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Nowadays, there is an array of innovative Term plans
making rounds in the market. Despite their sheer number and variety; however,
term insurance plans are mostly a financial safety net that protects those whom
you love against the uncertainties of life.
Moreover, Term plans offer a comprehensive list of benefits and features,
otherwise missing from the traditional life insurance plans. These benefits are
the reasons that make Term Insurance plans more than just a life cover and clear
winner of the Term insurance vs Life insurance debate. Don’t believe us? Look
for yourself.
Get Your Money Back While You Are Still Alive
Yes! You read it right. Buying a term plan policy with the premium return
feature would make you eligible to receive the premiums that you have been
paying after the policy matures. There’s a small catch here though; this feature
would only kick in after you have completed the premium payment tenure of the
plan and outlived the policy period successfully. These term plan variants are a
good source of investment as they not only provide you with the life cover but
also help you earn the time value of your money. In addition to this, you also
get a tax deduction on the premium paid under Section 80C, which makes such
plans an absolute triple threat.
Accidental Death Coverage and Much More
Accidental Death/Disability Rider is the add-on rider benefit that you can avail
while choosing a term plan. Opting for this rider facility will help you get an
accidental death cover along with a disability cover, that would help take care
of your financial needs in case you become disabled after an accident. With the
increase in the number of vehicles and transportation facilities, you get to
read and see some cases of accidental death almost daily. Hence, getting this
rider benefit is a must for everyone today.
Say Goodbye to Financial Crunches due to Critical Illnesses
Another rider option that reputable insurers including Max Life Insurance offer
is the critical illness protection. Anyone can become ill, and there’s very less
that we can do to prevent getting sick altogether. What we can do; however, is
to make sure that we are financially prepared to tackle any unexpected medical
expenses and hospital bill payments. Therefore, having a critical illness rider
along with a comprehensive term plan would come a long way in helping you handle
any financial liability hassle-free.
Surprise - Premium Can Be Waived!
Finding it hard to believe? Aren’t you? However, major players in the insurance
sector offer to waive the premiums under their respective term plans while the
cover continues. Premium waiver usually happens under certain circumstances,
such as terminal illness, accidental disability/death, or diagnosis of any
critical illness for the policyholder. Hence, term insurance plans are not only
available at low premiums, but they also offer to waive off any remaining
premium payments in case of death or other eventualities.
A Life Stage Benefit for Every Milestone
There are instances when you may feel that your policy cover isn’t enough. After
all, no one can effectively predict what amount would be enough to sustain the
current lifestyle throughout let’s say, 35 years into the future. Factors such
as inflation have a significant part to play in rendering any future valuation
moot with your requirements. What you need; therefore, is a plan that allows you
to revisit your original term insurance proposition and increase the cover
amount on important milestones of life such as marriage, availing home loan, or
the birth of a child (on payment of additional premium). This way, you can not
only have a better understanding of your financial requirements but would also
be able to step up your life cover as and when required.
The insurance sector is buzzing right now with debates over the relevance of
term plans and which one of the available offerings is the
best term life insurance plan? Putting all confusion at
rest, term plans can be best described as a low premium, pure life insurance
plan that can help you tackle any eventuality head-first. It all depends on the
choice of investment and the life cover amount that you make. Therefore, you
need to stop being overwhelmed by life’s unpredictability or your family’s
welfare. Let a
term plan take care of that.
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