Term insurance is a policy that acts as a protector for the family in case of the insured person's demise. It takes care of the insured person's family financially and helps them cope with the emotional disturbance due to the sudden loss of a loved one.
It is one of the most cost-effective methods to mitigate risk and is popular because the premium amount is low. Despite, the insured person's family gets the entire amount. However, there are no benefits of term insurance if the policyholder survives the policy tenure.
However, some insurers have come up with the benefit recently that if the policyholder survives the tenure, the insurer will return some portion of the total premium paid.
Best Term Insurance Plan in India: Significance
You may find an extensive range of plans and benefits of term insurance policies available in the market. However, it would be great to consider the following mentioned information while opting for the best term insurance plan in India:
Based on your financial liabilities, you should opt for adequate cover and add-ons. It would be best to realise various aspects of the best term life insurance policy.
First things first, you should opt for a plan with the cover of at least 8-10 times your yearly income. For instance, if you earn INR 8 lakhs in a year, you should opt for a life cover of around INR 64- 80 lakhs or more to yield maximum benefits.
Best Term Life Insurance Policy: Benefits of Term Insurance
Below-cited are the key benefits of term insurance in India that you can avail:
High sum assured at reasonable policy premium
easy to understand documentation
Multiple payout options for the death benefit
Availability of additional Riders
Various tax-saving benefits
Cover for critical illness
Cover for accidental death
Option for return of policy premium
Best Term Insurance Plan in India: Tax Benefits
With the best term insurance plan in India, you can avail tax-saving benefits as per Section 80C and 10D of ITA, 1961. Section 80C says that you can opt for a deduction of up to INR 1.5 lakhs per annum for the premium paid. Moreover, Section 10D says that the death benefit of the best term insurance plan in India is fully exempt.
Best Term Insurance Plan in India: Key Reason to Opt
The best term insurance plan in India is simply a life insurance policy which is essential for securing you and your family financially. With a term insurance plan, you get a high cover at a reasonable policy premium that ensures your family will continue to live the current lifestyle in your absence. Hence, it is crucial to buy the best term insurance plan in India and protect your family's financial future.