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Take 100% Responsibility of Your Family with Term Life Insurance

Buy Life Insurance Now
  • 12th Nov 2019
  • 1,058
Take 100% Responsibility of Your Family with Term Life Insurance

When you buy a term insurance plan, you take a step to provide for the financial stability of your loved ones in your absence. Life is uncertain and the best way to handle it is by considering how you want your loved ones to live after you are no longer around to take care of them. You may be quite fit and are leading a healthy lifestyle; however, it is always better to take the right steps at the right time. Investing in term insurance plans will help ensure that the future of your loved ones is secure.

What is term life insurance?

Primarily, you need to understand how does term insurance work. A term insurance policy is a very basic plan that covers the risk of death. It is a simple plan with no frills.In this plan, the insurance company will pay an agreed life cover amount on the death of the insured. In return, you agree to pay a certain amount in the form of premium each year for the coverage. If you survive the policy term, there is no survival benefit paid to you. One of the biggest benefits of term insurance is coverage for life at a low premium amount.

How does a term life insurance help you?

Here are different ways in which a term life insurance helps you.

  • Provides financial security
  • In a term insurance plan, the insured enjoys a high amount as life cover. This amount will be paid as a death benefit on the demise of the sole breadwinner of the family and it acts as an income replacement source. It helps your loved ones maintain their lifestyle without falling in a debt trap.

  • Liability repayment tool
  • The amount paid at the time of death benefit will be a tool for the repayment of liabilities in case of an untimely death of the income earner. Hence, if you have any outstanding loans and you have to pay them off, your family will be able to do so from the sum they receive.

    The simple and straightforward features of term insurance make it an ideal investment option. The premium is cost-effective; hence, you will not feel that it is a burden. The premium amount on the insurance policy is exempted from tax up to INR 1.5 lakh according to Section 80C of the Income Tax Act, 1961 and the death benefit paid to the nominees is tax-free under Section 10 (10D) of the Act.

Invest in Term Plan now to Secure your Loved Ones

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