Life is full of surprising events. These surprises can be both shock and awe. Unforeseen events can yield dramatic upheavals and dwindling fortunes. They may yield promising and propitious outcomes. But if you are planning on summoning the gods of success, be informed that it takes more than a healthy body. It takes excellent planning. What’s perplexing to see is that young and healthy individuals who have an eye for detail often miss the unmissable in their plan – Term insurance
Being financially secure isn’t a pipe dream. Now, here’s the great news. Term insurance provides your family with an adequate income in case of your untimely death. Many insurance companies offer online term insurance plans in India, with a vast majority of term insurances covering the span that policyholders intend to work.
Here are a few compelling reasons to include term insurance in your checklist:
Term Plans Are Cheap
Premiums associated with term plans are cheap. Let us explain.
Sedentary lifestyle and the everyday 9 to 5 job are likely to increase your risk of contracting illnesses such as diabetes, blood pressure, etc. Of course, lifestyle diseases are common. But here’s pure logic – As you are young, you are likely to be healthier now than five years henceforth.
When you purchase a term plan now, when your body is fit and free of severe illnesses, the premium is just worth a few thousands of rupees. And here’s the truth – premiums increase with age.
A couple of years later, it is highly likely that insurers may reject your application on the grounds of pre-existing medical conditions. Or they may process your application after sharply increasing the premium.
The Delay Is Not Worth the Risk
More often than not, individuals whose age is anywhere between 25 and 30 years are married or likely to get married soon.
Is it possible to predict financial needs? No
Is it possible to plan your financial needs? Yes!
Childbirth is an important milestone. Owning a car is an achievement. Buying a house is a dream come true. Do you want to put these amazing ideas in jeopardy by risking a financial strain? We hope, you have an answer
It Brings Peace of Mind
When purchasing term insurance, make sure that you correctly disclose all your health facts and habits. Term insurances have the lowest rejection rates. Therefore, you can do away with the fears of claim rejection.
Term insurance plans have loads of flexibility. If you feel that you are over-insured or under-insured, you are at liberty to change the cover. Not only does term insurance bring peace of mind but also helps you save tax. There’s great joy in saving tax. There are few nuanced clauses in section 80 (C) of the Indian Income Tax Act that help you save tax.
Your Spouse Will Love You for It
Your spouse will love you more for your altruistic intentions and meticulous planning. Need we say more?
Term insurances are usually renewable. And yes, most of them are convertible. Moreover, insurers like Max Life Insurance offer various benefits along with term insurance like the flexibility to pay premiums, availability of riders, different payout options etc.
Pricing of term plans is competitive yet absolutely affordable, however, its vital that you compare online term insurance plans before making your final decision.
If you are an employer and a young entrepreneur, you can provide life cover to your employees by buying them term insurance. It’s undoubtedly a means of inexpensive financial security that can be claimed as a business expense.
Be smart. Take an insurance plan today. Be insured. Be informed. Cheers!