Top 5 Reasons You Must Buy A Term Life Insurance Policy

When you buy term life insurance online you don’t just get a life cover, but along with it, you also get a host of other benefits. This is why a term life insurance policy is so useful. It gives you an affordable life cover that allows you to keep your loved ones safe. Take a look at this article to know why you must compare insurance plans and find the best term insurance policy.

  1. Economical

The biggest advantage of term insurance, and one of the main reasons why you should buy a plan, is the affordability factor. Term insurance is cheaper than having dinner at a restaurant! Yes, that is correct. You can get a term cover of about INR 1 crore by paying under INR 500 a month. This is a huge reason why you should never shy away from buying a term life insurance policy.

  1. High coverage

Another crucial reason for choosing a term insurance plan is the high coverage that you get here. You can easily get a high cover of a few crores when you buy a term plan. Getting such a high cover in other forms of life insurance can be very expensive and it can also be rejected, but your chances of getting the highest coverage amount in term insurance are pretty strong. Also, the process to get term insurance is very simple. You can instantly buy term life insurance online after comparing the different plans in a matter of a few minutes. This allows you to cover your life adequately in a simple and quick manner.

  1. Riders available

A term insurance plan is a pure life cover, i.e., it doesn’t offer any return component. If you outlive the policy period, there is nothing to be expected in return. However, if you buy the term insurance riders, this plain-vanilla life cover gets elevated and you stand to get more value out of it. Consider getting some riders such as the waiver of premium rider, personal accident benefit rider, critical illness rider, etc and make your term cover more flexible. Do note that the riders push up the cost of your overall cover, so you need to compare insurance plans and choose only the riders that would be of best use to you.

  1. Tax benefits

The tax benefits available on term insurance are very handy too. You get an IT rebate of up to INR 1.5 lakhs a year when you pay your term life insurance premium. This is a huge benefit and another reason why you should consider getting term insurance.

  1. Multiple payout options

All families are different and their financial needs are different too. Keeping this in mind, the term plans have various payout options for the death benefit after the policyholder’s death. You can assess the financial needs of your family, the financial abilities and knowledge of your loved ones and then choose the option that would be beneficial for them. You can opt for the lump sum benefit where the entire sum assured would be paid out in one go. Else, you can opt for the staggered payout, where it would be broken up in instalments and paid over a period of time. Choose the one that would be of most value to your family.

These are the main reasons why you should buy term life insurance online at the earliest if you have not done so already. Thankfully, there are many life insurance companies and you will find many options when you look to purchase your term life insurance policy. Go online, compare insurance plans and find your ideal cover. Then, enjoy all of the benefits mentioned above and stay protected.

Jul 14, 2021
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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