What Are The Benefits Of Term Life Insurance? Get To Know

Term Life Insurance

In Case Of Sudden Death Of The Policy Holder, The Family Members Can Be Financially Well Off, This Policy Can Be Purchased Online And Offline, This Policy Comes With Tax Exemption Benefits

Term Life Insurance: You Can Gradually Increase Your Savings By Taking Life Insurance. Besides, Family Members Get Financial Benefits In Case Of Critical Illness Or Sudden Death. Insurance Like Term Policies Are Tax Exempt. This benefit is Available Under Section 80c And 10D Of The Income Tax Act.

Term Life Insurance
Term Life Insurance

Do You Have Insurance? Without Insurance You May Be Deprived Of Financial Security. Also, Your Family Will Be Financially Sound In Case Of Sudden Death. Also, The Added Benefit, Especially In The Case Of Life Insurance, Is That It Will Also Help You Save Money. Do You Know What Term Life Insurance is? Experts Give This Insurance The Highest Marks. Let’s Find Out.

Also Read – Types of Life Insurance Policy in India

What is Term Insurance?

It Is Basically A Life Insurance Policy. In This The Insurer Gets Life Cover. According To Experts, This Plan Is The Simplest Among All Insurance Policies. This Policy Has A Fixed Term. After That The Policy Holder Got A Huge Sum Of Money. But If The Policyholder Dies Before The Expiry Of The Plan, His Nominees Are Paid. This Insurance Policy Is Designed So That The Family Does Not Face Any Financial Problems On The Death Of The Householder. You Can Buy This Policy Online Or Offline If You Want.

Also Read – Life Insurance: A Detailed Overview

According To Informed Sources, If You Have A Large Number Of Family Members, It Is Advantageous To Have This Type Of Insurance. In Case Of Sudden Death Of The Head Of The Family, Everyone Will Get Financial Help. Also, In Case Of Critical Illness Or Accident, This Insurance Policy Provides Benefits.

Also Read – What is insurance? – Life insurance: General Insurance

What Are The Benefits Of Term Insurance?

Economical: Term Plans Are Available Cheaply In The Market. It Gets Locked In As Soon As You Buy The Policy With The First Premium. Buying This Type Of Policy Early In Life Is Advantageous. You Can Lock In This Policy With A Very Low Premium. Besides, You Can Keep The Sum Assured At A Higher Rate. You Can Purchase This Plan Very Easily. This Plan Can Be Purchased Online Or Offline.

Also Read – Home Insurance: Home Insurance in India

Financial Benefits In Case Of Sudden Death

Generally, Sum Assured is Always Given In Lump Sum In Case Of Term Policy. Also, There Are Lower Premiums. As A Result, In The Event Of Sudden Death, The Family Members Get A Chance To Be Financially Sound.

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Benefit Of Adding Wife Or Husband

You Can Easily Add Wife Or Husband In This Policy. They Will Get The Benefit of 50% of Sum Assured.

Tax Exemption: Matching Tax Exemption In Case Of Term Plan. It Is Reported That As Per 80C You Can Claim Tax Deduction Of up to Rs 1.5 Lakh For This Policy. Besides, The Policy Is Also Tax Exempt Under Section 10D Of The Income Tax Act, 1961.

Additional Rider: Additional Rider Benefits Are Available In This Policy. This Results In An Increase in Premium But Also Provides Special Financial Benefits To The Policy Holder’s Family In Case Of Critical Illness Or Accidental Death.

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