5 things you ought to know about term insurance plans
Think of term insurance as your family’s safety net.
A term insurance plan is an insurance policy that will financially secure your loved ones in case of the unforeseen event of your demise. It is always advisable to get such a plan so that you know your family will be covered no matter what happens to you. Before you get yourself insured, here are a few things you ought to know -
- It’s very simple
The best part about everything going digital is that now you can buy almost anything online, even a term insurance plan. You can search all the necessary information needed to make an informed decision about which plan to go with. All you have to do is fill a form and make the payment. Even medical examinations, if needed will be conducted at your doorstep as per your convenience.
- It’s inexpensive
A term life insurance policy is certainly easy on the pocket. It is considered to be one of the most affordable insurance plans. You secure your family’s future by just paying premium on a monthly basis/yearly basis, and leave them financially secure even in your absence. Spend a small amount of your hard-earned money on a policy that promises security to your family even after you’re gone.
- A tax saver’s friend
The big bad tax monster spares no one, so if you are going to pay tax, you might as well find a few ways to save some of your money in a legit manner. Investing in a life term insurance plan gives you the benefit of tax savings. In our country, all premiums paid on life insurance plans are tax-free under section 80C of the Income Tax Act, 1961. Some more good news is that even the payout that your loved ones will receive, should anything happen to you, will be non-taxable.
- It’s a long-term plan
Since these plans are very economical, it doesn’t pinch your pocket to pay for it on a regular basis. It is a small price to pay when it comes to your family’s protection and well-being. You must remember that in the long run, this policy will provide your family with the needed financial support in your absence which is immeasurably valuable. Extended life cover up to the age of 99 years makes getting this new life insurance plan a no-brainer.
- It’s worth it
Additionally, you can opt for including a health rider benefit which provides you security against life-threatening diseases like heart attack, cancer and other serious illnesses. You receive payment for treatment at the time of diagnosis and the term policy continues as is. Holistically, term insurance is always a comprehensive option for both you and your family with its low cost for you and high yield for your loved ones, when you are gone.