A Term Plan is the most comprehensive form of financial protection. It will help your family meet their financial needs from household expenses to rentals in your absence. When you consider buying a term plan, you have to make an educated choice about the life cover you select. There are some important things you need to keep in mind when deciding the term plan and life cover you opt for. The cover should help your family maintain their lifestyle, inflation should be kept in account and lastly, it should take care of your existing liabilities preventing the worries of EMI repayments. Read more
Term Insurance is the most basic form of life cover. Going by the simplest definition, it is a fixed-term contract between you and the insurance company, under which you pay regular premiums and the company agrees to pay your nominee a lump sum in case you are no longer there.
Getting a Term Insurance is an important step in your financial planning because in case of your demise, during the policy term, it will financially safeguard your family and help them maintain their lifestyle & take care of liabilities in the form of loans etc.
Term Plans can be extended to include disability & death due to accidents by opting for riders. A few term plan variants also come with the option of monthly income along with the lump sum payout, further helping your family with day-to-day expenses Read More
Term Plan is a simple protection plan with life cover and no maturity benefits. It is an affordable form on insurance providing a large cover at a relatively smaller premium. A non-smoker male, 28 years of age, can get a term plan for a premium as low as Rs.576/month, for a 30 year policy term.
While availing tax benefits should not be the primary reason to purchase a term life insurance, it is undoubtedly an efficient tax saving instrument. The premiums paid as well as the death benefits are exempt under tax regulations in India. Read More