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Because life happens, Protect your loved ones from the unexpected with MMM
Life is uncertain, and it's crucial to plan for the future to ensure the financial well-being of your loved ones. Life insurance is a valuable tool that provides financial protection and peace of mind. In this article, we will delve into the fundamentals of life insurance and focus on the specific benefits of term insurance.
Life insurance is a contract between an individual and an insurance company, where the insurer agrees to pay a sum of money to the beneficiaries upon the insured person’s death. This financial safety net can help cover funeral expenses, outstanding debts, and provide for the family’s future financial needs.
There are various types of life insurance, including whole life insurance, universal life insurance, and term life insurance. Each type serves different purposes, but term life insurance is particularly popular for its simplicity and affordability.
Affordable Premiums – You can get a high-value life cover from a term insurance plan by paying an affordable premium amount. Premium payments can be made either monthly/half-yearly/yearly. The earlier you buy a term insurance plan, the lower the premium amount you have to pay
Whole Life Cover – Term insurance plans offer substantially longer coverage. Whole life insurance plans offer coverage till the age of 99 years
Payout of Sum Insured – In case of the unfortunate demise of the person insured, the family members will receive the sum assured as a payout. The policyholder can choose for this payout to be in the form of a lump sum, an income that is either monthly or annual, a combination of lump sum and income or an increasing income at the inception. This will help take care of financial needs and household expenses among other costs
Critical Illness Coverage – In case optional Critical Illness Coverage is included in your term insurance plan, you will get a lump sum payout upon diagnosis of any critical illness that is covered in the plan
Accidental Death Benefit – You can add the Accidental Death Benefit to your term insurance plan. This will offer protection against any mishaps in the future.
Coverage for Terminal Illnesses –Term insurance plans can give you lump sum payouts in case of diagnosis of terminal illnesses such as AIDS
Tax Benefits –You can get tax benefits on premiums paid under Section 80C along with premiums paid towards critical illness benefit under Section 80D. The lump sum amount received by nominees as the sum assured/death benefit is also exempted from taxes subject to Section 10 (10D) of the Income Tax Act, 1961
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