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5 Reasons Why Term Insurance Is Important

Term insurance is a type of life insurance that offers life coverage to the policyholder for the entire policy term in exchange for premiums paid on a regular basis. This plan provides a death benefit to the nominee in case of an eventuality and helps the nominee maintain their current lifestyle in the absence of the policyholder. This feature makes term insurance an important financial product in your financial kitty. Let us see why term insurance is important for you and its benefits:

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Why Term Insurance Is Important?

To understand why term insurance is important, we need to understand what is term insurance. Term insurance is a life insurance plan that provides long-term coverage at affordable premiums. This is because it is a pure risk protection plan that provides death benefits in case of the policyholder’s unfortunate death during the policy term. The policyholder's family can use the benefit amount to take care of their financial obligations like paying rent, the child’s education expenses, and paying off any remaining debts like home loans.

If the policyholder outlives the policy term, regular term plans do not offer any benefit amount. However, if you want a survival benefit, you can opt for the term return of premium plans that return all the premiums paid throughout the policy at the end of the policy term. The policyholder can use this benefit payout to fulfill his/her lifelong goals, like buying a house or paying for the child’s wedding.

You can also purchase a 100% refund of premium at no cost term plans if you are uncertain about your retirement age. With this plan, you can exit the policy at a specific age and receive all the premiums paid at the policy termination. The policyholder can use this refund of premium payable at the end of the policy to secure their retirement and maintain their financial independence.

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What Are The Top 5 Reasons Why Term Insurance Is Important For You

Let us see why term insurance is beneficial to buy in 2024:

  • Financial Protection: Term insurance plans provide a death benefit to the family/nominee of the policyholder in case of the policyholder’s unfortunate death during the policy term. Your family can use this benefit payout to take care of their financial obligations like loans and other monthly expenses. This means term insurance plans secure your family’s financial future even when you are not around them. 

  • Affordable Premiums: You can buy term plans for a large life cover at budget-friendly prices for a long policy tenure. For example, a 1 crore term insurance costs a minimum of Rs. 473 per month.
    You can also choose to pay the premiums for the entire premium payment term, limited premium payments, or pay the entire premium in a single payment. You can select suitable premium payment modes like monthly, quarterly, annually, and semi-annually under the limited and regular premium payment terms.

  • Long-Term Coverage: Term insurance can provide you with the option to choose the most suitable cover period. Most term plans offer a flexible policy cover of 5 of 40 years. You can also ensure your family’s financial security for the long term by buying a whole life insurance that provides coverage for the whole life, i.e. till 99/100 years of age. 

  • Rider Benefits: Various term insurance plans offer the option of adding riders to the base plan to increase the plan’s coverage. You can add the important term insurance riders at nominal premiums and receive coverage against various eventualities. For example, term insurance plans provide you lump sum payments in case of a diagnosis of terminal illnesses like AIDS.
    The most common term insurance riders available in India are as follows:

    • Hospicare riders, 

    • Accidental death benefit riders, 

    • Accidental total permanent disability riders, 

    • Terminal illness riders, 

    • Critical illness riders, and 

    • Waiver of premium riders.

  • Income Tax Benefits: You can claim term insurance tax benefits on premium amounts paid under sections 80C, along with the premium amount paid towards the benefit of critical illness u/s 80D. The lump sum payment received by the nominees/beneficiaries as a sum assured (death benefit) is exempted from tax deductions u/s 10(10D) of the Income Tax Act of 1961. The tax benefits of term insurance are subject to change as per the prevailing tax laws. 

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Why Buy Term Insurance Online?

Here is a list of reasons why term insurance should be purchased online:

  • Buy life cover at lower Premiums with a 10% discount
    Thus, customers can get a 10% discount on the online term insurance plans. You can also use a term insurance calculator to get an estimate of the premiums applicable for your profile.

  • Easy to Purchase
    You can buy term plan online from the comfort of your home in just a few clicks. All you need to do is enter your basic information, select the best term insurance plans as per your needs, and proceed to pay.

  • Compare term plans online in a couple of clicks
    You can easily compare term plans online as you don’t have to visit the various company offices and compare the term insurance benefits manually. You can easily compare term plans side by side on Policybazaar, by clicking on the ‘compare plans’ option at the top-right corner, selecting the suitable plans, and comparing the benefits of 3 plans on the desktop side by side online.

  • Paperless and hassle-free process
    The entire process of buying and maintaining term insurance online is paperless. Thus, it removes the hassle of carrying physical policy documents everywhere you go.

  • Easily available for NRIs
    Indians living outside India can also buy term insurance for NRIs from their current residential country without traveling all the way back to India by scheduling their medicals via tele or video mediums.

How To Buy Term Insurance in 2024 from Policybazaar?

Let us take a look at how you can buy term insurance online.

  • Step 1: Visit the term insurance page

  • Step 2: Fill in the required information like name, gender, date of birth, and contact information

  • Step 3: Click on ‘View Plans’ and enter your occupation type, smoking habits, annual income, and educational qualifications

  • Step 4: Select the most suitable plan and proceed to pay

Why Choose Term Insurance? 

Term insurance provides financial security to your entire family in case of the unfortunate death of the policyholder. Also, you may choose additional coverage for critical illnesses, terminal illness, or accidental death. You can get a high life cover at low premiums and will be covered for a long duration.

Here are some very common reasons to choose term insurance:

  • Term insurance offers a straightforward and cost-effective way to secure your family's financial future.

  • It provides a high life cover at low premiums, ensuring your loved ones are financially protected.

  • Unlike other life insurance products, term insurance focuses solely on providing financial protection without complexities of investment returns.

  • You get flexible policy terms, allowing you to customize your life cover according to your needs and budget.

  • You can enhance coverage by adding rider benefits to protect against specific risks or events.

  • Term insurance also provides tax benefits on premiums paid, offering additional savings.

  • Choosing term insurance ensures peace of mind and financial security for you and your family in unforeseen circumstances.

Wrapping it Up!

To better understand why term insurance is important, we need to know that term insurance is an important financial product that can help you secure your family in case of an eventuality. These plans also provide tax benefits so you can save on the premiums paid and receive benefits tax-free as per the prevailing tax laws.

FAQs

  • Q: What is the main benefit of term life insurance?

    Ans: Term life insurance plans help to offer continued coverage for your family members in case of an unfortunate event. In case of your death during the policy term, your designated nominees/beneficiaries will get a tax-free death benefit amount.
  • Q: What is the importance of term insurance?

    Ans: Term insurance plans provide financial security for the complete family in case of an unfortunate policyholder’s death. In addition to this, you can also get optional coverage for accidental death or critical illnesses. With term plan, you are covered for a longer tenure, while the term insurance premiums are affordable.
  • Q: What are the top 5 benefits of term life insurance?

    Ans:
    • Financial security
    • Long term coverage
    • High life cover at low premium rates
    • Inclusion of Riders
    • Tax Benefits
  • Q: Does the company provide online term insurance plans?

    Ans: Yes, one can buy Aviva term insurance online.
  • Q: Why is Term Insurance Important for Financial Security?

    Ans: Term insurance ensures your family's financial security by providing a death benefit to your nominees in case of your unfortunate demise. This benefit can help them maintain their current lifestyle and meet financial obligations like loans and daily expenses.
  • Q: How Does Term Insurance Protect Against Claim Rejection?

    Ans: Providing accurate information during policy purchase is crucial to avoid claim rejection. Insurance companies cannot reject claims due to non-disclosure of facts after two years of policy inception, as per recent IRDA mandates, ensuring your family receives the intended benefits.
  • Q: What are the Rider Benefits of Term Insurance?

    Ans: Term insurance riders enhance coverage by offering additional benefits such as lump-sum payments for terminal illnesses, accidental death, critical illnesses, and waiver of premium. These riders provide added financial protection against unforeseen events.
  • Q: Why Should You Purchase Term Insurance Online?

    Ans: Buying term insurance online offers several advantages, including lower premiums, easy comparison of plans, paperless and hassle-free processes, and accessibility for NRIs. The online platform provides a convenient way to secure your family's financial future from the comfort of your home.
  • Q: How Can You Buy Term Insurance in 2024?

    Ans: Purchasing term insurance online is a simple process. Visit the term insurance page, fill in the required information, select a suitable plan, and proceed to payment. The online platform streamlines the entire process, making it quick and efficient for policyholders.
  • Q: How Does Term Insurance Offer Long-Term Coverage?

    Ans: Term insurance offers flexible policy terms ranging from 5 to 40 years, ensuring long-term coverage for policyholders. Additionally, whole life insurance plans provide coverage until 99/100 years of age, offering extended financial security beyond traditional policy terms.

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