It is our utmost responsibility as an individual to plan our financial future. We might be earning tremendous and living a luxurious lifestyle presently, but creating a stable economic future for us and our loved ones are what we should do. While we stay healthy and wealthy right now, we can't predict our stance on health and finance in future. With several cases of young deaths coming up on the horizon, it is the prime time to think and plan how we want our future to be. This is why people have started saving and investing in a term life insurance policy.
It is a financial product that keeps your family insured financially after an unforeseen causality strikes. A term life insurance policy is a remarkable way to have a safe and secure future. It gives us peace of mind that our loved ones would be financially well kept off after our death. This sort of life insurance benefits young families since it supplies financial support to the surviving partner and children in the case of the policyholder's death. It can also give financial security to company owners and entrepreneurs, guaranteeing that their lives can continue after the policyholder's death.
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While being an affordable and convincing option, a term life insurance policy has numerous benefits that help you carve a better-planned future for yourself:
Low Entry Age and Long Policy Term
By buying a term plan insurance at 18, you can get your coverage early to lead a carefree lifestyle. Moreover, you can stay insured till the age of 85 and stay rest assured of preventing financial struggles. So, whether young or older, a term life insurance policy offers you the chance to chalk out a better future.
Coverage For Diseases and Disability
After an uncertain casualty or accident, particular hospital or rehabilitation expenses can significantly affect your wealth and might trouble your dependents. A term life insurance policy keeps you and your family financially strong in these worse times. Whether you need money injection to battle a disease or disability, or you want financial support for your loved ones after your death, a term life insurance policy is the aptest decision as it offers you multiple medical riders you can purchase at a nominal fee.
Saves Tax and Return Premiums
The critical illness premium paid under the term life insurance policy saves you tax under section 80D, and the term insurance premium is counted under section 80C of the Income Tax. Thus, with a term life insurance policy, you can also save tax, and in addition to it, you can also retrieve your premiums paid by the insurer after maturity. Therefore, it is a budget-friendly investment.
Death Benefit as Regular Income
One of the vital provisions of a term life insurance policy is that it can give your dependents a regular income on top of the lump sum benefit that is due in your plan. This feature can be critical to your loved one to lead a pleasant life with minimal financial constraints.
Further, you must know several types of term life insurance policies before investing to receive the best benefits.
- Basic Term Insurance
- Term Insurance Plan with Monthly Income
- Term Insurance Plan with Growing Monthly Income
- Term Policy with Return of Premium
- Group Term Life Insurance Policy
Even in your absence, you can protect your family from the financial catastrophes that follow the death of the breadwinner or the insured. You can also consider adding an extra layer of protection for them by availing a health insurance policy.
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A health insurance policy is a binding agreement between an insurance provider and a client under which the insurer agrees to pay for medical expenditures if the policyholder is wounded or sick in the future, causing hospitalisation. Therefore, with a health insurance policy, you will be aided financially and get the best treatment for your ailment from the leading hospitals without getting concerned about the expenses.
Moreover, health insurance coverage also helps you cope with the loss of job income while getting treatment, which may otherwise cause financial imbalances in your family. And with a vast hospital network connected to health insurers, you can have premium treatment with cashless transactions.
A health insurance policy supplies coverage for a plethora of illnesses and allows you to avoid financial shocks to your wealth. With these insurance plans, as mentioned above, you can prepare smartly for a contingent future and secure a healthy life for your loved ones. So, get your term life and health insurance policy right away.
