5 Reasons To Purchase Term Insurance Plans
Updated On Apr 22, 2021
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The world is moving at a pace faster than ever. As a result, the number of uncertainties has also drastically increased. At a time like this, it is important, more than ever, to have safeguards against the deterioration of the financial interests of your family members. The best way to do this is by purchasing an insurance plan.
What is a Term Insurance Plan?
A term insurance plan provides you coverage for a certain period which is known as the policy period of the specific term insurance plan. If the insured individual survives beyond the policy term, there is no maturity benefit that is provided. However, there are benefits that are paid within the policy period.
Also Read:- 10 Popular Term Insurance Plans in India
5 Reasons to Purchase Term Insurance Plans
If you are hesitant, take a look at these 5 reasons to purchase term insurance plans.
1. Financial Stability and Security
The primary and the most crucial reason to get a term insurance plan is undoubtedly to get financial stability and security. Having a term life insurance plan is a surefire way to ensure the aforementioned concerns. In case of your untimely demise or any accidents, illnesses or disabilities, a comprehensive term life insurance plan will help you gain financial footing.
2. Affordable Premiums
There are many types of insurance plans that are currently available. However, term insurance plans are one of the most affordable options. The lack of an investment component present in these plans makes it available with cheaper premium rates. There is, however, no trouble with coverage. In fact, it helps you gain more coverage with steady and cheap premium amounts.
3. Availability of Riders
There are a variety of riders that are available on all basic term insurance plans. There are riders covering accidents, critical illnesses, disabilities and more. Choose according to your needs and circumstances. You can add them to your basic term insurance plan to increase coverage and build a more fulfilling plan.
4. Highly Flexible and Customizable Plans
One of the biggest reasons why term insurance plans are always so popular is because of their flexibility. It is possible to literally build up your choice of a comprehensible and robust insurance plan. Certain term insurance plans allow you to increase coverage when needed and there are of course a variety of riders available to add.
5. Tax Benefits
Like with all insurance plans, term insurance plans provide tax benefits too. These benefits are all verified and legally sanctioned by the Income Tax Act of India. They will help you save more efficiently and get a secure future for yourself and your loved ones.
You May Also Like To Read:- Should I Get More Than One Term Insurance Plan?
Purchasing a term insurance plan is definitely a personal matter. There goes a lot of consideration of personal circumstances and needs when buying an insurance plan. Nevertheless, the five above reasons are general benefits that can help everyone.