Secure your family's future with a term insurance plan

1. Secure your family's future with a term insurance plan Your family is important to you and that’s why you put in hard work every day to provide for your family financially. But what would happen if something were to happen to you and the family’s source of income would stop? Individuals save for rainy days but given the inflation and the multiple lifestyle needs, meeting the financial requirements of the family, in the absence of the breadwinner, becomes difficult. This is where a term insurance plan comes to aid. The plan takes care of the financial security of the family even when the breadwinner is not around. Let’s understand the plan in details and how it helps secure the family’s financial future – What is term insurance? A ​term insurance policy​ is a life insurance policy that covers the risk of premature death. If the insured dies during the tenure of the policy the sum assured is paid to the family to deal with the financial loss suffered. Since only the risk of premature death is covered, the premiums are low allowing you to afford a high sum assured level for optimal coverage. Features of term insurance Here are some common aspects of term insurance plans – ● Most term plans cover only the risk of premature death during the policy tenure. However, under the return of premium plans, the premiums paid are refunded if the policy matures There are different types of term insurance plans available in the market. You can choose a plan with an increasing, decreasing or level sum insured or a plan which returns the premiums on maturity Some of the best term insurance plans nowadays allow coverage to 99 or 100 years of age Optional riders are available under term insurance plans. These riders enhance the coverage at very low premiums and can be added at the time of buying or renewing a term insurance plan. Term plans are designed with the objective of providing financial security against premature death. Thus, these plans do not have a saving element and offer no return on investment ● ● ● ● Term life insurance benefits A term plan has many benefits that make the plan a must-have. Here are such term life insurance benefits which you should know about – ● Since the premiums of the plan are low, you can afford a high sum assured. This high sum assured ensures that your family would be sufficiently taken care of in your absence. The high pay-out would provide your family with the needed funds to not only meet their lifestyle expenses but also to fulfill all the financial goals that they have. A term insurance plan gives you peace of mind in the knowledge that your family would be financially provided for even in your absence. No other tool available in the market gives this peace of mind which is promised by a term plan. With the new and developed term plans available in the market, you can get coverage against accidental contingencies, critical illnesses, and disabilities in a single plan. Moreover, ● ●

2. many plans offer lifelong coverage ensuring that you would be covered even in your older ages. Term life insurance benefits also include tax savings. The premiums that you pay for the policy are allowed as a deduction under Section 80C of the Income Tax Act, 1961. Moreover, if the plan pays any benefit, the benefit received is also treated as a tax-free income. So, besides planning a secured financial future for your family, you can also reduce your taxable liability by buying a term insurance plan. ● If you love your family, invest in the best term insurance plan. The plan would help your family deal with the financial loss in case of any unfortunate incident. The plan is cheap and you can compare the available plans to choose the best term insurance policy which provides the most inclusive scope of coverage at the lowest possible premium rate.