Not every and everything in our life is necessary, but yes, there are a few things that you cannot just bypass. Life insurance is one of the crucial things that most of us want to avail, for the sake of our family or loved ones. It becomes a priority when you are the sole breadwinner in the family, and especially when you are young, maybe newly married. At this stage of life, you are more concerned about the settling down in your married life or struggling to survive on the threshold of career and life. Here, term insurance is the best suitable life insurance plan for you. How? Let’s see.
Term Insurance Assures the Guaranteed Payouts Doesn’t matter from which insurance company you purchase the term plan; it will always offer guaranteed death benefits to the beneficiaries in case of uncertainty. According to the IRDAI mandate, every insurer is bound to provide the guaranteed payouts whenever the claim is made. No insurance company can reject the claim after two years of activation of the policy. The payouts are also made instantly. Term Plans Are Easily Affordable It is the only life insurance policy that doesn’t offer any cash value benefit which results in lowering down the premiums than any other life policy. The youngsters have several expenses to take care off; hence, the policies that can be availed at the lowest price are easily affordable for them. Youngsters Get Financial Security for Their Family The misfortune doesn’t hit with any prior notification. You can never guess what will happen next. Youngsters are usually the pillars of any house, which if disturbed, the entire family suffers from the emotional as well as sometimes financial crisis too. Since the term insurance is easily affordable and provides considerably greater death benefits, the youngsters are ensured that their family’s financial future is secure. They can choose the mode of the payout such as monthly income, yearly income or a lump-sum payout. Term Plan Offers Flexibility Due to ease of functioning, the insurance companies have started offering term insurance policies online along with the traditional offline way. The process of online buying is hassle-free and can be completed in a few simple steps. Similarly, if it is needed in the future to upgrade the policy to whole life, the youngsters can switch without undergoing any medical test. The premium payment and renewal of the policy can also be done online. Last but not the least, term insurance policies allow the youngsters to save on taxes for the premiums paid and the payouts under Section 80C and Section 10(10D) of the Income Tax Act. Similarly, they can choose from the free riders to get additional coverage for the events such as accidents, physical disability etc. Thus, to conclude, term insurance is the best suitable for youngsters, all the time!
0 Comments
|
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
February 2022
Categories |