TERM INSURANCE
Secure your family’s future with a Term Insurance plan that offers high coverage at an affordable premium. Term insurance is a pure life insurance product designed to provide financial protection to your loved ones in the event of your untimely demise. With this plan, you can ensure that your family is financially secure, even in your absence, and can meet essential expenses such as household costs, education, and loans.
Key Features of Term Insurance:
- Affordable Premiums: Get significant life coverage at a fraction of the cost compared to other life insurance products.
- High Sum Assured: Choose a high coverage amount that suits your family’s financial needs and lifestyle.
- Flexible Policy Tenure: Pick a policy term that aligns with your financial goals, whether short-term or long-term.
- Death Benefit: In the unfortunate event of the policyholder’s death, the nominee receives the sum assured as a lump sum to ensure financial stability.
- Critical Illness Rider: Option to add coverage for critical illnesses such as cancer, heart disease, and stroke, providing a payout upon diagnosis.
Additional Benefits:
- Accidental Death Coverage: Enhance your policy with a rider that provides extra benefits in case of accidental death.
- Tax Benefits: Enjoy tax deductions on premiums paid under Section 80C and tax-free death benefits under Section 10(10D) of the Income Tax Act.
- Convertibility: Some plans allow you to convert your term insurance into whole life or another type of life insurance as your needs evolve.
Why Choose Our Term Insurance?
- Simple and Easy to Apply: Get coverage quickly with a straightforward application process.
- Flexible Coverage Options: Choose the level of coverage that best fits your family’s needs.
- Comprehensive Financial Security: Ensure your family has financial support for future expenses, including education, mortgages, and daily living expenses.
- Peace of Mind: Term insurance provides you with peace of mind knowing that your loved ones will be financially protected if anything happens to you.
Plan for Tomorrow, Today
A term insurance policy is a crucial step in protecting your family’s financial future. At MyInsurancePolicy, we offer a range of term insurance plans designed to give you the peace of mind that your loved ones will be taken care of, even in your absence.
Why Should You Buy a Term Insurance Plan?
As a breadwinner, it is important for you to ensure the well-being of your spouse, parents, and children. Term insurance can help you do this. This financial tool can offer your loved one’s financial security in your absence and help them cover their essential needs.
You may have taken loans to buy a house or car. The obligation to settle these loans will fall on your family after you. Term insurance offers your family the financial support they need to repay your outstanding debt. Not only does the insurance payout help them pay your dues, but it also ensures that the assets you have worked hard to build and acquire are protected and available for your family.
The mental and financial strain of losing a loved one can be hard on a family. Dealing with loss can make it difficult for loved ones to carry on with their lives. This can impact their work and ability to earn money. Term life insurance can help the surviving family with adequate financial support at a trying time.
Apart from anticipated expenses like education, loan repayments, housing and others, term insurance is also helpful to cover financial emergencies in your absence. As witnessed during the COVID-19 pandemic, life can be uncertain. Term insurance can help you prepare for unexpected financial needs, so you always have a safety net to rely on.
Term insurance offers an affordable way to safeguard the financial interests of your family. You can get high insurance coverage at a cost-effective premium and leave a substantial sum for your dependents. This helps you ensure financial protection without straining your pocket.
A term life insurance policy is a multi-faceted tool that can offer coverage against a range of financial uncertainties. Term insurance offers the option to add riders to enhance the plan’s coverage. These can be added on top of the base sum assured at an additional cost. You can choose from riders like accidental death benefit, critical illness rider, waiver of premium rider and terminal illness rider and enjoy better financial protection in adverse situations.
Who Should Buy a Term Plan?
Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, entrepreneurs and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees.
Premiums paid under the policy are allowed as a deduction subject to conditions u/s 80C of the Income Tax Act, 1961. The proceeds received under the policy are exempt subject to conditions prescribed under 10(10D) of the Income Tax Act, 1961. Term Insurance also has among the lowest premiums compared to the different types of insurance policies.
Hence, individuals who derive any of the three significant benefits associated with term insurance should consider buying such policies. The three significant benefits are – life protection, tax-saving and affordable premiums.
