Term Insurance Plan
Term insurance is the Best simplest form of life insurance. A term plan provides a sufficiently large amount to your family at the time of the policyholder’s death. Plus, it comes at a very affordable price. The plan covers your family at risk of death for a limited period.
We all work hard to raise the financial condition and lifestyle of our family, for the education of our children and to achieve honorable retirement for ourselves.
However, life can sometimes be difficult and an unfortunate contingency can bring misfortune to the family by hindering the family’s finances.
Term Insurance takes care of the family in such Bad Times With term insurance, your family can maintain their lifestyle by providing the necessary funding for day to day expenses and achieve their life goals even in your absence
What is Term Insurance?
Term insurance is a pure life insurance product, which provides financial protection in case of death of the insured during the term of the policy. A term insurance plan is the most economical form of life insurance cover. It is designed to financially protect the family in case of death of the bread earner.
For example, a 28-year-old healthy, Fit male can secure a cover of Rs. 1 crore for his dependents for the next 30 years. If he buys a term insurance plan, he will only get around Rs. Will pay 563 per month
(Premium for Max Life Online Term Plan Plus)
The advantage of term insurance is that you can ensure financial security for your family, even if you are not there at cheaper rates.
Like any other life insurance plan, you are required to pay the premium on your term insurance plan for the selected premium payment period, which can be paid based on the frequency chosen.
Additionally, you should try to create a comprehensive cover for your family by adding more benefits to your term plan. Additional benefits such as accidental disability, critical illness cover, etc. provide financial assistance in cases of disability and treatment of dangerous diseases. Critical illness cover available at an additional premium\
Benefits of Term Insurance
- Financial security in the most unfortunate circumstances
- Security for dependents from your financial liabilities such as debt, and any other debt
- Disability benefit along with term insurance will provide you financial assistance in case of accidental disability (available on payment of additional premium).
- Critical Illness Benefit for your term insurance (available on payment of the Additional(premium) for good treatment of life-threatening diseases without worrying about the Cost
- Tax savings up to Rs. 1.5 lakh on the sum paid under section 80C on income tax, as per prevailing tax laws
- As per the prevailing tax laws, tax benefits on the benefit given to its dependents under section 10 (10D) on income tax.
- A regular income stream with lump-sum benefits to meet lifetime expenses
- Long term insurance cover up to the age of 85 years which can be useful if you want to leave an inheritance for your family, subject to a maximum policy term of 50 years
Term Life Insurance Rates by Age
How long should be the term of your term plan?
The ideal term for your term insurance cover should be as long as you anticipate your financial liabilities.
For example, if you believe that your home loan can extend until a few years after your retirement, then your term insurance should be at least equal to your post-retirement loan.
However, in terms of insurance, it may not always be possible to extend the term later. Therefore, you need to ensure a long cover period at the time of buying the Insurance/cover.
You can opt for the longest tenure to avoid all guesses and stay safe for life. You can easily manage the term cover after your retirement with the 60 Pay Till 60 ‘feature of Max Life Term Plan.
Pay till 60 ensures that your premium payment stops at 60, but the life cover continues until the maturity age you have selected. This benefit is available on payment of additional premium If You BUY.
KNOW MORE OR YOU WANT YOU BUY GO TO MAX LIFE INSURANCE WEBSITE.