Header Ads Widget

Responsive Advertisement

What are the top benefits of term insurance plans?

Life is uncertain, and you never predict what will happen in the next seconds. To make sure that your family is financially secured in your absence, you can opt for the term insurance plan. It is one of the most basic and cost-effective life insurance plans that protect the financial future of your family at an affordable premium. 

It’s not an ordinary life insurance plan. The benefits you will get at the end of the maturity period, or your beneficiary will make their life hassle-free. In this blog, we are going to tell you the top benefits of term insurance plans. So, let’s get started. 

Advantages of term insurance plans:

High coverage at low premium rates: The premium of this plan is very affordable. At a nominal rate premium, you will get higher coverage. Compared to other insurance plans, the premiums rates of this plan are highly affordable. 

Lower tenure: The tenure period of the term insurance plan is ten years. For instance, you can take a term insurance plan for ten years, and the amount is equal to your home loan amount if the home loan term is ten years. It ensures that if a policyholder dies during the policy period, the family member will repay the loan amount from the term insurance policy. 

Fixed premium: Another significant advantage of the term insurance plan is a fixed premium. The premium you will avail while submitting a life insurance policy will remain fixed and never get changed. 

Tax benefits: A policyholder which pays premium towards a term insurance plan is exempted from the tax. Premium up to 1.5 lakhs are exempt as per section 80 C of the income tax 1961. Along with that beneficiary will get a death benefit is also tax-free. 

Easy to avail the request: Now almost every life insurance company has an online presence. To avail the offer for the term insurance plan, you need to fill the application form online. As soon as they receive a request, they will review it and ask you to submit the documents. When they receive all the documents they will verify your application and ask you to pay the premium to activate the policy. 

An advantage for youngsters: A sooner you will avail the request for the term insurance policy the higher return of the investment you will get. That’s why almost every financial advisor recommends youngsters to generate the request for the term insurance plan as soon as possible. 

Financial security: What if when you are not around with your family? And how do they handle their financial burden? Terms insurance plan is the one-stop solution for them. The sum lump amount they will get as a death benefit will help them to pay off all the financial burden and enable them to live a life with a peace of mind. 

Final Say:
We hope this comprehensive guide on the term insurance plan will help you a lot. If financial security is your major concern for your family, then you should go for this plan. 

Post a Comment