If there’s one thing that we have learnt in the past one and half year is that life is unpredictable. Everything rests on the uncertainty that follows as each moment passes by. Do you often wonder what would happen to your family in your absence? The future of family members who are dependent on you can be put at stake.
Which is why term plans are considered to be one of the best life insurance that not only provide a huge financial cover in case of any misfortunate event but also are endowed with other benefits that we shall discuss further in this blog.
To say that there are no risks in life would be a blatant understatement. We live in a world rife with uncertainties and complexities that have no reasoning to satisfy our curious minds. The best we can do is have preparedness for any drastic event.
A term life insurance provides monetary coverage for your life. It offers huge financial protection to the family in the unfortunate death of the policyholder. Premiums for term plans are lower as opposed to other life insurance plans. In the event of the death of the policyholder, the insurance company will give a corpus amount to the nominee which could either be in regular intervals or lump sum.
In the past few years, more and more people have shown an increased interest in buying term insurance to ensure a secure future for their loved ones. The range of exceptional and unique benefits provided by different insurance companies have also contributed to the rising popularity of term plans.
Let’s have a look at other ways that a term plan benefits you which makes it an ideal choice for you to make it a priority:
1. Tax saving benefits: Term insurance plans enable you to avail monetary benefits wherein you can save up to rupees 1.5 lakhs if you are paying an insurance premium. Section 80c of the Income Tax Act of India makes term plan policyholders eligible for a tax deduction.
2. Easy to comprehend: Unlike other insurance plans, a term plan involves only the payment of premiums. This makes it easier to understand the plan since there is no component of investment in a term plan.
3. Multiple payout options: term plans offer payout options like a lump sum amount without any deduction upon your death which can help your family pay any loans, EMIs, etc without any hassle. Many insurance companies give an option to receive monthly regular income that will help your family manage their finances without any burden in your absence.
4. Critical illness cover: Illnesses and accidents don’t knock before entering our lives. Although term plans only give you a life cover; however, you can enhance your term policy with your insurer and get additional critical illness benefits by paying an extra premium. This will ensure your finances are not drained in getting the right treatment.
5. Includes disability and accidental death: Term insurance plans that provide a cover for accidental death or disability are a boon. Such incidents are not just physically exhausting but painstakingly draining as well. And you wouldn’t want to exhaust all your income just on this. By choosing the best term insurance plan, you can avail of this benefit too!
This brings us to list down some amazing term insurance plans that will offer you a range of benefits. Rest assured, your family and loved ones won’t have to go through a financially difficult phase in times of any unfortunate event.
1. Aditya Birla Sun Life Shield
The Aditya Birla Sun Life Shield ensures financial protection to its policyholders. The plan itself has 8 options for you to choose from. It also offers you the option to enhance your term cover policy by adding on riders. It offers enhanced life stage protection through which one can avail additional cover during important life events such as marriage, childbirth, etc.
2. Aegon Life iTerm Plan
It is a pure term policy that offers you coverage until the age of 80. Moreover, this policy can be purchased online without any hassle or involvement of an intermediary. The plan lets you also choose from several optional riders such as accidental death rider and critical illness rider to extend your coverage even more.
3. Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan
The iSelect Star Term plan by Canara HSBC Oriental Bank of Commerce is a thoroughly designed policy that aims to provide reliable financial security to your family and help them meet their daily needs in your absence. It features multiple options for premium payments and coverage that make it a highly flexible option for you. The plan also gives you an option to cash out the life insurance based on your needs and financial requirements of the future.
4. Bajaj Allianz Life Smart Protect Goal
It is a pure life term insurance coverage plan that offers life cover as well. The plan is available in 4 variants and can be customized as per specific needs. Not just that, the plan offers coverage against 55 critical illnesses as well. It can also cover the expenses of your child’s education in your absence.
The very nature of life is uncertainty. While we are told to live our life to the fullest and fearlessly, it is also important to make wise decisions well within time. The planning for a secure future that is spent comfortably starts today. Now that you know about why you need a term plan, it becomes important for you to also understand that the best kind of policies are the ones that offer flexibility and the options to cash out a life insurance policy in times of need.
Take a step towards that planning by buying term life insurance.
Content created in association with Canara HSBC Oriental Bank Of Commerce Life Insurance