Term Plan
Term insurance is a kind of life insurance that offers financial protection for a specific period. If the insured person passes away during this time, the insurance company pays a death benefit to the beneficiary. Before buying term insurance, it's important to understand its key features and why it's a good choice.
The main aim of getting life insurance is to provide the insured person with both life coverage and financial security for their family. There are two ways to get life insurance:
1. Opt for pure life insurance, also known as term insurance, to safeguard against financial hardship.
2. Choose life insurance with a savings component, often called endowment insurance, for added benefits.
Benefits of Termplan
Affordable Premiums
- Term insurance plans offer high-value life protection at a low cost
- Premiums can be paid monthly, half-yearly, or annually, and purchasing early leads to lower premiums.
Whole Life Cover
Term insurance policies provide extensive coverage, lasting until the insured individual reaches 99 years of age.
Tax Benefits
- Premiums paid qualify for tax benefits under Section 80C.
- Premiums for critical condition benefits can also be eligible for tax benefits under Section 80D.
- Section 10 (10D) of the Income Tax Act, 1961 exempts lump-sum funds received by beneficiaries as the sum assured/death benefit from taxes.
Critical Illness Coverage
Optional Critical Illness Coverage provides a lump-sum payment upon the detection of covered critical illnesses.
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