Life is not going to turn out just the way you’ve planned it. Some life uncertainties can throw you off the hook (physically, mentally, and financially). During such challenging times, if anything were to happen to you, then your loved ones will face financial turmoil.
That’s where a term insurance plan comes in handy. The primary objective of buying term insurance is to protect the future finances of your family in your absence. So, even after your death, your family members can accomplish their life aspirations without having any money troubles.
Hence, a term insurance plan should inevitably be your starting point in the financial planning process. Below we’ve mentioned top term insurance benefits that will validate this.
- Term insurance is affordable
Term insurance is popular because it is the most affordable life insurance product available in the market. The policy premiums are cheap on the pocket, and hence the policy is quite in demand even today.
If you are wondering how much the policy will cost you for your desired coverage, you can use the term insurance calculator to determine the premium amount. Based on the results, buy a term insurance plan that fulfils your needs and is affordable at the same time.
- Term insurance offers several tax benefits
Besides securing the financial future of the loved ones, term insurance provides several tax benefits. The premiums paid towards the policy can be claimed for tax deductions under Section 80C of the old income tax regime.
Also, the death benefit received by the dependents is tax-free under Section 10(10D) of the Income Tax Act, 1961. For those who have purchased term insurance with the critical illness rider benefits can claim additional deduction under Section 80D of the Income Tax Act.
- Term insurance secures your family’s financial future
Securing the financial future of your loved ones is the primary purpose of buying term insurance. Considering the kind of year we’ve had, an extra security blanket that could help protect the financial future of your loved ones is always worth investing. So, if you are wondering where to start your financial planning process, buying term insurance should undoubtedly be the first step.
- Term insurance can be easily purchased online
By now, we are certain that we’ve convinced you to buy term insurance as the first step towards sound financial planning. You can buy term insurance plans in India online from the comforts of your home. All you have to do is visit the official website of your chosen insurer and go to the ‘Term Insurance’ section. Select the type of term plan you want, your desired coverage, and rider benefits. Then, pay the premium amount online, and it is done. The issued policy will reach you shortly.
From this, it is evident that term insurance is the simple and most affordable life insurance product available in the market. If you are planning to get your finances right and secure your family’s financial future in the process, term insurance is an ideal investment tool for you.