<p>When it comes to the&nbsp;high return investment in India, many people have a lot of queries. Such as&nbsp;which&nbsp;investments have the best returns, or they may wonder if investing in PPF will be more beneficial, or an FD is a better option to yield&nbsp;a high return on investment in India&nbsp;etc.</p>


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<p>The&nbsp;<b>tax saving</b>&nbsp;matters are on the way now as both the salaried and non-salaried taxpayer will have to think for the&nbsp;<b>tax saving</b>&nbsp;investment options for the upcoming financial year 2020-21. The&nbsp;<b>tax saving</b>&nbsp;matter is a very complicated picture to calculate for a person as it considers many aspects. Every year people are to get a reminder of the income tax, which is not very mesmerizing news in any way. However, every people in the world want to save the tax and have a dream to live in a tax-free country.</p>


Insurance Emerging As Tax Saving Tool

<p>Amongst the several life insurance policies out there, term insurance is the most cost-effective plan you can avail of. These plans charge you a fixed premium for the entire plan tenure, provide better premium rates to non-smokers and avail long term cover at a very economical cost. But in the sea of insurance providers, a consumer normally wants to finalize on a plan that gives him the widest coverage at the best possible cost. Here's how you can find one</p>


Term Insurance At Affordable Rates And Higher Cover

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<p>Term insurance protects your family financially in case something bad happens to you. Term insurance policies are one of the most effective forms of <a href="https://www.bhartiaxa.com/" target="_blank" title="life insurance">life insurance</a> to purchase in today's world. Term insurance not only protects your family financially in the case of a disaster but also saves you money on taxes. To explain further, term insurance is a <a href="https://www.bhartiaxa.com/life-insurance/types-of-life-insurance-policy" target="_blank" title="type of life insurance policy">type of life insurance policy</a> that provides financial protection to the insured individual for a certain period. A death benefit is given to the recipient if the insured dies within this pre-determined time frame. In essence, if you buy a term insurance policy and die during the policy's coverage period, a guaranteed quantity of money, or sum assured, is given to your designated beneficiary. You may also take advantage of several other <a href="https://www.bhartiaxa.com/life-insurance/life-insurance-benefits" target="_blank" title="benefits of an insurance policy">benefits of an insurance policy</a> that come with term plans. Take a look at the various insurance benefits listed below.</p>
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<h2>Attractive Premiums for a High Sum Assured</h2>

<p>A <a href="https://www.bhartiaxa.com/term-insurance" target="_blank" title="term insurance policy">term insurance policy</a> is a specific life insurance policy. One of the significant benefits of a term insurance policy is its low cost. A term insurance policy has a low premium compared to other types of life insurance policies. Another significant benefit of term insurance is that the premiums are cheaper the younger you get it.</p>

<h2>Simple to Comprehend</h2>

<p>You may find it challenging to grasp the concept of insurance policies while purchasing a life insurance policy. Term insurance policies are straightforward to understand, which is one of its most enticing features. Because it is simply a <a href="https://www.bhartiaxa.com/" target="_blank" title="life insurance">life insurance</a> policy, a term insurance policy does not include an investment component. You pay the premiums, and the insurer provides the <a href="https://www.bhartiaxa.com/term-insurance/term-insurance-benefits" target="_blank" title="term insurance benefits">term insurance benefits</a> covering your life for a set period.</p>

<h2>Multiple Death Benefit Payout Options</h2>

<p>You might be paying an EMI for a new house, a personal loan, or a car. While you are gone, your family members may be liable for your financial responsibilities. It's here that term insurance's different payout possibilities come into play. Your dependents may get a lump sum payout in the case of your untimely death to help them manage the aforementioned financial responsibilities. In addition to the lump-sum death benefit, certain term insurance policies may allow you to receive a periodic income.</p>

<h2>Riders Benefits</h2>

<p>Riders are optional extra coverages that you may add to your term insurance plan to improve the primary benefits of an insurance policy. By paying some extra cost, you may add these riders to your term insurance policy. For example, under a waiver of premium rider all future premiums in the event of your diagnosis with one of the severe illnesses listed. It implies that your life insurance coverage will continue even if you are unable to pay your premiums.</p>

<h2>Benefits From Income Tax</h2>

<p>Term insurance policies can come with tax advantages. While the premiums you pay for term insurance are tax-deductible, the payouts are likewise free from taxes under current tax regulations. The premium you pay to acquire a term insurance plan is tax-free up to a limit of Rs.1.5 lakh per year under <a href="https://www.bhartiaxa.com/be-smart/tax-savings/income-tax-deduction-under-section-80c" target="_blank" title=" under Section 80C"> under Section 80C </a>. Under this section, you can obtain the most <a href="https://www.bhartiaxa.com/term-insurance/term-insurance-tax-benefits" target="_blank" title="tax benefits">tax benefits </a> from term insurance by selecting the plan with the most coverage available to you, depending on your age and health. Also, under Section 10 (10D) of the Income Tax Act, the death benefit you get is likewise tax-free in your hands (so long as the sum assured is at least ten times of the premium paid annually). However, please note these tax laws are subject to change from time to time.</p>

<h2>Coverage For Serious Illness</h2>

<p>Acute diseases may strike at any time in your life, and the cost of treatment might wipe out all of your savings. Although the core benefits of an insurance policy are just life insurance, you may add critical illness coverage by purchasing add-ons/riders. If you are diagnosed with one of the critical diseases covered by the insurance, you will get a lump sum payment under the <a href="https://www.bhartiaxa.com/health-plans/critical-illness-insurance" target="_blank" title="Critical Illness cover">Critical Illness cover</a> (if your policy has a provision of critical illness cover). This coverage allows you to pay for required therapy without depleting your funds. Such riders are available at an extra cost/ higher premiums.</p>

<h3>Benefits payable</h3>

<p>Term insurance policies typically pay just a death benefit if the policyholder dies within the policy's term. No benefit is given on maturity if the insured lives to the end of the period. <a href="https://www.bhartiaxa.com/term-insurance/return-of-premium-term-plan" target="_blank" title="Return of premium term plans">Return of premium term plans</a>, on the other hand, reimburse premiums if the plan matures. However, return of premium term plans comes with higher rates of premium.</p>

<h2>Conclusion</h2>

<p><a href="https://www.bhartiaxa.com/be-smart/life/tips-for-insurance-buyers-for-first-time" target="_blank" title="Insurance buyers">Insurance buyers</a> may explore a wide range of choices of term insurance plans available in the market to choose one that best matches their needs. A term <a href="https://www.bhartiaxa.com/online-insurance-plans" target="_blank" title="insurance policy">insurance policy</a> is the most effective approach to ensure that a family has enough financial protection against life's risks. Everyone feels that nothing wrong can happen to them, yet there is always a possibility of danger. Term insurance is purchased, especially to address this worry and any financial hardship that may arise as a result of the risk.</p>
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Term insurance is forms of life insurance policies protects your family financially in case unforeseen situation. Let’s take a look at the various term insurance benefits listed here.

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<ul>
	<li>A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy</li>
	<li>The plan offers two options: Without Return of Premium and With Return of Premium</li>
	<li>Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.</li>
	<li>Flexibility in policy and premium payment terms</li>
</ul>


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<ul>
	<li>Non-Linked Non-Participating term insurance plan</li>
	<li>Double the sum Assured on death due to Accident</li>
	<li>Flexibility to choose a policy term</li>
	<li>No medical examinations• Ease of purchase as no lengthy underwriting procedures are involved.</li>
	<li>Tax benefits</li>
</ul>


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