Insurance Plan: By paying affordable premium amount, you can get high value life cover from term insurance plan. Premium payment can be done in any manner monthly/half yearly/yearly. The sooner you buy a term insurance plan, the lower the premium amount you will have to pay
Term Insurance Plan: Term insurance plans secure the financial future of your family, even when you are not with them. Especially in today’s time, many people consider these plans as one of the basic financial requirements of life. Term insurance plans have a host of features and benefits ranging from affordable premiums to riders for additional cover.
In such a situation, if you are thinking of taking term insurance, then keep some important things in mind. Term insurance offers many benefits to the customers, here are some of the things you should be aware of.
Affordable premiums- You can get high value life cover from term insurance plans by paying affordable premium amount. Premium payment can be done in any manner monthly/half yearly/yearly. The sooner you buy a term insurance plan, the lower the premium amount you will have to pay
Whole Life Cover- Term insurance plans provide very long coverage. Whole life insurance plans provide coverage till the age of 99 years
Payment of Sum Assured- In case of unfortunate death of the life assured, the family members will receive the Sum Assured as payment. The policyholder can choose to receive this payment in the form of a lump sum amount, an income that is either monthly or yearly, a combination of lump sum amount and income or increasing income initially. This will help take care of financial needs and household expenses, apart from other costs
Critical Illness Coverage- If optional critical illness coverage is included in your term insurance plan, you will get a lump sum payment on diagnosis of any critical illness covered under the plan.
Accidental Death Benefit- You can add Accidental Death Benefit to your term insurance plan. This will provide protection from any accident in future.
Coverage for Terminal Illnesses- Term insurance plans can give you a lump sum payment in case of diagnosis of terminal diseases like AIDS.
Tax Benefit- You can avail tax benefit on the premium paid under section 80C as well as the premium paid for critical illness benefit under section 80D. Lumpsum amount received as sum assured/death benefit through nominees is also exempt from taxes under section 10(10D) of the Income Tax Act, 1961.
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