'Term insurance' sometimes also known as 'Pure Insurance' and is the easiest and cheapest way of life insurance to cover your life, in 'Term insurance' we need to pay a fixed amount (premium) every year where we get a life cover for a for a specified period with specified sum assured. One should remember that the policy has no survival benefits but a sum assured is payable to the nominee only at the happening of the event i.e. death of the life insured.
As in 'Term insurance plan' the premium you pay includes the cost of having life cover only, it is also termed as 'Pure risk policies', 'Pure Insurance Plan' and 'Pure Life Policies' where there is no concept of savings, investment or multiplying your money in such insurance plan.
Why you need 'Term Insurance Plan'?
There is a number of reasons 'Why you need Term Insurance Plan' in your overall portfolio;
- 'Term Insurance Plans' give maximum insurance cover (sum assured) in minimum amount (premium), So you get better 'risk-reward' ratio.
- Like any other life insurance policy, the annual premium paid by way of 'Term Insurance Plan' also qualifies for tax deduction under section 80 C of the Income Tax Act, 1961.
- When we take 'Growth Insurance Plans' or 'Money back plans', we need to pay high premium but in case of a 'Term Insurance Plan' we need to pay a nominal premium.
- Some people consider it as unnecessary burden on their budget; as premium paid on 'Term Insurance Plan' is not claimable in case of survival of life insured. But have you ever noticed those premiums paid for your two wheeler or four wheeler are more than that of your term insurance premium? If you are so worried for your vehicles of few lakhs bucks, there is no reason why you should ignore your life which is priceless.
- Securing the future of your family should be the most important goal of life.
- 'Term Insurance Plans' make your family financially independent in case of unfortunate demise or critical illness.
How to buy a 'Term Insurance Plan';
There are several sites where you may compare different Insurance plans and find suitable 'Term Insurance Plan' for you. you may visit policybazaar.com/life-insurance/term-insurance/
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