Term Insurance

Why you need health insurance and a term insurance policy

Health insurance and term insurance go hand in hand. This article provides an overview of why you need both, how much they cost, what they cover, and how they are different from each other. Once you finish reading this article, you will have all the information you need to make an informed decision about your health insurance and term insurance needs.

The Features & Benefits of a Term Insurance Plan.

  •  Term life insurance is one of the most cost-effective methods of financially protecting your loved ones when you are gone
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  • The plan only offers the death benefit and no maturity returns
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  • The policyholder’s family is covered to a large extent by term insurance policies.
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  • There is also an insurance plan with a return of premium available, meaning you will receive an amount equal to the total premium paid in the event of the policyholder’s death.
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  • A term insurance policy covers you up to 75 years of age.
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  • If you wish to take advantage of these benefits, it becomes crucial for you to choose these plans wisely.
  • Under 80 C of the Income Tax Act, you are exempt from paying income taxes on your term insurance premiums. 

The following is a list of some of the most popular term insurance plans offered by different companies:

 

  • ICICI Pru iProtect Smart
  • SBI Life eSheild
  • Max Online Term Plan Plus
  • LIC e-Term Insurance Plan
  • TATA AIA Maha Raksha Supreme
  • HDFC Life Click 2 Protect 3D Plus
  • SBI Smart Shield
  • Bajaj Allianz eTouch Online Term Plan
  • PNB Metlife Mera Term Plan
  • Birla Sun Life Protector Plus Plan
  • Aegon Life iTerm Plan
  • Aviva iLife Plan

The things you should consider when buying a term plan

  1. Duration of the policy 
  2. Coverage offered 
  3. Amount of premium 
  4. Claim settlement ratio.

What is a Life Insurance Policy?

Life insurance policies are contracts between you and an insurance company. In exchange for premium payments, the insurer provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. The face value of the policy is typically paid out tax-free to cover final expenses, such as funeral and burial costs.

An Investment Worth Considering

No one knows what the future holds, which is why having health insurance and a life insurance policy is always a good idea. No one wants to think about their death, but it’s important to be prepared for anything. A life insurance policy will provide your loved ones with financial security in the event of your death, and it can also be used as an investment tool.

Types of Life Policies

There are two types of life insurance policies: term life insurance and whole life insurance, Term life insurance covers you for a set period of time, usually 10-30 years. A whole life insurance policy covers your entire life, Both types of policies have their benefits. You can use the cash value in a whole life insurance policy to cover expenses or build equity when it matures. You can borrow against the cash value in a term life insurance policy if needed, but that will reduce the amount of coverage available until it is paid back.

Who Needs Life Insurance?

While many people think that life insurance is only for those with children or a mortgage, the truth is that anyone who would leave behind final expenses or debts for loved ones should have a life insurance policy. If you have any loved ones who rely on your income, then you should have life insurance.

In this challenging time, A life insurance policy is always good as an investment, where you pay premiums and it provides you cover and guaranteed returns in a fixed period of time.

Tips to select best insurance plan

When it comes to insurance, there are many options available and it can be difficult to know which one is best for you. Here are a few tips to help you select the best insurance plan: 

1. Decide what type of coverage you need. 

2. Consider your budget. 

3. Compare different plans. 

4. Read the fine print. 

5. Choose a reputable company.

 

Term Insurance

Why you need health insurance and a term insurance policy Health insurance and term insurance go hand in hand. This article provides an overview of why you need both, how much they cost, what they cover, and how they are different from each other. Once you finish reading this article, you will have all the …

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