When you have a loving and supportive family, you leave no stone unturned in ensuring their complete well-being and security. One of the important ways in which you can guarantee security for your family is by buying a term insurance plan in India.
Here are five (5) reasons why you should buy a term policy to protect your loved ones:
1. Protect their standard of living:
You constantly worry about your family’s day to day expenses in your absence. The term insurance payout ensures that your family does not have to compromise on their standard of living under any circumstances.
2. Protect their dreams:
Be it your child wanting to study at a premium institute or your spouse wanting to buy a new car for themselves – the term plan payout will ensure optimum financial security so that all your family’s dreams are realised.
3. Protect them against illnesses and medical expenses:
The primary breadwinner getting diagnosed with a terminal and critical illness can be financially taxing. The Critical Illness Rider and Terminal Illness Benefits ensure lump-sum payouts on diagnosis, thereby covering the medical expenses and loss of income.
4. Protect them against debts and financial liabilities:
You take home loans, car loans or any other credit facilities to provide the best of everything to your family. And, term insurance ensures that the burden of debt does not fall on your family, and the life cover payout can help them repay any outstanding liabilities.
5. Protect them tax liabilities:
You will want whatever payout or fund that your family receives after your demise to be devoid of any taxation. The term insurance life cover payout is exempt from taxation under Section 10(10D) of the Indian Income Tax Act, 1961.
Term life insurance is one of the most basic life insurance policies which offers extensive coverage at pocket-friendly premiums. The term policy covers you for a specified tenure. In case of your demise within the policy term, the family will get the life cover payout, ensuring their financial well-being. However, ensure a detailed term plan comparison before buying the policy of your choice.
Edelweiss Tokio Life Insurance offers the Edelweiss Tokio Life Total Protect Plus plan with Better Half Benefit for covering your spouse in the same plan, and Child’s Future Protect Benefit with an extra sum assured for your child’s well-being.
You can browse and buy our term insurance online. For more information on Edelweiss term plans, get in touch with us today!