Life is a blend of everything sweet and sour! One could portray life as a sail through an ocean. It might be a smooth ride, but at times you might have to confront harsh and rough tides, making it hard for you and your loved ones to move forward! You may lose your life in the process of saving others! But being the sailor of the ship, it’s your duty to make sure that everyone who has boarded your ship reaches the shore safe and sound.
Now by reading this narration, one might sense a tinge of pessimism in it! But to be honest, at times, one needs to ponder over the possibilities of such harsh realities that might strike your journey! And by doing so, you certainly won’t be regarded as a pessimist, but rather an individual with a will!
Now speaking of term Insurance plan, it is considered as the plan with a ‘value for money’ proposition. Being the basic form of life insurance, it pays the dependents of the policyholder with a fixed sum assured after the unfortunate demise of the insured during the policy term, and in case of survival of the policy term, the insured in fact doesn’t get anything in return. Now the three factors on which even the best term insurance plan depends on are, age, policy term and sum assured.
Amongst the myriads of term plans offered in India, LIC term insurance plan is regarded as one of the best term insurance plans.
They offer plans with tax benefits on the payment of premiums. The final sum assured is paid to the nominee. The company also offers loans in lieu of these term plans and this offering from LIC is known as Term Assurance Plan.
LIC Term Plan is quite beneficial when we consider it as a financial net for any eventuality linked with human life. Be it the retirement, disability, accident or death; everything is unpredictable. It is certain that we can never calculate the worth of human life using any sort of premium calculator. However, there are ways one could lessen the burden of the financial trauma when confronted with the sad demise of the breadwinner of the family.
LIC Term Plan secures your life on the following aspects. Have a look!
- Financial cushion: It provides financial support to the insured’s dependents by compensating for most of the losses.
- Debt-free future: A sudden demise is not less than any devastation. As you find it hard to cope emotionally, situations of financial crisis and debts may haunt your living. And such plans assure to take care of all such debts.
- Tax Benefits
- Accomplishments of retirement goals
- Mental peace
- Savings tools
- Business security
How do you find the best term insurance plan?
Given below are the factors you need to look upon to find the best term insurance plan without much hassle.
- Life cover: The plan that you opt for should be capable of aiding you with money for kid’s education and marriage even in your absence. So choose for a plan that covers for almost anything!
- Premium: Choose a plan that offers maximum sum assured for the lowest premiums to prevent the draining of your pockets. Make sure that the features of the plan are constant throughout the policy term.
- Riders or Add-ons: Choose a plan that offers you important riders like an accident, critical illness coverage, etc.
- Flexibility: Choose plans that are flexible. This means that it allows you to increase or decrease the plans tenure according to your needs.
- Ease of dealing: Make sure that the insurance company you have chosen can cater to all your requirements.
How is term Insurance better than other insurance plans?
Uncertainties are bound to happen! And it is in this regard that insurance policies have flooded the market. And amongst all of these, term insurance plan is regarded as the most affordable one. The plan has no profit component, which makes it a low-cost product.
It is, in fact, true that a best term insurance plan is what it takes to provide you with crucial life coverage and that too substantially larger one!
Based on the following factors, the term insurance plan is a great option for anyone whose focus is merely on the pure protection of their loved ones.
- Death: In any unforeseen events like the demise of the policyholder, the insurer extends the sum assured to the dependents whose names are mentioned in the policy document. Usually, the benefits are meant only for the mentioned nominees.
- Maturity: Normal term insurance policies do not offer any benefits after the maturity of the policy. But there are companies that offer benefits even after the maturity of the plan.
- Tax: Just like other term insurance plans, the applicant can avail tax benefits.
So having the best term insurance plan is not only cheap and affordable but worth the money invested!