By / Last Updated on: Mar 17, 2022 09:15:02 IST
In order to provide a financial stability to your family in the unfortunate occurrence of death, opting for term insurance is an ideal investment. Using the term insurance, cover for death would be taken care based on the premium amount that is paid every year.
Additionally this has less financial overhead compared to life insurance and can be opted to provide risk cover to your family.
• If one wants only coverage of risk in the event of death to provide financial support for the family
• If one required higher assured sum with cost-effective premium
• If one requires a simple form of insurance to protect your family in your absence
1. Higher Return on Investment
For term insurance schemes, the assured sum is higher with affordable premiums. This is really beneficial for people opting to pay lower premiums and who have a lesser stable income.
2. More Flexible
It is possible to surrender the term insurance at any point of time, and the policy is canceled. This is easier than canceling other insurances where only the premium amount is recovered.
3. Tax Benefits
By opting for life insurance, you can reduce your tax liability by claiming it in the 80C section. Additionally, returns are also tax free under Section 10D.
4. Death Benefit
During an unforeseen unfortunate event like death, life insurance policies protect your family by giving them a secured future. Depending on the policy, your family will receive monetary benefits that will help them lead a stable life.
It is ideal to start a term insurance as early as possible. If you are a breadwinner of your family, it is safe to have a term insurance. Contact us for a consultation on which term insurance policy suits you and get you geared up for the future.
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