6 Reasons Why you Need to Buy the Best Term Insurance Plan in India

Neeraj Singh Shekhawat Neeraj Singh Shekhawat
Jul 4, 2022 3 min read
6 Reasons Why you Need to Buy the Best Term Insurance Plan in India

Financial independence is one of the most important things in life these days. Every other person aspires to live a happy and comfortable life, and for that one needs to invest early on to create that savings pool. However, it’s also important to secure the life of your loved ones without financially. The best way to do so is to go in for the best term insurance plan in India as that would offer your family with a financial safety net that they would be entitled to in case of any unforeseen event.

The best term insurance plan in India offers an individual a range of benefits and additional guarantees even though it’s a pure life cover.  It will provide the policyholder and their family with a sense of financial support in case of a critical illness, accidental death benefit, and disability benefits as addons to the cover.

In this article, we will look at a few points as to why you should invest in best term insurance plan in India at the earliest.

What is a Term Insurance Plan?

A term insurance plan is a pure life cover that guarantees a sum assured to the policyholder’s family in the untimely demise of the policyholder. However, it’s important that an individual invests in best term insurance plan in India early on in their lives to benefit from a higher coverage at lower premiums. As one ages, the premiums tend to go higher, and the amount of coverage drops. You can take help of a term insurance premium calculator to figure out the best course of action as it will give you automated accurate results pertaining to premiums on your preferred coverage amount making the whole process of selecting a cover less tedious.

Reasons to Buy the Best Term Insurance Plan in India

There are plenty of reasons to invest in the best term insurance plans in India, and one of the top reasons is the financial assurance that one’s family gets in the unforeseen event of the policyholder’s death. While other investments take time to liquidate, a term insurance plan gives access to immediate funds to meet their expenses making it one of the best investment options available.

Affordable Premiums:

If one invests early in the best term insurance plan in India, they get access to reduced premiums for a higher sum assured. There are multiple insurance service providers offering a variety of plans in the market, and it’s best to do your research before investing in one to get the best rates on premium for maximum coverage amount.

Easy Claim Settlement Process:

One of the best factors of term insurance plans is their quick claim settlement. Since most leading insurance providers have an in-house claims settlement team, all genuine claims settlements are cleared within a few days to provide security to the policyholder and their family. Moreover, the claim settlement process is hassle free giving the family time to grieve without having to run from pillar to post.

Critical Illness Cover:

We know how costly healthcare is getting by the day, and any incidence of a critical illness is more than enough to wipe out one’s life savings. The best term insurance plan in India

provides financial security in case the policy holder is diagnosed with a critical sickness, and a lumpsum amount is paid out on diagnosis, without having to wait for hospital bills.

Accidental Death Benefit:

We know the significance of financial support in case of sudden demise of an individual due to an unfortunate event such as an accident. In such an instance the policy provides a higher payout to the family as financial support.

Tax Benefits:

One of the reasons you should buy a term insurance plan is to achieve tax benefits.

Thus, if the individual pays out the premium of the term insurance plan up to a certain amount, the term insurance plan would save a certain amount of money in tax under section 80C of the Income tax Act.

Financial security is very important for survival, and one cannot always rely on others for security. However, term insurance plans provide the cover that is required by the policyholder if they are no longer there to support their family.

The best term insurance plan in India provides you with optimum benefits to living a worry-free life as you can be sure that no matter what life holds tomorrow, your family won’t have to compromise on their dreams and ambitions. Therefore, even though it’s a pure life cover without any savings or maturity benefits component involved, it’s still one of the best investment options due to its high liquidity and assured coverage to give your family the right to living with dignity!

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