Investing in the best term insurance plan in India helps you secure your family financially when you are not around. Especially in today’s uncertain times, it is vital to invest in the best term plan to support your family’s financial future. As the sole breadwinner, it is your responsibility to secure the future of your loved ones.
Therefore, you must start investing in the best term plan as soon as possible to provide your family with a healthy financial future.
What is term plan? A term plan helps you secure your family financially when you are not around. Term insurance plans are regarded to be the simplest types of insurance plans that you need to buy in today’s time.
Term insurance not only offers financial protection to your family in the most uncertain times but also provides you with significant tax benefits.
Assuming you are still not convinced about the best term insurance plan in India, we bring you some important benefits that you can avail with the best term insurance plan in India:
High Sum Assured at Affordable Premium
A term plan is a simple form of life insurance. One of the primary benefits of the best term insurance plan in India is its affordable cost. When compared to other life insurance policies, a term plan is available at a premium that you can easily afford.
Another important benefit of a term insurance plan is that earlier you buy the term insurance, the lower will be the premium. The premium while buying the term insurance online may be lower than buying it offline.
Multiple Death Benefit Payout Options
Being the sole earner for your family, you are responsible for paying the EMIs of your new home, car, or a personal loan that you have borrowed. However, in your absence, your financial liabilities may fall on your family members.
In situations like these, the various payout option of term insurance policy plays a pivotal role. In case of an unfortunate demise, your dependents will get a lumpsum amount. And this lump sum amount will help them to manage the aforesaid financial liabilities.
Additional Riders
The best term insurance plan in India comes with riders to easily enhance the basic term insurance benefits. By paying a nominal premium, you can easily add these riders to your term insurance plan.
Income Tax Benefits
The best term insurance plan in India also offers tax benefits. The premium that you pay is tax-deductible, the payouts also come along with tax exemptions as per the existing tax laws.
Term Insurance Benefits under Section 80C
According to Section 80C of the Income Tax Act 1961, the premium that you are paying to buy a term insurance plan is exempted up to a limit of Rs. 1.5 Lakh in a year. Under this section, you can get maximum tax benefits by purchasing the plan for the maximum coverage offered to you based on your health and age.
Term Insurance Benefits under Section 10 (10D)
According to the provisions of Section 10 (10D) of the Income Tax Act 1961, the death benefit of the term insurance plan is completely exempted.
Critical Illness Coverage
There is a possibility that you can suffer from critical illnesses during any phase of your life, and getting the right treatment can drain all your savings. Though the primary benefit of the best term insurance plan in India is to offer life cover, you can get the critical illness coverage by opting for additional add-ons.
For instance,- reputable insurers like Max Life Insurance, offers critical illness rider with two main variants of term insurance plans- Max Life Online Term Plan Plus and Max Life Smart Term Plan. If you are diagnosed with any serious illnesses, you will get a lump sum under the critical illness cover.
Accidental Death Benefit Coverage
Accidents can result in death or dismemberment. You can add an additional cover using reliable insurers like Max Life Accidental Death and Dismemberment Rider.
Max Life Accidental Death and Dismemberment Rider from Max Life Insurance will safeguard the future of your family financially, especially in case of accidental death or dismemberment. You can easily add the rider to your term insurance policy and to provide additional term insurance benefits.
These are some of the important benefits of the best term insurance plan in India. You may believe that nothing uncertain will happen to you based on your lifestyle pattern. There is always a risk involved in untimely demise through external factors, such as, accidents and certain diseases which is not under anyone’s control.
You can opt for the best term insurance plan in India online from trusted insurers like Max Life Insurance as they are affordable. They also offer online insurance calculator that will help you to plan your finances properly.
Invest in a good term insurance plan and gift your family a secured financial future!
Sources: https://www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80c.aspx
(Syndicated press content)
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