One can never tell what the future awaits for you or your family. But the one thing that lies in your control is securing your family’s financial future with the right term life insurance. Term insurance is the most fundamental and cost-effective way to safeguard your family against financial distress. The principal advantage of term plans is that they offer large covers at minimal premium amounts compared to most other types of insurance plans.

The main benefits of both offline and online term plans are discussed here to help you decide on purchasing a plan that is best for you.

Affordable costs:You can obtain the highest death benefit for a nominal premium. Although term plans offer no investment components,the premium for term life insurance is lesser than that of most other insurance products.
Option to add riders:You can add several useful riders like cover against accidental death, disability, and critical ailments to your term plan. The charges involved are small, and the benefits are enormous. In case of an adverse eventuality, the riders cover your loved ones.
The substantial sum assured: Term plans offer only protection benefits. For this reason, the insurance providers provide policyholders significant death benefits, large enough to uphold the financial needs of your loved ones even when you factor in inflation. However, before you buy a policy, you must decide on the adequate coverage by taking into account your regular expenses, liabilities, debts, and earnings. You must also remember to consider any financial goals you might have for the future, like your children’s higher education or marriage.
Customized tenures:The insurance provider does not predetermine the policy term so you can select the tenure as per your age and financial encumbrances. If you are in your 20s, you can opt for a longer tenure. On the other hand, if you are middle-aged, you can select a smaller tenure. Moreover, term plans can also be availed to secure mortgages like home loans. If you have taken a home loan, you can purchase a term plan for the tenure of the loan. It will enable your family members to pay off that loan with the income from the term life insurance in case you pass away before the loan is repaid. No additional burden of loan instalments will be imposed on them, and their home will also remain secure.
Tax benefits:Under Section 80C of the Income Tax Act of 1961, you can claim a deduction of upto Rs. 1.5 lakh on premiums paid in a financial year. In the unfortunate circumstances of your death, your beneficiary will receive death benefits that are entirely tax-exempt under Section 10 (10D) of the Income Tax Act.
Flexible coverage: Term insurance providers understand that your need for coverage can change based on multiple factors. When you get married or have kids, the number of dependants in your family can change, bringing with it a need for additional coverage. The best term plans allow the provision of increasing your life cover, along with evolving financial needs.
Ease of purchase:In this digital age, purchasing a term insurance is incredibly hassle-free and straightforward. You can research online, compare quotes from different insurance providers, and settle for the plan that meets all your criteria. You can also directly buy the term plan from the site of the company in a few simple steps without any middle agents. Right from the selection of the tenure and coverage to filling up the proposal form, furnishing necessary documents, and payment of premium, all steps can be completed online from the comfort of your home.

Conclusion

Policies of term insurance are simple and effective. However, the best offering that such term plans provide is the peace of mind in knowing that your loved ones will be able to lead a secured life even when they lose your protection. The premium is a small price indeed for this invaluable benefit. So, find an online term plan that provides the highest coverage at the most competitive price and safeguard the financial independence of your loved ones right away.