We work hard every day to provide for the needs of our loved ones. This also prompts us to think about the uncertainties that the future may hold. We worry about the wellbeing of our family members in case something unfortunate happens to us. If you are experiencing something similar, it’s timeto apply for a life insurance policy. Getting a life cover is one of the best ways to secure complete peace of mind and the financial future of your loved ones. A life insurance policy provides adequate protection against the worries of the present and the uncertainties of the future. You can consider online life insurance, which has made it really easier to get your policy online and check the available benefits, eligibility, premium and other details.
Term life insurance plans
One of the best options is to choose a term life insurance plan, which provides financial coverage for your loved ones for a specific period of time. You can choose the ‘term’ period for your life insurance policy, whichwill be based on your age and income. You can consider online life insurance to know the exact range of ‘term’ that applies to you.
Benefits of term life insurance plans
- Financial freedom: In case of death of the insured during the policy term period, the beneficiary will get the Sum Assured, as mentioned in the policy. The Sum Assured will be a great help to the dependents in sustaining their existing lifestyle. The Sum Assured can also be used for major life events such as college education of son/daughter, marriage, etc. The Sum Assured can be paid as lump sum amount or via a hybrid option that has components of both lump sum payment and regular monthly income. The choice for the payout option will depend on the financial needs of the family.
- Affordable premium: The premium to be paid for a term life insurance policy is quite affordable. Since the premium is based on the Sum Assured and the term of the policy, one can easily find the best fit as per theirrequirement. The premium can be paid monthly, quarterly or annually.
- Tax benefits: Tax benefits for premium paid for life insurance policy can be availed under Section 80C of the Income Tax Act. Tax benefits can also be claimed on the Sum Assured and other payout made to the beneficiary.
- Return of all premiums paid: If the insured lives through the term of the insurance policy, they can get back all the premiums they have paid. This would be a huge bonus for the entire family.
Death of the breadwinner is not the only thing that can jeopardize a family’s financial freedom. Other things such as accidental disability and serious illnesses such as cancer and heart attack can also affect the breadwinner’s income. This is why it is recommended that people should consider additional protection along with their life insurance policy. For example, they can take additionalprotection for accidentaldisability, serious illnesses, etc. This way, families can significantly reduce the risk of future financial uncertainties.
We live in a world where it’s difficult to predict what will happen to us in the future. Taking a life insurance policy is the best way to protect the financial future of your loved ones. Life insurance premiums are quite affordable and it’s a small price to pay for securing your family’s financial freedom. You can check online life insurance plans to know which one is most appropriate for you.