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Why Term Insurance is Important at Every Stage in Life?
Table of Content
Everyone dreams of having financial security along with peace of mind at every stage of their lives. Whether you wish to prepare for retirement, set up an education fund, create an estate fund, or simply meet your financial goals, it is important to ensure that your loved ones are well protected. This article talks about how term life insurance plans offer a simple and straightforward way to take care of your family.
What is Term Life Insurance
A term insurance plan is the simplest and safest way to protect your family’s future. It provides death benefits to the nominee or family of the policyholder in case they die during the term of the policy. It allows you to collect a high, assured amount as a life coverage. All you need to do is pay a premium and ensure a safe future for your family.
Term insurance offers policyholders a lower interest rate with higher returns, flexible payouts and payment options. It is beneficial to consider buying your term insurance online as it allows you to compare a number of plans and choose the one that offers higher coverage at a lower cost.
Benefits of getting a Term Plan
There are many benefits of getting a term life insurance plan, such as:
Tax Benefits
As per Section 80C of the Income Tax Act2, premiums paid on term insurance are eligible for tax deductions of up to INR 1.5 lakh per annum. In addition, the amount received on maturity is not taxable.
Low Premium
A term life insurance plan usually has an affordable premium cost and allows the policyholder extended coverage.
Helps in Meeting Financial Duties
A term insurance plan can help your family fulfil financial obligations like paying EMIs, unpaid loans, clearing debts, paying for education, etc.
Acts as an Income Replacement
The cover of a term insurance plan acts as an income replacement for the nominee or family members of the policyholder. With the help of the survivor support received through the term insurance plan, your family remains financially secure.
Multiple Payout Options
Term insurance plans allow you to have the flexibility of choosing between quarterly, yearly, or monthly payouts. This helps you pay the premium at your convenience and with your financial plans.
Riders
Term life insurance plans allow the policyholder to choose between a variety of riders1 that they can add to their basic plan. Some of these riders include:
- Permanent or partial disability benefit
- Critical illness benefit
- Income protection benefit
- Premium waiver benefit
- Disability or accidental death benefit
Why Must You Choose Term Insurance?
A term life insurance helps you to take care of your family and their finances in case something happens to you. It is a safe and simple choice for many and allows you to choose lower premiums with extended coverages.
It is important to opt for the appropriate term insurance plan while keeping in mind your financial condition and selecting the riders that suit you and your financial plans. It is always better to buy term life insurance online as it allows you to compare between a variety of options and helps you understand its various parts properly.
Common Misconceptions about Term Life Insurance
In contrast to popular belief, term life insurance is one of the most affordable and popular types of life insurance. Here are some common misconceptions about term life insurance:
It is Difficult to Understand
Term life insurances follow a simple and straightforward structure. The policyholder simply needs to pay the premium. In case they pass away within the policy period, the nominees or family members receive the death benefit.
It is Only Important for Families
While it is true that families benefit from term life insurance policies, investing in one as a single young adult can help you clear debts and work towards your financial goals.
Conclusion
A term life insurance plan offers policyholders pocket-friendly protection for their families that can help them meet their financial goals at various stages of their lives. It is important to understand the workings, types and benefits of term insurance plans so that you can make a well-informed decision.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
1. For all details on Riders, kindly refer to the Rider Brochures available on our website.
2. Tax benefits are subject to conditions under Sections 80C, 80D, Section 10(10D) and other provisions of the Income Tax Act, 1961.
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