What is a Family Term Insurance Plan?
A term plan for family is an insurance plan that provides financial security to your family in case of an unfortunate event such as the breadwinner's death. It furthermore provides a lump sum amount of death benefit to your family in case of an untimely and unforeseen death of the policyholder. Having invested in a family term insurance plan lets you be at peace and free from worry when it comes to securing your family's future.
Why Should You Consider Family Term Insurance Plans?
1. Secures Your Family Financially
We do not know when an unfortunate uncertainty may knock on our doors. Grave and unfortunate uncertainties such as the breadwinner's death might create a huge financial constraint for the family. To ensure your loved ones do not go through such constraints, it is recommended to invest in a family term insurance plan as soon as possible.
2. Tax Benefits
Another advantage of investing in a family term insurance plan is that the premiums you pay for the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.
3. Premiums are Much More Affordable at an Early Age
Did you know that if you invest in a family term insurance plan at an early age, the premiums are much more affordable and cheaper than if you invest at a later age? Therefore, it is recommended to invest in a family term insurance plan as soon as possible.
4. Lump Sum Death Benefits
The family term insurance plan offers a lump sum amount of death benefits to the family in case of the policyholder's unfortunate and untimely death. As a result, your family will not have to face any financial restrictions and can seamlessly achieve their goals and dreams.
Investing in a family term insurance plan in today's time is crucial to have a smooth and hassle-free future for yourself and your loved ones. This plan ensures that your family does not face any financial constraints in case of unfortunate events and can continue achieving their goals without any hurdles.