Term insurance is one of the best forms of life insurance and it is extremely popular in India. What makes the term insurance plans in India so popular? The answer is pretty simple – term insurance offers a large life cover at a very low cost. This allows people from all walks of life to get the term life covers and keep their loved ones financially secured. Take a look at this article to know more about the benefits you get when you buy a term insurance plan and why you should invest in this life cover right away.
1. Substantial life cover –
A big advantage of buying a term insurance plan is that you get a huge life cover that can be as large as a few crores as well. The amount can be fixed as per your requirements. If you have a small family who you need to cover, you can choose a smaller life cover. If you have more dependents and you also have loans and mortgages, you need to select a bigger life cover. Additionally, you can also add some riders to your plan and make it all the more comprehensive. The common term insurance riders include the critical illness rider, the personal accident rider, etc.
2. Inexpensive –
The next benefit you get when you buy term insurance plans in India is that they are inexpensive. You get to secure your life in a very economical manner. The plan proves to be even cheaper when you buy it at a young age. This is why it is highly advisable for young people to get term insurance for a long duration so they have the best life cover at the most affordable rates.
3. Easily available online –
Another benefit you get is that the plans are available online, and so you can buy them instantly. The online term insurance plans are cheaper too and this is because you don’t have to pay any brokerage to any insurance agent. So when you buy term insurance online, you make a financially smart move.
4. Tax benefit –
All life insurance premiums paid in India up to INR 1.5 lakhs a year are eligible for income tax benefit under section 80C. Since term plans are also life insurance plans, you get this wonderful tax benefit when you buy a term insurance plan.
5. Multiple payout options –
Not every family has the same financial knowledge or requirements. This is why you get to choose from multiple payout options for the death benefit. You can choose a suitable death benefit payout option that your family will receive after your death. This makes it all the more beneficial for your family and it helps you to keep them financially covered in a truly wholesome manner.
As you can see, term insurance plans in India offer several handy benefits. So if you are looking to get a life insurance policy, consider getting a term plan. Apart from getting a substantial life cover, you will also get an affordable policy that would cover all the financial needs of your family in case you die unexpectedly. Go online, compare and get a good policy and stay covered.