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.
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