Quick and Easy Guide to Buy Term Plan Online
COVID-19 has struck the world hard, and India has been ailing for quite some time now. One thing that every Indian probably thinks they had right about now would be a term policy in India, which would offer them and their family the much-needed risk cover in these trying times. If you buy term plan online, then keep an eye out for the riders that can be added to customise your term plan and make it better.
Besides, even if you are unfamiliar with the whole insurance space, you can still easily go online and start looking it up for yourself. All insurance policies from different insurers are now available online, and that’s not all. You can compare the premiums and benefits of these policies, read about them in detail and even stay updated on the go as it is so quickly accessible on the internet.
A term insurance policy is one of the best investments you can make in your life, and it is a definite must-have in your financial portfolio. With this type of life insurance plans, not only do you get a cover for your family but also get an assurance to deal with rising medical expenses and paying off untimely hospital bills.
The Benefits Of Buying Term Policy In India
Buying a term insurance policy helps you, as the policyholder, create a safety plan for your family in their absence. Sooner or later, every individual must think about what is term plan like and why is that something they need for their family. Here are some reasons why you should consider buying life insurance online, from a trusted partner, and what it could mean for your family:
- In difficult times like mourning the loss of a family member, a life insurance policy could offer them financial support and a debt-free future as well.
- If the breadwinner of the family passes away, then the lump sum received from this scheme can work as a replacement for their salary.
- You can secure your family’s future beforehand and take care of their financial freedom even in your absence.
- You can even have add-on riders like critical illness rider, waiver of premium, accidental death cover etc., which not only secures your family’s future expenses but also gives you a holistic insurance cover in the present.
- There are multiple tax benefits of a term insurance policy, like the premiums, which can be deducted from your yearly taxes and the sum assured amount of the policy, which is essentially tax-free.
The payout flexibility that term insurance offers can make a huge difference o your family as well. If you choose the fixed monthly income plan, your loved ones, i.e., policy beneficiaries, are paid a predetermined amount monthly, making it easy for them to clear off their bills and other liabilities.
On the other hand, an increasing monthly income plan will allow your monthly income from the sum assured amount in your policy to annually grow by 10%, giving your family an inflation-proof financial cover.
It is important to understand the benefits of an insurance policy like a term insurance plan, where you not only start saving towards the future but also keep a lump sum ready for your family to access in your absence.
Why Should You Buy Term Plan Online?
Like everything else that is easily accessible online, the insurance sector has also managed to get almost all of its products and services digital. Right from comparing policies online to paying your premium and from topping up your plans or adding riders to contacting customer care via chatbots or emails – all is available online.
Not only is it quick and easy to buy term plan online, but it also has perks of its own, like detailed explanations, calculator to easily help you compare policies and sometimes discounts and offers with your purchase as well.
Some of the present-day benefits you can also enjoy from a life insurance cover are its tax benefits. According to the Income Tax Act of 1961, you can avail of a tax deduction of up to 1,50,000 on your premiums as per the old tax regime every year, under section 80C. And you know how to calculate this without breaking any sweat?
Remember to choose a trusted insurer as your family should not have to hustle a lot when claiming the policy. The key to a healthier and happier life is securing your today and saving for your family’s tomorrow, and a term insurance policy will offer you exactly that, and then some. So, go ahead, do your research and buy term plan online!