Let’s talk about term insurance in detail

A term insurance plan is normally regarded as the most effective life insurance. Among the many types of life insurance policy in Mumbai or any other parts of India, this is the best life insurance. This is because term plans are significant when it comes to long-term financial planning. So, further when understanding what is term insurance, it is important to consider that term insurance plan is the purest form of life insurance policy that offers all-inclusive financial protection to your family members against life’s uncertainties.

Select an ailment-specific plan
When choosing the best health insurance when you have been detected with an ailment, it is important to thoroughly discuss the nuances of the policy with your agent in advance. So, shift your attention to a health plan, which offers ample hospitalization coverage and gives all the facilities that the patient will need coverage for to get proper treatment done, when the need arises.

What is the coverage possible?
Based on the term insurance plan you purchase, your family will get life cover or sum assured in case of your untimely demise within the policy period. However, that’s not all and the term insurance has many other features and benefits too. These are:

  • Cover against Eventualities, which allows you to secure your family’s future in your absence and is one of the best ways to support a worry-free financial future for your family.
  • You can include many add-on riders to your term insurance plan to further extend your policy benefits by paying additional premium, and get comprehensive coverage.
  • You can also include critical illness cover to your life cover. Although the regular term insurance plan includes a death benefit, you can increase the coverage with a critical illness rider.
  • You can include accidental death or disability coverage too and it helps you get an elevated coverage when severity strikes. This rider provides extended financial protection to your family by also covering you for accidental dismemberment and death.

Tax benefit is also covered
The biggest benefit that a policyholder can witness is getting tax benefits for the investment they do towards their life cover. With term Insurance plans, you can avail tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961. You can avail tax benefits up to Rs.1.5 lakh on the premium paid. Not only this, with the critical illness cover, you can also avail additional tax benefits on premium paid under Section 80D of the Income Tax Act, 1961.

Biggest advantage of a term insurance plan
The most significant aspect of a term insurance plan is that you do not have to invest in it by paying a lump sum. This eases out the financial burden and helps you plan the premium in a staggering way. Moreover, with ease of payment of the premium, you can invest a bigger sum without any worry. Depending on the agent you choose for your life cover purchase, you will be offered the flexibility to pay out on your term plan through the part payment route.

What are the other types of life cover available in India?
Alongside the term plan you can also buy a list of other life insurance plans in India, which are:

  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans.
  • Money back policy
  • Whole life insurance
  • Group life insurance
  • Child Insurance Plans
  • Retirement Plans

The best way to decide on the plans you can buy to secure you and your loved ones future is by talking to an agent, who justifiably understands your condition, need, and financial position in order to suggest the best life insurance policy in Mumbai or anywhere else in the country.

Akshar, with its 65 years of legacy excels in this department and with its commitment to help customer on their insurance journey, is forever ready to guide and mentor you. You are family to them and that’s why they keep you at the core of every decision and planning. With this mindset and a 100% claim settlement ratio, Akshar always has your best interest in mind. So, commit to invest in your life and be in touch with the team right now!

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