Buying a term life insurance plan is important as it enables you to look after the dreams of the family that eventually you had planned for them. A term plan not only shields the financial future of the family but also provides coverage from accidents, any health issues, or other uncertainties.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
When compared to any other types of life insurance plans, term life insurance plans have advantages and limitations as well. In this article, let us begin with understanding the key advantages of a term insurance plan.
Note: The tax benefit is subject to change as per the prevailing tax laws.
Now, let us discuss the limitations of the term insurance plan.
The following are the limitations of the term insurance plan:
The Bottom Line
When you are tight on the budget, a term insurance plan is any day a better alternative as the cash value insurance is on an expensive side. A term plan is best suitable for those with low income; however, require a large cover to secure the financial future of the family. A term plan is a must buy if you are the breadwinner of the family.
In case you have any liability such as a house or car loan, and so forth, a term insurance plan is suitable and should be included in the financial portfolio.
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