7 Reasons why you need a term Insurance

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Term Insurance

Have you prepared your family financially for a life in your absence? Have you covered their financial requirements that might arise in your absence? If not, then you must buy term insurance. Yes, term insurance is a potent solution to all the concerns you have regarding your financial stability and security. Among all the available insurance plans in the market, term insurance gains ample traction due to its wide benefits.

The best part of this insurance plan is that you can set it for a specific period to fulfil particular life goals like children’s higher education, marriage, retirement, etc.  You must remain aware of the multitudinous benefits before you buy term plan. Here are a few amazing perks of having this plan:

  • Lifetime Coverage

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This plan’s key factor is that it provides life coverage where the insured is covered up to the age of 80 years. Some insurance providers may increase the age to 90. Term insurance is the best plan to lessen the financial burden on your family when you are gone.

  • The Death Benefits

Unlike other life insurance, the term plan will never deprive you of the death benefits. If you have financial liabilities like EMIs and loans, a term plan provides you coverage even after your death. Yes, this plan offers death benefits to the insured’s nominees after their death.

  • Easiest Plan To Understand

With the availability of plenty of insurance products, it becomes quite challenging to understand them all. On the other hand, term insurance is easy to understand and get the most out of it. All you need to do is choose an insurance provider, set the assured sum and tenure, and keep paying the premiums on time.

  • The Best Savings Plan

Believe it or not, this policy is by far the best savings plan for you. Whether you need to save money for your children’s higher education or you want to plan for your retirement, this amazing policy will work as a savings plan and fulfil your specific goals within a particular time period.

  • High Coverage Amount With Lesser Premium

Another great thing about this insurance plan is that you will get a higher coverage amount at pocket-friendly premium rates. Compared to other insurance products in the market, term insurance has lower premiums with a higher sum assured, which makes it the most preferred plan at present.

  • Critical Illness Coverage

There are plenty of additional coverages provided along with the basic plan. Critical illness coverage is one among them that is highly preferred by the customers. You can prefer this additional coverage if you have any health issues that might get serious at any point in time.

  • Tax Benefits

Term insurance can also provide you with tax benefits as well. According to Section 80 C, you can get tax benefits on the premium you pay for the policy. Premium paid to the limit of 1.5 Lakhs is covered under the tax exemption.

All these are the evident reasons why people are inclining towards this policy. Make sure to keep these points in your mind when you are searching for an ideal insurance policy.

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