[ad_1]
Everyone is worried about their future and people want their time to be safe. Especially now, when the uncertainty has increased after the Corona epidemic, then it has become more necessary to prepare a future plan. Term Insurance Plan becomes very important in this planning. It not only ensures the safety and security of the future, but also reduces the load of premium. Along with this, there are many other benefits including tax saving from term insurance plan.
Lower premium for early purchase
The premiums for term insurance plans are less as compared to normal life insurance plans. Such plans give you more protection cover at less cost. The younger the term plan is taken, the lower the premium. If you are 18 years old now and take a term plan of one crore for 60 years, then such products are available for you with a monthly premium of less than thousand rupees. With increasing age, the premiums for term insurance also tend to increase.
very important for those
Term insurance plans start with a tenure of 10 years. This is for those people who have taken home loan or any other big loan. Unfortunately, if something untoward happens to you, it may be difficult for your family to pay the remaining installments of the loan. In such a situation, if you keep a term plan bigger than the amount of home loan and its remaining tenure, then even in your absence, the roof over the head of your family will be guaranteed.
old age coverage
Term insurance provides cover till old age. Generally term plans are available till the age of 70 years, but in many cases term plans giving coverage up to 75 years are also available. In this way, term plan can provide you protection cover for a longer period of time.
News Reels
Premium does not increase like normal insurance
This is one of the most important features of term insurance. The day you buy a term plan, an agreement is made with the company on the monthly premium at the same time. As long as there is insurance coverage, your monthly or annual premium remains the same. Apart from this, you can also add riders like critical illness cover, accidental death cover along with term insurance. This increases your premium slightly, but increases the scope of security and coverage.
Income tax is also saved
Taxpayers get the benefit of many types of exemptions and deductions under the Income Tax Act. Section 80C of the Income Tax Act provides tax saving facility on term insurance. You can save up to 1.50 lakh tax by buying term insurance. In case of any untoward incident, the death benefit received by your nominee is completely tax free. Measures have been taken for this in section 10C of the Income Tax Act.
[ad_2]
Source link