Protect your family from the pitfalls of financial uncertainty – cast a protective net around them with a term insurance plan without delay.

Of all the important people in the world, your family surely tops the list.

Everything you do, every extra hour spent at the office, every weekend forsaken to office work – it is all aimed at generating enough income to keep your family comfortable. They have dreams that you strive to help them achieve. As the provider in the family, it is your responsibility to ensure that all their needs are met. If you are unable to make a single dream come true, it keeps gnawing away at you.

Another, much bigger, worry that you have is that your family will be left bereft of an income if you are absent from their lives. You don’t dwell on this matter incessantly, but it sometimes worries you. What will happen to your children’s education if you are not there? How will your spouse run the household and juggle the responsibilities of child rearing alone? Who will pay for any urgent medical need that crops up?

So you work even harder than before, you make investments for the future, and hope that you can always be there for your loved ones. But as cynical as it sounds, this is extra pressure without a guarantee: life changes in the blink of an eye. Your savings and investment money might not help your family for a long time. A more viable alternative for your family’s future is to invest in a term plan.

Term insurance plans – a protective net for your family

You are invested enough in your family’s wellbeing to explore every opportunity to secure their financial future. One of these measures is a term insurance plan.

A term plan is a life insurance product that pays a handsome pay-out to your loved ones in the event of your unfortunate demise. It is advisable to buy a term insurance plan as soon as you start working and ideally buy a pln that covers you till the age you plan to work. If something were to happen to you in this time period, then the sum assured is passed on to your nominated loved one(s).

There are several benefits of taking the term insurance plan, as outlined below:

1) It is one of the most affordable insurance products.

Term insurance plans offer you the benefit of a low annual premium. In fact, the premiums for term insurance are amongst the lowest among all insurance products in India. The best term plans in India like the Aviva i-Term Smart have premiums that cost you about Rs 17 per day for a cover of 1 crore – that’s lower than the price of a cup of coffee, or even a bar of chocolate! For such a low price, you end up securing your family’s future manifold.

2) Higher sum assured amounts across all insurance products.

But though the premium payment is low, it does not automatically mean that the sum assured is also low. Term insurance does not work that way: even if the premium payment is low, the sum assured is quite high, in the range of Rs 1 crore and above. The best term plans today offer a minimum of Rs 1 crore coverage for your loved ones. You can rest assured that this money can help your family tide over its future expenses quite comfortably.

3) Benefits your family in your absence.

The point of taking term insurance is that it must pay all the expenses that your loved ones incur, despite your absence and the lack of a regular income. Though you are absent, expenses continue unabated. Your spouse must maintain the house, your children must receive an education, your aged parents’ medical needs must be met. All of these needs – and more – can be met with a good term insurance policy. Apart from these expenses, the term insurance money can also be used to repay liabilities, or give your children a dream education, or to buy a car.

4) Easy to buy.

Term plans are quite easy to purchase as well. Buying a term insurance plan is very easy. Leading insurance providers in India offer customers the chance to buy term insurance online You can compare the premium of various term plans from different comparison websites and choose the plan suitable for you. You can visit the respective company website and buy the term plan in few easy steps and get insured. Remember, term plans bought online are cheaper than regular term plans which are bought through company offices or agents. You must fill out an application form online, after which the insurer sends you a detailed application form and a list of documents that you must attach with the application. Some insurers ask for a medical test before approving the application. You can pay the first premium online, and all subsequent premiums online thereafter.

5) It gives tax benefits as well.

The premiums paid for the term plan offer tax benefits up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act 1961. Also, the death benefit paid to your nominee (in case of unfortunate death) is tax free under Section 10 (10D) of the income Tax Act 1961.This is additional savings and a good incentive to invest in term insurance.

6) Fixed premium

Once the insurance company accepts your policy against a certain premium, it will never revise the premium during the term of your term insurance policy. Hence, you can be rest assured of paying a fixed amount annually without any increase in future.

You can research the best term insurance policies online before zeroing in on the most suitable one. Buying term insurance is the first step towards financial independence for your loved ones in the future. The premium you pay is a small price compared to the benefits attached to a life insurance term plan.

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