
Rider Death Claim: If anything happens to the insurer then the nominee gets the death claim money. The insurance company provides a lump sum amount to the nominee
Less premium for a healthy lifestyle: If you maintain healthy habits and a healthy life-style then you can avail good discount
As the sum assured is high, your financial protection to the family is high. Term insurance provides security to the entire family.
