Term insurance plans are one of the most affordable and simplest forms of life insurance. It is the best way to give financial security to your family when you are around with them. Along with that, this plan also used to bear the unexpected financial burden. One of the significant advantages of having a term insurance plan is that it works as a risk cover plan. In this blog, we are going to tell you the benefits of term insurance plan.
Affordable premiums
Term insurance plan is a basic form of life insurance. The premium rates of this plan are affordable compared to other plans. You can pay the premium monthly/half-yearly/ yearly as per your suitability.
Whole life cover
Term insurance plan is designed to mitigate the financial burden of the family when you are not with them. The death benefit of this plan is designed to maintain the same lifestyle of the family. If you want to give comprehensive protection to your family, then you should go for a whole life cover.
Term insurance for a secured family
If you are a sole bread earner, then you should opt for the term insurance plan. In case you die, this plan provides financial protection to your family so that they can carry a good lifestyle even in your absence. Life is unpredictable, you cannot predict what will happen in the next second, so if you want your family to live with a peace of mind even if you are not with them, then you should opt for the term insurance plan.
Tax Benefits
If you buy this plan, you will be benefited with tax benefits under section 80 C. The lump sum amount a nominee will get is also exempted from taxes under section 10 (10D).
Death benefits
The death benefit is a total sum assured amount offered to a nominee in case of uncertain demise of a policyholder. During a policy, if a policyholder gets dead, then the whole amount will be offered to a beneficiary which also comes under tax exemption section 10 D.
Rider Benefits
A policyholder will get a rider benefit on extra premium. During an accident, all the treatment cost will be covered by the insurance company.
Why choose term insurance plan?
Everybody believes that nothing can happen to them. However, there is always an element of concern running in our mind. What if, when I am not around with my family, and how do they deal with the financial burden? Very simple, just avail a request for the term insurance plan. This plan is designed for the sole bread earner of the family. You can get the best term insurance plan for your family and let them live a hassle-free life.
Final Say:
We hope this comprehensive guide on the term insurance plan will help you a lot. Having a term insurance plan gives extensive coverage to your family when you are not with them. You can also add accidental benefits anytime in your plan to make this plan more effective.
