cioreviewindia Team | Wednesday, 28 July 2021, 04:25 IST
If you’re the only earning member in your family and have dependents relying on you for financial activities, then choosing a reliable term insurance plan is extremely crucial for you. It provides a great return on your investments, without even risking the primary capital.
With a life insurance policy, your chosen nominee gains an assured sum in the event of your unfortunate demise. There are even some term plans that offer the ‘Return of premium' option, which provides you the total premiums you’ve paid in case you survive throughout the policy tenure.
A term insurance policy offers greater coverage as compared to various other insurance plans and is available at very affordable rates. Moreover, you can even purchase a preferred term plan online and enjoy its benefits from the comfort of your home.
However, while purchasing term insurance, the main problem arises when you have to shortlist a particular plan from a slew of options available at your disposal. This article will help you make an informative decision faster to gain maximum benefits from the policy.
As you grow older, your responsibilities also increase and you will also likely have a family to take care of. Purchasing term insurance at a young age can ensure that you’ll be able to take care of their future requirements with ease.
It’s not only about financial security for the future, but to be prepared against all the odds with reliable coverage. Without further ado, here’s a list of reasons why it is wiser to purchase life insurance at an early stage in life:
Although there’s no predefined age to purchase a term life insurance policy, it is only cost-efficient to purchase it earlier. The sooner you purchase term insurance, the lesser premiums you’ll have to pay as compared to someone purchasing term insurance in their mid-40s or 50s.
Along with the death benefit, term insurance features several other benefits that may prove to be a lifesaver in the future. However, the criteria to purchase add-ons for your plan depends on your health and age as well.
While some organizations offer term insurance to their employees, you can’t rely on it fully for a financially sustainable future. Moreover, in case you switch your job, your employers’ term plan will also be revoked. That’s why it is rather wiser to purchase standalone term insurance.
If you have any preexisting health condition, you might get rejected for a term insurance policy. Not to mention, even if you manage to gain one, you better be prepared to pay higher premiums for the same. If you purchase these plans at a young age with no medical conditions, you can have an edge over others by getting the plan for a cheaper price.
Term plans are also eligible for tax-exemption benefits as per the prevailing laws of Section 80C of the Income Tax Act for the premiums paid towards the policy. Additionally, even the assured sum is exempted from taxes as per section 10(10) D.
Available at a very affordable price point, the Smart Shield Term Insurance plan offered by SBI is a great choice to provide financial security to your family. It allows you to choose from over four different coverage options as per your preferences. Moreover, you can also add ranging riders such as accidental death benefit or critical illness cover to extend your policy’s coverage even more. There’s also a free look-in period of thirty days that allows you to assess the policy’s benefits comprehensively.
If you’re looking for a flexible and convenient term insurance plan, then the iSelect Star Term Plan by Canara HSBC OBC is surely the perfect fit for you. It is a very comprehensive term plan that allows you to control the various aspects of the policy as per your own requirements. It provides various different premium payment modes and also allows you to choose the desired coverage and payout benefits based on your financial requirements. You can also reevaluate your policy easily in the future by increasing your coverage in return for additional premiums.
If you’re the only breadwinner of your family, this term plan is a boon for you as it allows your family to sustain a comfortable lifestyle even in the event of your unfortunate demise. It is a non-linked term insurance policy that doesn’t get affected by your current financial liabilities such as home or car loans. Moreover, you can gain a life cover of up to 85 years with several additional riders to extend your coverage even more. There are even some additional discounts for non-smokers and women in this plan.
The PNB MetLife Mera Term Plan offers great coverage at affordable premium rates and also provides an increasing monthly cover of 12% per annum. You can also add your spouse under the same policy with very minimal investment as compared to a standalone policy. As it is an online term plan, there are no middlemen involved in the process which makes it even more affordable. If you’re a non-smoker then you can also enjoy some additional benefits with this plan. It is also eligible for tax deduction and benefits under the section 10D and 80C of the Income Tax Act.
At a certain point in your life, you’ll eventually have to purchase a term insurance policy. With that said, it is comparatively better to purchase it earlier and save money rather than facing rejection or paying extra in the future.
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