We all live in unprecedented times wherein you cannot predict your future but can always plan for it. With this awareness, planning your finances and investments smartly is essential to ensure a safe and secure financial future. Strong and rational individuals always prepare for the eleventh hour beforehand to pass that phase with confidence and stability. Whether it is an uncertain medical emergency or an unfortunate death, it is essential to safeguard yourself and your loved ones from the financial repercussions and burdens of such events.For the same, you must get life insurance that can promise your dependents a wealthy future in the case of your uncertain death.
One of the most prominent and notable life insurance plans trusted by most individuals is the term plan insurance. A term plan insurance is a cost-effective and flexible option for people who need life insurance coverage for a specific period. It provides protection and peace of mind at an affordable cost. With minimal premiums, a term plan insurance financially secures your loved ones and assists them in overcoming pending liabilities, medical and hospitalisation bills, and managing vital assets.
To understand better, let us explore an example. Suppose you are a 25-year-old healthy male who does not smoke. You also have no other ailments that risk your health in the future. With a
term plan insurance, you can avail a cover of Rs. 1 crore for your dependents for the next 25 years. If you invest in a term plan, you will only have to pay approximately Rs. 690 per month, exclusive of taxes, to get the aforementioned life coverage. Let us find out the key benefits of a term plan insurance that can protect you and the future of your loved ones financially.
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High Life Cover for Long Term
At affordable premiums, your term plan insurance can provide a salient amount of life coverage that can be valid for a significantly long term. The sooner you invest in a term plan insurance, the lower your premiums can be, as your age plays a huge factor in assessing your life coverage. As you age, you start entailing more risk-for- life coverages, and your premiums become expensive. Secondly, if you invest in term plan insurances late, your dependents might get burdened with finances in the uncertain event of an accident or death.
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Aids in Critical Illnesses and Disabilities
With a term plan insurance, you can fight out 64 untimely diseases at the best-in- class hospitals affiliated with the insurer's vast medical network. Moreover, if, by chance, you face a disability and are deemed unable to work, you can get high coverage to carry out your life peacefully and leisurely. In both scenarios, a term plan insurance can assist you financially and improve your life in the future. All this is possible if you buy additional riders on top of your term life insurance policy.
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Income Options and Additional Rider benefits
Imagine if you are the only breadwinner in the house and somehow you experience an unfortunate accident or death. The life of your family and loved ones will deteriorate with financial struggles. But with a term plan insurance, you can ensure a regular income for your family and the lump sum benefit after your death. With this, they can still lead a healthy lifestyle and advance from the loss. Furthermore, additional benefits in the form of riders such as future premium waivers, etc., can exponentially enhance your dependents' future.
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Flexible-Premium Payment and Tax Concession
With your term plan
insurance, you get several options for premium payments. You can pick between regular income throughout the policy time or limited pay alternatives. This motivates many individuals to invest as it satisfies their payment schedules. Moreover, a term plan insurance provides tax savings of up to Rs. 1.5 lakh on premiums paid under section 80C of the Income Tax Act. Furthermore, the lump sum benefit received under a term plan insurance is tax-free under Section 10 of the income Tax Act (10D).
To opt for the best term plan insurance, you must assess your returns and coverage at maturity beforehand. It might be tiresome to calculate your returns in this fast-paced world manually. Therefore, to ease this process and simplify evaluation, you can utilise the term life insurance calculator.
A term insurance calculator is widely accessible online, and with the necessary inputs, you can accurately calculate your life coverage within a few seconds. Thus, whether you are extremely busy with your life or lack the mathematical skill of calculation, you can compare term plan insurances and get the most perfect and profitable plan for yourself with the term life insurance calculator.
So, what are you waiting for? Try the tool now and invest in a term plan to secure your future.
