7 Benefits of Buying Term Insurance Online

You can now buy term insurance online, even at the last minute, without any hidden surprises. Buying term insurance online is a lot about convenience, affordability and transparency. You get the benefit of choosing your goals and budget without any extra hassle. 

Benefits of Buying Term Insurance Online

Purchasing term insurance online might be one of the smartest moves to make. From starting a career to managing financial liabilities, term insurance can help you across various domains. 

Some of the key benefits to buy term insurance online are as follows:

1.Financial Protection for Your Loved Ones

Buying term insurance ensures that you get financial protection for your family in case of the untimely death of the insured. The sum assured (payout) that your family receives will help cover all major expenses, including EMIs, healthcare, education, and more. 

Therefore, your family can continue their life ahead without any financial limitations. Many people prefer purchasing term insurance online due to its numerous benefits, particularly in terms of financial protection. 

2.Comprehensive Coverage with Affordable Premiums

Term insurance is one of the most cost-effective options available today. It provides comprehensive coverage that helps with financial protection. There is no investment, which is why the premium is slightly lower. 

The premiums can be affordable, depending on various factors such as health factors, sum assured, and policy duration. Buying the policy at a younger age ensures that you pay lower premiums. Furthermore, it offers extensive coverage based on the premiums you pay. 

3.Illness Coverage

Chronic or terminal illness can be stressful, especially financially. Not only can it drain you physically, but it can also financially. Having insurance in such times can be highly beneficial.

The term insurance offers the illness coverage benefit. This can be beneficial for supporting your family in case of any medical emergency. Furthermore, term insurance policies will provide a specific percentage of payment in case of terminal illness. 

4.Loan and Liability Protection

If you have any debts, home loans, personal loans or education loans, the insurance can help you. The term insurance ensures that no such loan liabilities are passed on to the family. 

In case of the insured person's untimely death, the insurance company provides death benefits. This offers coverage for repaying any outstanding debts, which helps keep the finances secure. Therefore, the insured person's family wouldn't have to struggle with any such loans or liabilities. 

5.Additional Riders Coverage

If you're without an income or disabled, you'd have to struggle a lot. That's where your term insurance comes into play. The term insurance policy can help you significantly across various aspects. You can add specific riders with term insurance because extra coverage is a safety net. 

The term plans offer various benefits and riders that can be particularly helpful in times of need. There are different types of riders that you can opt for, which will cover you in various scenarios like hospitalisation, accidental death, disability and illness. While you may have to pay an extra premium, it will help you overcome certain difficult times. 

6.Tax Deduction 

Individuals as well as Hindu Undivided Families (HUFs) can claim tax deductions on term insurance premiums. This benefit is available u/s 80C of the Income Tax Act, 1961. The maximum limit for filing a claim is around ₹1.5 lakh per financial year, with different investments such as PPF, ELSS, EPF, and insurance premium payments. 

The premium amount paid reduces the taxable income, which helps to lower the tax liability. However, the death benefits that the nominee receives are also tax-free as per Section 10(10D). Hence, opting for term insurance can be a smart and tax-efficient choice to meet your personal financial needs.

7.Offers Peace of Mind

Term insurance can be a huge financial relief for your business. It brings you great peace of mind. With this insurance, you'll know that your family is protected even in case of uncertain scenarios, like your permanent disability or death. 

With complete peace of mind, you'll be able to focus on the main areas of your business. Even if anything goes wrong in the future, you'll know that you're secured. Moreover, you know that in case of any unforeseen circumstances, you'll receive financial and emotional stability for your family.