One form of life insurance, term insurance provides required risk protection. Here the insurers pay a lump-sum which is known as death benefit to nominee of the insured in case insured person dies within the policy term. Let us explore the advantages of buying term insurance plan.
Why buy term insurance? – An Indian Money Review
Financial Security | Coverage for Liabilities | Tax Advantage | Multiple Riders
As per IndianMoney.com review, the good thing about term insurance is that it helps in securing your family’s future in case something happens to you.
Coverage for Liabilities
The payment you receive from term insurance plan will help you in repaying your liabilities in time such as home or personal loan.
As a tax payer you will be getting tax deductions according to Section 80C on premiums that you will be paying. Moreover, death benefits received by nominee will be exempted from tax.
Riders refer to add on features that you can select from based upon your requirements. You can avail multiple benefits by using these riders.
What are the factors to consider?
According to Indian Money company Bangalore, before buying term insurance you should take into consideration various factors to make sure you are purchasing the right term insurance plan with having any complaints.
Cost of living keeps on increasing and as such while taking any coverage you should predict how much would be your family’s future living expenditures. As per Indian Money dot come, you will also have to factor in inflation into your calculations to get the right coverage.
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