Why Is Insurance Cover Essential?
Financial stability acts as the backbone of your life in today's times. You can understand, from the above discussion that an insurance cover can provide maximum protection to your family, even when you are not around. Moreover, there are several benefits attached to insurance plans. Some of them are listed below:-
Whole Life Cover
The best term insurance plans come with entire life coverage until the age of 99 years. Therefore, it ensures protection for a longer period.
A high-value life cover is possible from such a plan by paying only a small premium amount. The premium duration can be monthly, half-yearly, or annually. Moreover, the amount of premium varies a lot as per the age of the policyholder.
Coverage for terminal illness
If you become the patient of any kind of terminal illness like AIDS, the term insurance can come to your rescue. This additional rider will reimburse the medical expenses. It pays lump-sum amounts for diagnosis.
Tax benefits are another appealing feature for any term insurance policy. You can get a deduction under section 80C for the premium paid. Also, 80D of the Income Tax Act allows you to claim a deduction for the premium paid for critical illness. Apart from this, any amount received by the nominee on account of the policyholder's death is exempt under section 10(10D).
Previously, taking insurance policies were possible only through an agent. However, with the advent of time, the policyholders show more interest in direct contact with the company. Hence, modern times are witnessing new methods of investing in any insurance policy. You can apply for a term insurance plan online after comparing the reviews and features of different insurers. The receipt will also come through an email.
There are even online facilities for payment of the premium, and receipt of the maturity or payback amounts directly to the bank account. So, don't worry, much by thinking about your absence. Live your life and protect your family by choosing a suitable term insurance plan. Regular premium payment will open the door for a beautiful future.
**Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time.