Term Life Insurance provides financial safety to the policy holder’s family after the death of insured. A certain premium amount must be paid by the proposer for specific term as per the plan selection to ensure that cover amount is payable on insured’s death. Life insurance premiums paid are taxable under section 80 C (Income tax act ,1961)
Term life policies can be converted to whole life plans as well depending on the plans offered by respective insurers. Primarily, Term life comes with less expensive premium rates which a person with moderate income can prefer.
It is not guaranteed how long one can live and what will be the condition of a family after their loved ones are no more with them. So, to have financial security for our loved one, we must have backup plan after their death which will help our family to deal with financial issues.
Here are few points which should be taken care before taking Term Life Policy:
Age and Term Selection:
Compare the plans:
Take your time and choose the best plan for you wisely. Take Care and Stay healthy.!
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