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Home Articles Top 10 Reasons for Buying Term Insurance

Top 10 Reasons for Buying Term Insurance

IndianMoney.com Research Team | Updated On Thursday, July 18,2019, 10:14 AM

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Top 10 Reasons for Buying Term Insurance

 

 

Term insurance is an affordable way to secure family in case of an untimely demise. Term insurance makes sure your family remains financially independent, if something untoward happens. Insurers offer a wide variety of life and health insurance plans, to meet the insurance needs of crores of citizens.

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See Also: Best Term Insurance Plans In India

Top 10 Reasons for Buying Term Insurance

To enjoy maximum risk cover, here are the top 10 reasons to avail a term insurance plan:

  1. Affordability:  Term insurance is customized to fit your budget. It is the best life insurance product you can avail, without spending too much. A term life plan is pure risk cover, availed to meet financial liabilities and enjoy a decent standard of living, even after the death of the breadwinner. The sum assured and the policy tenure are considered while determining the life insurance premiums. It is maximum cover at low premiums.
     
  2. Tax-Free Death Benefits: You enjoy Section 80C tax benefit up to Rs 1.5 Lakhs a year on term life premiums. The death benefit received by the nominee is completely tax-free under Section 10(10D).
     
  3. Guaranteed Built-in: As a policyholder, you can make some adjustments and change the policy type or even the tenure. You can make changes on how the sum assured would be paid or you can add riders to your existing term life plan. You can discontinue the term life policy by not renewing it and there are no penalties.
     
  4. Leverage of Cash: There are various types of life insurance plans, present in the market today. Some of the insurers have modified the basic term plans to include maturity benefits.
     
  5. Payout on Time: Claim settlement is real fast in term life plans. This is due to the simple terms and conditions of the term life policy. Opt for an insurer with high claim settlement ratio of over 90%.
     
  6. Living Benefits: You can avail a term life plan with return of premium benefit. These plans are different from normal term life plans. Premiums you pay are returned at the end of the term.
     
  7. Easy to Access Insurance Quotes: Nowadays, it’s quite easy to avail online term insurance quotes through online aggregators. This is because of a competitive market and the availability of various types of life insurance products. You can avail free insurance quotes and choose your term plans, accordingly. There is great opportunity for customization in term life plan.
     
  8. Take Care of Your Health: You must undergo a health check-up, before availing the health insurance policy. Any health complications or medical conditions arising at a later time can be covered with a rider.
     
  9. Look at Your Returns: The return from term life insurance plan is the pure risk cover it offers. The term life insurance plan protects your family from loans and other liabilities.
     
  10. Convertibility: The term insurance policies offer the flexibility to convert the policy into other life insurance plans. However, there are regulations on the conversion of the policy, time period and the conversion amount.

See Also: Benefits of Buying Term Insurance Online

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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