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The tradition of gifting holds a significant value in Indian culture. Gifting is considered as a special gesture to show your love and concern among the relationships. Have you ever wondered about gifting financial protection and security to your loved ones that stay with them for a lifetime? Everyone wants their family to be secured and protected during critical times. One of the relevant gifts these days that ensures your family’s safety is availing a term insurance. Term insurance helps fulfil the long- and short-term future goals of your family through a saving process in the form of paying regular premiums to the insurer.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
Term insurance is a type of insurance policy that offers benefits for a very limited or specific period. This pure life protection plan provides you the assured coverage but only within the policy term that is specified in the policy. This simply means if the policyholder dies due to an unfortunate event during the policy, his/her nominee can claim for a payout. You can gift term insurance policy to your family member which functions as a financial cushion in your absence.
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A term insurance plan provides coverage for death due to health issues (unless specified as life-threatening STDs) and accidents. The treatment charges before the death are also covered and can be reimbursed under this plan. However, death caused because of suicide or due to self-inflicted injuries are not covered under the teem insurance policy. Additional benefits such as riders can also be purchased along with the term plan which are:
As a sole earning member, your family and especially your parents are financially dependent on you and it will be difficult for them to manage finances in your absence. It is a very good idea to gift a term insurance policy to your loved ones. Term insurance is very important for the groups which are vulnerable to financial problems such as children, parents, and unemployed wives. Let’s discuss the main points to be kept in mind while gifting term insurance to your loved ones.
By investing in a term insurance plan, you financially protect and secures your parent, spouse and kids It provides your family financial independence even in your absence. So, it is a kind of investment you are making today for a better financial future for your dear ones when you are around.
We all can face unfortunate events anytime any day, so the best way to be protected is to be aware of financial security plans available in the market. Apart from death, Critical illness like brain surgery, cancer is also the time for you when your family’s protection comes under treat. Critical illness cover along with term insurance is quite popular as it covers the high cost of treatment and ensures that your family lives a normal life.
In these unprecedented times of COVID, we all want our families to be protected from the life-threatening disease. IRDAI has mandated insurance companies to offer standard COVID products, as the pandemic is showing no signs of abating. So, insurance companies cover COVID in their term insurance plan. If a policyholder passes away due to COVID, his/her nominee will be paid the sum assured amount.
A Term Insurance plan provides you a monthly income for a limited period. Along with the lump sum payout, monthly income that covers the monthly expenses of your family and helps your family to maintain a good lifestyle.
Riders are also available under the term insurance plan that enhances the coverage of your plan. You are required to pay a nominal amount of premium to avail riders. With the lifestyle change, diseases/illnesses are increasing, and it is becoming essential to invest in riders such as cancer protection, accidental riders, and disability riders. These riders are added to your term plan and provide coverage in the case when the policyholder is diagnosed with a critical illness or met with an unfortunate event.
Get the tax exemption on the premiums paid on term insurance u/s 80C. The maximum amount of tax exemption is up to Rs. 1.5 Lakhs. Additionally, the benefits received by the nominee in case of the policyholder’s death will also be free of taxes.
Deciding on investment early at a very young age, various benefits can be availed by the policyholder. One of the major advantages of early buying is that you get high coverage at low premium rates. Premium amount increases with your age. Term plan is one of the cost-effective and pocket-friendly plans that provide higher returns by paying small premium amounts.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Nowadays, investing in term insurance is a necessity as it covers all the finances and expenses of your loved ones You can buy term insurance and live without any stress about the financial protection of your parents, spouse, and kids. Term insurance offers high coverages at low premium rates, thus provides higher returns. One should always select the insurance plan based on its features and benefits and that suits your requirements. Gift term insurance policy to your loved ones for their safety.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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