Term life insurance is an excellent form of life insurance. Everyone needs a good term plan as it offers a comprehensive life cover at a very affordable rate. Take a look at this article to know more about why you should look to buy term life insurance online and what value it adds to your investment portfolio.
1. Comprehensive life cover –
A term life insurance policy offers a comprehensive life cover. You can get coverage worth crores, or even lakhs, depending on what your needs are. This is very beneficial for young people who have dependent family members as it helps them to secure the financial wellness of their loved ones in a wholesome manner.
2. Inexpensive –
Another great advantage of buying term insurance is that such a plan is very cheap. You can get a term life insurance of INR 25 lakhs by just paying INR 2000 a year. When you buy term life insurance online, you make further savings as you are not required to pay any brokerage amount as well.
3. Long term cover –
A term insurance policy can be bought for many years. If you buy a policy when you are young, you can have the coverage for as long as 30 or 40 years. This gives you the chance to keep your family protected for as long as it is needed. Also, when you buy the plan at a young age, you end up paying a lesser premium and stay covered for many years.
4. Easy premium payment modes –
There are several ways in which you can pay the premium for your term life insurance policy. You can opt for the limited premium paying option or the single premium paying option. Then, for regular premium payments, you can choose between the annual, bi-annual, quarterly and monthly options. This makes it easy for you to plan your finances and pay the premium in a relaxed and comfortable manner.
5. Tax benefit –
Term plans are essentially life insurance policies. This is why you get the tax benefits available under Section 80 C of the Indian Income Tax Act when you buy a term life insurance plan. Premiums paid towards the plan, up to INR 1.5 lakhs a year, are tax exempted.
6. Easily available –
The term insurance plans are very easily available. You can buy term life insurance online in a matter of a few minutes. All the major life insurance companies sell the plans online, so buying the cover becomes simple and quick.
7. Multiple options –
Since term insurance is sold by all life insurance companies in India, there are multiple options to choose from. This competition proves to be beneficial for the customer as you get some excellent plans at excellent rates. Compare the available plans online and find your ideal cover in just a few seconds.
As you can clearly see from the points mentioned above, a term life insurance policy offers several benefits. This is why you should invest in a good term plan from a reputed life insurance provider at the earliest if you have not done so yet.