Financial planning is not complete without a term insurance plan. It is one of the simplest and most affordable ways to ensure your family’s financial security in your absence. The best part? You can now buy a term insurance policy without paying GST, helping you save more on premiums while still enjoying comprehensive coverage.
Let’s explore why term insurance is important and how purchasing it without GST can benefit you.
Understanding Term Insurance
A term insurance plan is a pure protection life insurance policy. It offers financial support to your family if something unfortunate happens to you during the policy term. The insurance company pays a lump sum amount, known as the sum assured, to your nominee.
The key benefit of a term plan is its low premium and high coverage. Even a small yearly premium can provide a life cover worth several lakhs or even crores, making it ideal for individuals who want strong financial protection at an affordable cost.
Why You Should Buy a Term Plan
Here’s why a term plan is a must-have for everyone:
- Financial Protection for Loved Ones
In the event of your untimely demise, your family will receive a lump sum to cover daily expenses, education costs, debts, and other financial needs.
- High Coverage at Low Cost
Term plans are among the most budget-friendly insurance products. The younger you are when you buy, the lower your premium will be.
- Tax Benefits
Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act.
The death benefit received by your nominee is tax-free under Section 10(10D).
- Mental Peace
Knowing your family is financially protected provides unmatched peace of mind.
How Buying Without GST Helps You Save
Usually, when you buy term insurance, an 18% GST (Goods & Services Tax) is added to your premium.
Example:
Base Premium = ₹10,000
GST @18% = ₹1,800
Total Payable = ₹11,800
By purchasing a policy without GST, you save that extra 18% each year. Over the entire policy term, this adds up to thousands of rupees in savings, making your policy more cost-effective.
Limited-Time Offer – Buy Now Without GST
Aditya Birla Capital is offering a special “No GST on Term Plans” promotion. Here’s what you get when you purchase now:
Lower overall premium costs
Wide coverage to secure your family’s future
A great opportunity to lock in savings for the long term
How to Choose the Right Term Plan
Before buying, follow these steps to get the best plan for your needs:
- Assess Your Coverage Requirement
Estimate the total financial support your family would need.
Tip: A cover of 15–20 times your annual income is a good starting point. - Compare Different Plans
Look at premium amounts, claim settlement ratios, and available riders like critical illness or accidental death benefit. - Go Through the Application Process
Fill in your details, submit KYC documents, and undergo a medical check-up if required. - Make Timely Premium Payments
Regular payments ensure uninterrupted coverage.
