What is a 5-Year Term Life Insurance Policy?
A 5-year term life insurance policy is a legal contract between you and the insurance provider. This policy provides your family with death benefits in case you meet an untimely demise.
Let us now look at a few of the benefits of a 5-year term life insurance policy
Financial Security of Your Loved Ones
One of the key benefits of a 5-year term life insurance policy is that it provides financial security to your loved ones in the times of rising inflation rates and cost of living.
Another benefit of a 5-year term life insurance policy is tax deduction benefits. You can claim upto Rs. 1.5 lakhs of tax deduction benefits in one year under Section 80C of the Income Tax Act, 1961.
Premiums are Affordable
Compared to other life insurance policies, the premiums for a 5-year term life insurance policy are cheaper and affordable. So, you don’t have to think twice before investing in this plan.
5-year term life insurance policy offers death benefits to your loved ones in case you meet an untimely and unfortunate demise. This will ensure that your family can fight the rising cost of inflation and are able to continue with their lives without any hassle.
Additional Rider Options
Investing in multiple life insurance policies to enhance the benefits and cover can be a hectic and confusing task. 5-year term life insurance policy offers the benefit of additional rider options. This will increase the benefits you can avail of and the cover you are looking for. You can opt for numerous additional rider benefits, such as Critical Illness Rider Benefit, Accidental Death Rider Benefit, Waiver of Premium Rider Benefit, etc.
Involves No Risk
5-year term life insurance policy does not involve investing in market-related options. This makes this plan a risk-free plan and is ideal for people who are looking for a plan that will come with security and guaranteed results.
Simple to Understand
5-year term life insurance policy is the simplest form of life insurance policy and is easy to understand. So, you can easily invest in this plan without having to understand complex terms.
Your Way Forward
You now know everything about a 5-year term life insurance policy and its benefits. Investing in a 5-year term life insurance policy ensures a financial safety net in these rising times of uncertainty, especially after the impact of the Covid-19 pandemic on a global level. So, if you are looking for the best 5-year term life insurance policy in India, then Bharti AXA Life Insurance is the right choice. We are a renowned life insurance company and are trusted by numerous people from all across the country. Moreover, we ensure that you and your family and financially secure and do not face any constraints in future. For more information on a 5-year term life insurance policy, get in touch with us today.