Term insurance plans secure your family’s financial future even when you are not around. These plans are considered by many as one of the basic financial necessities of life, especially in today’s times. Term insurance plans also have multiple features and benefits, right from affordable premiums to riders for additional covers.
Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.
#1. High Sum Assured for Low Premiums
Term life insurance plans have a high sum assured when compared to the other insurance plans.
Job Advertisement : Click Here
Term insurance has the lowest premiums when compared to other health insurance plans. Plus it is a relatively inexpensive way to safeguard the policyholder dependents in case of death.
#2. Death Benefit
The dependants benefit from receiving the term amount on the death of the policyholder, irrespective of the juncture of the policy tenure the death occurs.
The assured amount would depend on the plan with the amount increasing, decreasing or remaining the same as opted.
#3. Tax Benefits
Premium paid for term insurance can be claimed as tax exemptions under section 80C of the Income Tax Act. You can also claim exemptions under Section 10 (10D) for the benefits received through insurance policies.
#4. Survival Benefits
Regular term insurance plan does not have any survival benefits. However, under term return of premium policy (TROP), surviving policyholders will receive the premium amount paid over the policy tenure.
#5. Add-on Benefits
There are term insurance policies with add-on features with benefits in case of accidental death, critical illness, total and permanent disability benefits.
