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Term insurance is the purest and simplest type of life insurance which offers financial protection and safety for your family after you. This single tool can help the nominee in case of the assured's unforeseen death during the policy term. It covers various expenses like education, housing, groceries and more of your loved ones in your absence. A term life insurance plan provides high life cover on a fixed premium, which is determined by the insurance company. The term insurance premium amount varies based on several key factors, such as your age, gender, occupation, and lifestyle habits.
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Why Should I Buy a Term Insurance Plan?
People of every background want to cover financial protection for their own family after his absence. Term plans also help families pay off debts like home loans and car loans after losing a family member, specifically the family's breadwinner.
Family's Future: As a primary breadwinner, you must ensure the well-being of your parents, spouse, and children. A term life insurance plan provides high life cover for your dear ones, even in your absence.
To Protect the Assets: You may have taken loans to buy assets like a car, or home. You can make sure that term insurance offers your family the financial support they need to repay your outstanding dues after you.
Tax Benefits: Term insurance premiums are eligible for tax deductions under Section 80C and death Benefit is tax-free with Section 10(10D) of the Income Tax Act.
To Reduce Lifestyle Risks: The unforeseen death of the family's breadwinner can make it difficult for loved ones to carry on with their lives. This can impact their work and ability to earn money, However buying the best term insurance plan can help the surviving family with adequate financial support at a trying time.
Be Prepared for Uncertainties: Life is unpredictable, and plans can change at any moment due to factors beyond our control. This can be best understood during the COVID-19 pandemic, life can be uncertain. Term insurance can help you prepare for unexpected financial needs with a wide range of life's uncertainties.
