Don’t Leave Your Loved Ones Vulnerable! Discover the Benefits of Term Life Insurance Today!”

Term Life Insurance: Life is very precious to us and we should maintain and protect our lives properly. We have to protect our precious lives from unprecedented and unexpected incidents. To protect our life from unexpected events we need to take term life insurance. so we need Life insurance because our life is not only important for us but also important for our family. After all, they love us. Life insurance is a type of insurance that refers to a contract between the insurer and the insurance policy-provided company, where the policyholder promises to pay a sum of money in exchange for a premium, upon the death of an insured person. To protect our lives from unexpected events we need to take term life insurance

Factors that affect Term Life Insurance:-

Health Conditions:-

Our past and present health conditions can decide our Life Insurance plan. If we have any pre-existing illnesses or have suffered from illnesses in the past that may emerge or affect our present health, we would be charged a higher premium.

Family Health Condition:-

The possibility of suffering from an illness that runs in our family is high. So, if any hereditary illnesses run in our family, we may have to pay a higher premium on their life insurance plan.

Occupation:-

If we work in a high-risk job, the premium of our term Life Insurance plan would be higher than others. For instance, if we work in construction or if our job puts us at any kind of risk, such as regular exposure to chemicals, the insurance company will charge a higher premium.

Age Factor:-

The most crucial factor that affects the premium of our life insurance plan is our age. The life insurance premium is lower for younger people and gradually increases according to age.

Gender:-

According to the studies shows that women live longer than men. Thus, the life insurance premium is lower for women as compared to men.

Benefits of the Term Life Insurance:-

Financial Security:-

The term Life Insurance provides financial assistance to the person who takes the Life Insurance policy. The Insurance company charges a premium in exchange for providing financial security to our policyholder in case of an unfortunate event of death.

Provide Tax Benefits:-

The term Life Insurance plans offer many tax benefits. The premiums paid according to a life insurance plan are deductible up to ₹ 1.5 lakh per annum under Section 80C and the maturity benefits are also tax-free prescribed under Section 10(10D) of The Income Tax Act, 1961.

Wealth Creation:-

There are some term Life Insurance plans that offer the option to invest and increase our money. This sanction is to stay financially prepared for our future needs. The term Life insurance can offer good returns and income.

Disadvantages of Term Life Insurances:-

• The biggest disadvantage of the term life insurance plan is that it does not provide any financial assistance if we are still alive.
• The Term Life Insurance plan is not profitable because it provides money after death to the nominee, not the policyholder.
• Many hidden charges are included in the life insurance.
• Life Insurance plan does not provide returns on the investment over our lifetime.

Conclusion:-

Apart from the cons of Life Insurance Life insurance is important to our lives and our families. Term Life Insurance plans are one of the most cost-efficient Life Insurance in the market. The main objective of purchasing term Life Insurance is to provide coverage and protect our families from financial obligations. But we do not hasten while choosing a Term Life Insurance plan, take time and find which Insurance is beneficial and meets our needs. so keep calm our mind while choosing the term Life Insurance plan. The term Life Insurance policy protects against the risk of death during a particular period. It also provides financial protection to our family against the loss of our income and provides funds to help them maintain their lifestyle in case they die. Therefore, it is a very crucial aspect of our life.