How to Choose the Best Term Plan in India and Get Unmatched Benefits
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As much as we hate the thought of it, it doesn’t change the fact that life isn’t guaranteed. If you are someone whose family depends on you for their financial needs, it’s only natural to worry about what you leave behind for them.
A savings fund does help but buying the best term plan in India can come and save the day by offering your family a sizeable life cover to help them manage costs in your absence.
Term life insurance products offer substantial life coverage at a reasonable cost and have no maturity value. When you are gone, these policies financially safeguard your family by
providing coverage for a predetermined period.
We’ll be telling you how to choose the best term plan in India in this guide. But before we do, let’s discuss the advantages of term insurance.
How to Choose the Best Term Plan in India and Get Unmatched Benefits
Term life insurance Advantages
Here are some of the advantages of term insurance:
Death Benefit:
Should the life insured during the policy pass away, the nominee will receive a sum assured to help them live their lives without any financial worries.
Tax Benefit:
Up to Rs. 1,50,000, the premiums for the best term plan in India are exempted from taxes under section 80© of the Income Tax Act.
Rider Advantages:
Riders are a crucial supplement to the standard plan. They extend the range of benefits the policyholder can get. They come at an additional cost, however, that cost is negligible. Critical Illness, accidental death benefit and waiver of premium are some of the most common riders available. Let’s understand how these riders work:
Suppose the life insured is found to have one of the severe illnesses listed in the rider. In that case, the Critical Illness rider offers an additional sum assured over the primary plan’s offering.
If the insured is found to have severe illness or a permanent disability, the Waiver of Premium rider offers to waive all insurance premiums.
It is also suggested to buy Accident insurance policy with the base plan. This type of policy provides an additional amount assured beyond the base plan value.
How to Choose a Term Insurance Plan?
You must take the following actions if you want to buy the best-term plan in India: