Rahul and Sanya were on cloud nine as they welcomed their newborn baby girl into the world. They had big plans for her future. They wanted to see her grow and make a name for herself. All their dreams, however, hit a roadblock when unfortunately, Rahul met with an accident and passed away. Sanya was grief-stricken – dealing with the loss of her partner and the possibility of raising their child on her own. They were planning for a limitless future together but didn’t foresee Rahul’s unfortunate death.
The grieving family had to deal with the loss both emotionally and financially. Thankfully, Rahul had made arrangements to protect her family from any such eventuality. He had invested in a term insurance plan, which served as a financial safety net for the grief-stricken Sanya and their baby girl. With term insurance, Rahul had made sure that their family didn’t have to deal with economic instability, no matter what happened.
And this is true for most of us. In times of grief, when we lose a loved one, the loss is irreplaceable, and we have a huge gap to fill in our lives. In such hard times, financial insecurity can worsen the situation for the surviving family, especially if the breadwinner of the family is no more. Here, term insurance can not only help cover the loss of income but also provide a platform for the family members to support their goals and build their future.
The best way for you to safeguard and protect your family’s security is to get a term insurance plan. It is considered to be an essential financial requirement in today’s time. The best term insurance plans bring the benefits of financial security to your family in case of an unfortunate eventuality. It provides you the advantage to create wealth over time and leave behind a legacy for the ones you love. The best term insurance plans act as a risk cover plan minimizing the financial risks and neutralize any liability that can arise out of an unplanned event.
Let us take a look at what the best term insurance plans offer:
1. Option for Riders
The best term insurance plans provide riders to enhance your cover and provide complete protection to your family. You can add a rider in return of extra premium according to your family's needs to lead a stress-free life.
Some of the additional benefits include:
• Critical Illness cover
In case you are diagnosed with a critical illness pre-specified in the policy, you get a lumpsum amount. Some of the diseases include kidney failure, stroke and heart attack.
• Waiver of premium
This rider offers a waiver of all future premiums in case of dismemberment/ critical illness/death based on the following criteria, while your family continues to receive the policy benefits.
• Accidental death benefit
This rider offers financial support to your family in case of sudden death. As the consequences can be hard to manage, the best term insurance plans take care of the medical expenses and other liabilities.
2. Comprehensive Tax Benefits
Term insurance is also an efficient tax-saving instrument. It allows tax deductions up to Rs. 1.5 lakh per annum on premiums paid under Section 80C of the Income Tax Act. Apart from this, you can also save tax on the returns under Section 10D(D). The maturity amount or death benefit received is fully exempt under the provisions of this section.
3. Low premiums
Term insurance plans are the most affordable form of life insurance. Moreover, if you buy a policy at a young age, you’ll get the best term insurance plans with high coverage.
4. Death Benefit For Financial Security After You
The best term insurance plans act as a great financial tool that helps your family cover for the monetary loss after you. It also provides a regular income source for the dependants.
Managing the household can be a challenging task, especially after the demise of the sole bread-earner. Therefore, it is crucial to plan early and keep your family protected at all times.
Support For Family In Times Of Crisis
Your family means the world to you, and you cannot afford to compromise on their future. Having one of the best term insurance plans in your financial portfolio, you can help secure your family’s dreams against an eventuality. Comprehensive term insurance plans from reputable insurers such as Max Life Insurance provide benefits such as regular monthly income and critical illness cover. You can also use a term insurance calculator online to estimate the premium payable according to your income and desired coverage.
It is advisable that you do not delay in buying a term insurance policy – the earlier you invest in your family’s financial security, the sooner you can put your mind to rest.