Find your suitable insurance plan
640
5 min read
Updated on Dec 23, 2023
Investment planning is as crucial as earning a livelihood. For the key earning member of a family, it is all the more essential to secure their dependents with a financial cushion. For a long time, term insurance plans have been used by people to secure the lives of their loved ones. Being cost-effective and reliable, term plans serve as a safety net during sudden emergency situations.
Unlike earlier buying a term plan is no longer a tedious task as it can be done easily online. It is important to choose the best term insurance policy and add it to your investment portfolio while planning your future investments.
So, is it a financially sound decision to buy a term insurance plan in the year 2024? Let us find out!
Table of Contents Show
Term insurance plan is a life insurance product that allows a cost-effective way to secure a family in case of the sudden demise of the policyholder. Term plans offer death benefits to the nominee when the insured is no more or when the insured dies (during the policy tenure). It is an ideal investment option as it is cost-effective and easily accessible. Moreover, since unforeseen situations do not come with prior notice, investing in a term plan is important. This will ensure your family’s financial crisis is handled even when you are not around.
Term insurance is an effective way to secure your family. Below are some reasons why one should buy term insurance in India:
|
High Coverage |
All round protection |
More savings |
Tax benefits |
Coverage up to 99 years |
Protection from liabilities |
|
Term plans allow the insured to get life coverage of a lump sum amount by paying a minimal price. So you can get ample coverage at an affordable cost. |
The add-on benefits offered with a term plan, such as critical illness benefits, waiver of premium, and income on disability, are some such riders that allow the insured to protect against risks. |
The premium amount of the plans is available at a reasonable price, especially if you buy the term plan at a young age. This helps in saving you money on premiums. |
The insured can also avail tax benefits on the premium paid for a term plan. |
Most term plans offer lifetime coverage of up to 99 years |
In case of the sudden demise of the policyholder, a term insurance plan help the family members to pay debts, liabilities, etc. |
As already stated, there are several benefits of purchasing term plans. Some of them are mentioned below:
Term plans are simple life insurance plans available at a low premium price. Hence these policies are easy on the pocket. Buying a term plan at a young age will allow you to avail the plan at a low price. Further, buying plans online also allows further discounts and benefits.
Term insurance aims to secure your family’s financial future. But it has another benefit as well, and that is the tax benefit. So, under term insurance, you can claim a deduction of up to INR 1.5 lakh under section 80C of income tax. Likewise, you can also claim a tax deduction of up to INR 25,000 u/s 80D of income tax if you are paying a premium for a critical illness rider.
Further, you may also note that the death benefit claimed by the nominee at the time of payout is completely tax exempted under term plans.
The term insurance policies are easy to comprehend, and thus they are mostly preferred by people. Term plans are pure life cover focused on financially supporting your dependents. A policyholder must pay the premium of the plan on time to continue availing of the benefits of the plan.
There are several important variables which need consideration at the time of buying term insurance online:
To Sum Up
A term insurance plan is an agreement between an insurer and a policyholder. Term plan is an investment that secures a family financially. Hence it is advisable to invest in such plans. Moreover, the term plans can be easily bought online. But it is good to research and compare plans before buying them to get the best deal and save money.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
~ Term plans for family
~ Term plans for Spouse
~ Term plans for NRIs
~ Term Plans for Senior Citizens
There are several good plans to opt for, such as:
~ SBI Life Insurance
~ Aditya Birla Sun Life Insurance
~ Life Insurance Corporation of India
~ ICICI Prudential iProtect Smart
Term plans allow one to avail huge coverage/sum assured at a reasonable premium price. It helps a family to accomplish their long-term financial goals and secures them in the event of the death of the head earning member.
Yes, term plans provide a family with financial protection in case of the absence of the head of the family or the policyholder. So, if you have dependents and your household primarily runs on your salary, you must secure your dependents with a term plan.
You should buy a term plan for many reasons, including high coverage, low premium, all round protection, protection against critical illness, tax benefits, protection to your dependents in your absence, and so on.
A term insurance plan helps a family to meet their day-to-day expenses in the unfortunate event of the demise of the key bread earner. So, a term plan is worth buying as it allows several benefits compared to other life insurance products.
~ Bajaj Allianz iSecure Plan
~ ICICI Pru iProtect
~ Kotak Preferred Term Plan
~ Amulya Jeevan Term Insurance Plan
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Term insurance is an efficient and affordable way to protect a family's financial future against the sudden mishaps of life. However, if, for any reason,.
Aug 17, 2023
5 min read 
Updated on Dec 23, 2023 Investment planning is as crucial as earning a livelihood. For the key earning member of a family, it is all.
Aug 11, 2023 5 min read 
In today’s world, it is difficult to survive without earning and to earn, one needs to stay fit and fine without any disability. Thus comes,.
Jun 30, 2023 5 min read 
Do you know that at present, there are about 24 term insurance providers in our country, each claiming to be the best term insurance company in.
Jun 29, 2023 5 min read 
A life insurance policy secures a family monetarily if there is untimely demise of the policyholder during the policy term. If diagnosed with a terminal.
Jun 27, 2023 5 min read 
As the name suggests, Canara HSBC life insurance company was formed with the collaboration of three prominent financial establishments namely Canara bank, HSBC life insurance.
Jun 16, 2023 5 min read 
A term insurance plan is like a security that safeguards a family financially in the most unfortunate event of demise of the family head. Such.
Jun 16, 2023 5 min read 
When it comes to insurance, LIC is the most trusted insurance company in India. With a huge customer base, this largest insurer is also one.
Jun 14, 2023 5 min read 
LIC of India is one of the most trusted brands when it comes to securing the financial future of your family and dear ones. Let.
Mar 13, 2023 5 min read 
While we make plans and keep chasing our dreams, seldom do we realize that life is unpredictable. No matter what we are doing, and how.
Mar 02, 2023 5 min read 
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back