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Term life InsuranceJuly 9, 2020

Why buying Term Insurance is the need of the hour?

Life is full of surprises and you don’t know what it holds for you in future. If it is good, then you don’t have to worry, but in case of adverse scenarios, you need to have a back-up plan to make sure that your loved ones are secured. And for this, you must buy term life insurance online as early in your life as possible.

Why buying Term Insurance is the need of the hour

There are different sorts of term insurance plans accessible in the market with distinct advantages and costs. Term insurance plan is a specific kind of life insurance that is known for its affordability, providing wholesome security to your loved ones in your absence. It is a simple form of life insurance that offers high life coverage at low-cost premiums. Here the policyholder needs to pay premiums for a specific period of time (policy tenure) against the sum assured amount, which is the death benefit amount. In case of the insured’s demise within the term of the policy, then his or her beneficiary receives the death benefit amount. And if the policyholder survives the policy term, then there is no maturity benefit.

Also Read: Are you confused about choosing Term Plan duration? Know how you can do it

Nevertheless, you should not be hesitant to buy term life insurance online no matter what. Below are some of the vital advantages of term insurance plan that will make you understand why you must have a term life insurance.

  • Easy to Understand – 

Unlike other life insurance formats such as Endowment policy that are quite complicated, the term insurance plan is the simplest and the easiest to understand. As compared to other insurances which involve saving component, risk calculation, cash value savings etc., term insurance plan only ask you the term for which you wish to be secured, and you are required to pay a premium. That’s it, and you are done with a term insurance plan.

  • High coverage at affordable premiums

Not only term insurance plans are easy to comprehend; they are additionally viewed as one of the most affordable life insurance available in the market. Its premiums are lower than other insurance plans that offer premium returns or survival benefits. In term life insurance, policyholders can fix the premiums depending on their affordability, and the insurance providers evaluate the coverage amount based on the chosen premium.

  • Competitive Pricing – 

Term Insurance plans have similar operation and structure, which enables the applicant to compare different policies easily. This ease of comparison and understanding between policies have resulted in its competitive pricing. There are quite fewer issues in terms of term insurance plans that have additionally helped further in the serious pricing of these insurance policies.

  • Flexibility – 

This is another feature of the term insurance plan, which makes it quite popular among the people. It offers various flexible options to the policyholder to enhance the cover. Such as you can renew a term plan if your policy is renewable. In such a scenario, you don’t need to go for the medical test again when your current policy term gets over. Then it is very simple to opt-out of a term plan wherein you just need to stop paying the premium, and the policy gets terminated after that. And as it does not involve any savings component, you will not get any payout. Another interesting flexible feature of term insurance plan is that you can convert it into another policy like an endowment plan or any other policy, considering few limitations, for example, time span, cost of change amongst others. Above all, there are various riders like critical illness, accidental cover, disability rider and more which helps in enhancing the coverage of your base policy. You can add any of these when you purchase term life insurance online based on your needs and requirements.

  • Tax break – 

Like a few other life insurance plans, term life insurance also offers tax benefits on the premiums paid and death benefit paid to the nominee. Premium installments made for term plan are eligible for tax cuts under Section 80C of the Income Tax Act, and the death benefit amount is eligible for tax deduction under Section 10(10D) of the Income Tax Act. This implies that term life insurance is beneficial for your present-day savings as well as for your family’s future security financially.

  • On-time Payouts –  

Term Insurance plans provide the quickest payouts as compared to all other life insurance policies available in the country. This is one of the most significant advantages which have made term policies quite popular among the applicants. As when the claim is made, the insurance company is bound to make the payout at the earliest without having any discussion.

  • Easy availability to policy information and quotes – 

With the term insurance industry getting more and more competitive, an ever-increasing number of players are entering the business with reasonable plans. This has made term insurance-related information easily accessible to people without hardly lifting a finger. Additionally, to encourage prospective policy applicants to buy term insurance online, insurance providers offer policy quotes based on their requirements and eligibility.

All the above pointers state various advantages of term policy that are hard to ignore. Hence, if you are still giving a second thought to your plan of purchasing term life insurance, then take a look at the suggested benefits of the same. If you are still not convinced, then you can visit BimaKaro.in and speak to the insurance experts for professional guidance.

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