Why Term Insurance Plan Should Be the First Step to Securing Your Future and family

Earning a living is important as you want to provide financial security to your family so that they can meet their needs. But what if your incomes stop due to unforeseen contingencies?

The risk of death is uncertain and if it strikes prematurely it can considerable financial stress to you and your family. To manage this stress you need an insurance plan which covers the risk of premature death. This is where term insurance plans come into the picture. These policies cover the risk of premature death and compensate for the financial loss suffered. In fact, investing in a term insurance policy online should be the first step in your financial portfolio. Let’s understand why –

1. It provides financial security

The main objective of a term insurance policy is to provide financial security. By covering the risk of premature death the policy provides unmatched financial security. It promises financial assistance if the insured dies during the term of the policy. This coverage offers financial security ensuring you that even in your absence your family would be financially taken care of. This financial security offers peace of mind and is a must.

1. The comprehensive scope of coverage

Besides covering the risk of premature death, term insurance plans have evolved in terms of the coverage that they offer. Now a term insurance policy online offers inbuilt rider benefits which enhance the scope of coverage of the policy. There are optional riders too which you can choose to enhance the scope of coverage of your policy and make it comprehensive. Moreover, the best term plans also offer coverage up to 100 years of age thereby ensuring you for life. These coverage benefits provide much more coverage than the risk of premature death and make the policy all-inclusive.

1. Affordable premiums

Term insurance plans have low premiums. In fact, the premium of a term insurance policy online is the lowest compared to other life insurance plans. Even if the premium is low, the coverage is not. At a minimal premium outgo, you can ensure unparalleled coverage against possible emergencies.

1. Tax benefits

When you buy a term insurance policy online, you also get tax benefits which reduce your tax liability. The premiums paid for a term insurance policy qualify for deduction under Section 80C. Premiums up to Rs.1.5 lakhs would be allowed as a deduction from your taxable income.

Given these benefits, a term insurance policy should be considered for securing your finances for yourself and your family. When you make a financial plan, buying a term insurance policy online should be the first step you should take. Emergency planning is a primary step in financial planning and term plans fulfil this step effectively.

When investing in term insurance, you should choose the best term plan which offers complete coverage. To choose the best term plan, here are some pointers which you should consider –

1. Opt for a high sum assured which would provide considerable financial assistance to your family

2. The coverage tenure should be quite long so that you can enjoy coverage for a longer duration

3. Opt for riders which would enhance the coverage of your policy

4. Compare and buy term insurance plans for getting the best deal

Comparing term insurance plans is essential if you want to buy the best. To compare you can choose the ETMONEY App which can be downloaded on your Smartphone. The ETMONEY App provides you with a platform to compare term insurance plans and choose the best one. Moreover, buying a term insurance policy is also easy through the ETMONEY App as the whole process can be done online. So, invest in a term insurance policy and create financial security for yourself as well as for your loved ones.