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✓Accidental/Coronavirus Death Cover ✓Pay in NO Cost EMIs ✓Pay for 5 yrs & stay covered till age 99 | Buy a Bajaj Allianz Term Plan starting at ₹7,738 p.a.

Features and Benefits of Term Life Insurance

Financial planning is essential to protect your and your family’s future. People invest in various strategies to secure the financial future of their loves. However, many others are overwhelmed with where to begin.

 If you ask us, we believe that a term insurance policy is one of the starting points of a sound financial plan for most people. It is purchased to provide future financial security to your loved ones in your absence. The lump-sum benefit received after your death can be used by your dependents to take care of their daily expenses.

One of the best things about term insurance is that it is the most affordable life insurance product available in the market. While traditional or pure term plans solely provide death benefits, insurers in India offer several variants of the policy as well. That means you can enhance the scope of your term insurance plan with rider benefits and more. Ultimately, the policy provides financial security to your family in case anything was to happen to you.

Besides this, there are several term insurance plan benefits that you can avail. Read on to understand these benefits briefly.

Benefits of Term Insurance

We have enlisted nine term insurance benefits to help you understand the policy and make an informed financial decision for your family’s future.

  • Provides financial security to your family

Term insurance plans offer you high coverage at affordable premiums, which is what differentiates them from permanent plans, i.e., the affordability. While permanent plans give you guaranteed returns or lifelong annuities, term plans ensure that you get a substantially large sum at a relatively low cost.

This means that if you have certain liabilities (child’s college fees, mortgage payments) that need funding, term insurance returns enable planning for these events in a financially secure manner.

  • Affordable

One of the most distinctive term insurance benefits is that it is one of the most affordable types of life insurance products. Compared to whole life insurance, term insurance proves to be a whole lot easier on your pocket.

  • Provides a high coverage

Not only are term plans extremely economical, but you can also avail a high amount of coverage. You don’t need to shell out astronomical sums of money each month as premiums to avail comprehensive coverage.

For instance, the Bajaj Allianz Life Smart Protect Goal Term Plan available on Finserv MARKETS offers a large sum assured of Rs.1 crore at nominal premiums of just Rs.7738/annum.

  • More flexible

Depending on the insurance provider and plan you go in for, you can choose anything between a 1-year and a 30-year plan, with many companies even offering longer durations. Depending on your financial needs, as in short term or long term, you can choose a plan accordingly.

  • Easy to comprehend

There are three main components to a term insurance plan, i.e., coverage amount, length of term plan and premiums amount. Without a market component, term plans remain exceedingly easy to handle and can be purchased by anyone from financial novices to veteran players. Due to this, it is quite easy for individuals to shop around, compare rates, and accordingly choose the plan that best suits them.

  • Certain term insurance plans offer survival benefits too

Most people may believe that term insurance does not have a savings component. However, certain term plans do offer policyholders survival benefits. In such cases, if the policyholder has made no claims against the policy variant or riders, the entire amount of premiums paid towards the plan will be returned to the policyholder at the time of maturity of the plan.

Such term plans can double as a long-term savings scheme, offering the dual benefits of savings and protection. The Bajaj Allianz Smart Protect Goal available on Finserv MARKETS is one such plan. You can take advantage of its ‘Return of Premium’ option and have all your premiums returned at the end of the policy term.

  • Term insurance provides several tax benefits

Term insurance offers the following tax benefits in India –

  • Under Section 80C, life insurance premiums up to 1.5 lakh per annum are exempt under the Income Tax Act.

  • Under Section 10(D), the pay out that term plans offer on the maturity and/or death of the policyholder is fully exempt according to the Income Tax Act.

  • Deduction under Section 80D of the Income Tax Act, if you have opted for a health-related rider along with your term insurance policy (for e.g.: Critical Illness Rider), you can claim deductions of up to Rs. 25,000 on the premiums paid towards your policy.

You can avail such term insurance tax benefits and more by opting for the Bajaj Allianz Life Smart Protect Goal plan on Finserv MARKETS. Since the Smart Protect Goal plan offers a Critical Illness Rider (which covers up to 55 critical illnesses!), you can avail benefits under Section 80D of the ITA, along with 80C and 10(10D).

  • Enhance the scope of your term insurance with rider benefits

Term plans can be easily combined with various types of riders to create a package that meets the policyholders’ specific needs. For example, opting for a Waiver of Premium (WoP) allows the individual to stop paying their premiums if they are diagnosed with a critical illness or suffer dismemberment. Numerous other riders such as Critical Illness Rider, Accidental Death Benefits, Accidental Total Permanent Disability Rider, Joint Spousal Cover and much, much more!

  • Term insurance provides protection against financial liabilities

These days, it is common practice to take out loans to facilitate certain milestones in life, such as higher education, buying your dream home, or purchasing a vehicle. While paying off such loans would be relatively easy with your steady flow of income, in your absence, repayment could prove burdensome to your family. With a term insurance pay out, your family can rest easy that any loan repayments can be easily met.

Why Should You Buy Term Insurance?

You should buy a term insurance plan to financially combat the life uncertainties. There is always a risk of unforeseen casualties, and some things in life are not under our control. However, having a term insurance plan will ensure that your family is secured financially in case of your sudden demise. The death benefit received can be used by your dependents as and when needed. Thus, minimising their financial hardship in your absence.

Importance of Choosing the Right Term Insurance Plan in 2021

The year 2020 was challenging on many fronts – health, finances, and mental well-being. It reiterated the significance of a sound financial plan in our lives. In 2021, we must implement the learnings of the previous year efficiently to secure our and our family’s financial future. A term insurance plan is a stepping-stone towards a sound financial strategy.

However, you will come across multiple term insurance plans available in the market. Choosing the right one from the options available to you can be overwhelming. Ensure that you do not follow the one-size-fits-all approach when purchasing term insurance.

A few things that you should keep in mind when buying term insurance in India is –

  • Your current financial status

  • Your monthly expenses

  • Yours and your family’s medical concerns

  • Whether you’ve a health insurance plan or not

Based on this, you can proceed to buy a term plan that fulfils your family’s financial needs. Ideally, the term insurance coverage you choose should be at least 8-10 times your current annual income. For instance, if you earn Rs. 5 Lakhs annually, then your term insurance coverage should be around Rs. 40-50 Lakhs.

In case you are concerned about the cost of the policy, use the term insurance calculator to determine the same. The tool calculates the term insurance premium amount based on your desired coverage and rider benefits. Lastly, make sure that you buy a policy that is affordable and offers extensive benefits to you and your family.

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