Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

Term Life insurance is a great protection against financial risks. Selecting the tenure of your term plan is as important as the Sum Assured. A life insurance policy is usually taken for covering financial risks until the end of your working age. So, it is always better to select a term plan that lasts till you have cleared all your financial liabilities like various loans, education, and marriage of children.

There are multiple benefits of owning a life insurance policy:

  • Financial security for your family and loved ones
  • Term Plans offer High life cover at affordable premiums
  • It offers Tax benefits under Section 80C of Income tax act, 1961 & allows the deduction from income to the extent of premium paid i.e., up to Rs. 1.5 Lakh.
  • The most attractive part is Tax free payout subject to condition mentioned under section 10(10D) of Income Tax Act, 1961.
  • As soon as one start earning, term plan must be purchased to enjoy the benefit of low premium till the tenure of policy.
  • Guaranteed income through Annuity plans

We always suggest our clients to go for term plans rather than traditional insurance plans as they attract very low premium for higher risk coverage.

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