Why are Term Insurance Plans So Popular in India?
Updated On Jul 25, 2021
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Term insurance plans are affordable protection plans that provide you life cover and also provides financial protection to your family in your absence. These plans are affordable and help you ensure a financially secured future for your loved ones. Term plans have grown more popular in recent years as these provide high coverage at an affordable price. Term insurance plans are also purchased because they provide long term coverage. These plans are a good way of investing your money to ensure a financially secured future for your family.
Below mentioned are some good reasons why term insurance plan are so popular in India
Reasons Why Term Insurance are Popular in India
Following are some good reasons which make term insurance plans popular choice in India:
1. Long Term Coverage
Selective term insurance plans provide whole life cover i.e upto the age of 99 years. You can choose your policy term according to your protection requirement and budget. Choosing a long policy term will help you ensure that you are covered even in your older ages. Through long term coverage you can ensure your family doesn't have any burden and are able to maintain a healthy lifestyle in your absence. Long term coverage also creates a sense of discipline savings which can be utilised by your family for their requirement when you are not around.
2. Inexpensive When Purchased at Early Age
It is always advised to purchase a term insurance plan as soon as you start earning a living. It is also advised that one should purchase term insurance when he/she is physically fit. Buying term insurance when you are young makes a huge difference, you start saving taxes at an early stage and you can avail low premium rates as well.
3. Best Protection Option for your Family
Term insurance plans provide you life cover, in case of your unforeseen demise during the policy term, given the policy is still in force, the nominee will be provided with a death benefit. Term insurance covers premature death of the life assured. It is a great way to provide financial security to your family. With the death benefit your family can manage immediate expenses and financial requirements for a time period till they make arrangements for the future. You can ensure financial security of your family with term insurance plans.
Term insurance is a safe way to provide financial protection to your family, such insurance plans are affordable and premiums paid towards term insurance plans are eligible for tax exemptions. You can ensure that family meets their daily financial requirements even in your absence with the help you term insurance plans. Term insurance plans also provide you protection from uncertainties of life. You can add riders to your term plan for additional coverage, this makes term insurance plans a popular choice in India.
You may also like to read:- Common Features of Term Insurance Plans That Must Know About
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.