Being financially secure and living a carefree life is one dream that can be easily turned into reality. To reach that level of stability, all you have to do is invest in smart financial instruments from a young age itself. Take an online term plan, for example. These plans not only help you financially prepare against life’s uncertainties but also provide significant tax-saving benefits. Overall, investing in an online term plan will help ensure long term financial stability.
Furthermore, comprehensive term life insurance plans safeguard your family’s future under all circumstances. Financial needs change with your life stages. Whether it’s your marriage, children’s education or retirement years, you need enough funds to get through these various stages of life without any hindrance. Therefore, you need term life insurance plans to meet these requirements and prepare against any unforeseen situations.
With a plethora of financial instruments available in the market, it is crucial to create the right mix for financial stability for the long term. Buying an online term plan is an essential part of your financial plan. While nothing can replace your presence in your family, the least you can do is make sure to leave behind a backup for your family to maintain their lifestyle. Buying an online term plan is an ideal solution for the same.
Here is how an online term plan provides complete financial security:
Lessens Your Burden
Liabilities can cause a significant burden on you and can affect your financial situation. In case of your sudden demise, how will your family bear the responsibility of paying the debt? An online term plan comes in handy in such a situation as it will help your family pay off the unpaid debts. It will also ensure that your assets remain protected, and your family can continue with the same lifestyle.
High Insurance Cover
Among the popular variants of insurance plans in India, term life policies are the most cost-efficient. Make sure you choose an appropriate Sum Assured to provide for your family after your demise. Your family can then use the insurance money to manage the household expenses, higher education goals of your children or for their marriage expenses. An online term plan is an excellent way to ensure financial stability even in times when you are no longer around.
Critical Illness Benefit
Rising costs of healthcare have made it harder to afford quality treatments, especially of serious illnesses such as cancer or heart diseases. With the feature of critical illness cover along with an online term plan, you can avail of best-in-class treatment when required without having to worry about the funds. In case you are diagnosed with any critical illness, the insurer provides a lump-sum payment to pay for the medical expenses.
Protection Against Disability
You cannot foresee an accident. What if you face an accident that results in temporary or even permanent disability, and you are not able to work anymore? Being the sole breadwinner, your family can suffer financially.
The insurance premium can quickly turn into a burden for the family in such cases. Some of the insurers in the country now offer benefits such as disability cover. In case you suffer from a permanent and total disability, the insurance company will pay the policy premiums.
Provides Tax Benefits
Tax deductions should not be the sole purpose behind buying an online term plan; however, you can avail tax benefits both on the premiums as well as on the payouts. Life insurance premiums up to Rs. 1.5 Lakh are exempt from taxes under Section 80C of the Income Tax Act, and the maturity amount is fully exempt under Section 10(10D). Investing in an online term plan at an early age can let you enjoy these tax benefits for a more extended time.
Online Term Plan for Your Family’s Financial Security
There are several reasons to buy an online term plan for your family. With a variety of additional riders available, you can always ensure your loved one’s protection. Rather than waiting for some unfortunate event to take place, it is always better to buy insurance as soon as you start earning. A good online term plan assures meeting the financial objectives of your family after your demise.
It relieves you from the stress of life’s uncertainties and the financial burden in the form of unpaid loans if any. Online term plans from reputable insurers such as Max Life Insurance offer customizable policies to meet your individual requirements. These plans will help take care of your family’s daily expenses after your untimely demise to maintain their lifestyle.
Ensure your family’s overall protection by investing in an online term plan that aligns with your needs and requirements.
