Top 5 reasons why you need term insurance

1. Top 5 reasons why you need terminsurance Death is uncertain and if the bread-winner of the family dies prematurely, the family suffers a considerable financial loss. A protection tool is, therefore, needed which would protect the family from any financial loss if the breadwinner dies early. This protection tool can be a term life insurance policy. The plan is the most basic insurance protection that individuals need but do you knowwhy? If you don’t, here are five reasons which stress upon the importance of term insurance plans and make them a must– Financial security Term life insurance plans provide financial security. These plans aim to replace the income if the bread-winner of the family dies prematurely leaving the family in a financial crisis. Term plans cover the risk of premature death and pay the family a benefit if the insured dies during the policy tenure. This benefit can, then, be used by the family to fulfil its financial needs and liabilities. Term life insurance plans, therefore, create a sense of financial security for yourself and your family even in yourabsence. The option of highcoverage Term insurance plans have very low premiums because they usually cover only the risk of premature death. Since the premiums are low, you can afford to opt for high sum assured levels which would optimally take care of your family’s financial needs. This high coverage level gives your family sufficient funds to meet their daily living expenses and also to meet their financial goals when you are notaround. Facility to choose a plan according to yourneeds Modern day term plans come in a lot of variants. They allow you to opt for a comprehensive scope of coverage through inbuilt rider benefits. For instance, if you buy Max Life Online Term Plan Plus, you can choose from different variants to cover death, accidental death or disability, terminal illnesses and critical illnesses. These variants give you a choice of coverage based on your needs. There is a whole life variant too which allows coverage up to 100 years of age thereby covering youlifelong. Such comprehensive and customizable coverage variants ensure that you can choose a plan as per yourneeds. Taxbenefits Term insurance plans also give you tax benefits. The premiums that you pay to buy a policy are allowed as a deduction from your taxable income under Section 80C of the Income Tax Act, 1961. The deduction limit is INR 1.5 lakhs and this deduction allows you to reduce your taxliability. Moreover, the benefit paid by the plan is also categorized as a tax-free income under the provisions of Section 10 (10D) of the Income Tax Act, 1961. Thus, when you buy term plan online, you get a tax benefit on the premium paid and when the plan pays a benefit, the benefit is tax-free. Can it get better thanthis? For peace ofmind

2. By investing in a term insurance plan you can actually buy peace of mind for yourself knowing that your family would not suffer any financial hardship in your absence. The plan would be able to provide your family with regular incomes so that they can live without compromises and fulfil their financial goals. Given these reasons, buy term plan online as it is a wise thing to do. The plan provides unmatched financial protection for your family giving you peace of mind. The premiums are low and affordable allowing you to choose sufficient coverage so that your family does not fall short on funds in your absence. Lastly, the tax benefit is the icing on the cake which adds to the value of the plan. So, buy term plan online and secure yourfamily.