Term Insurance: Buy/Renew Term Insurance Policy

What are the benefits of term insurance?

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

Affordable Premiums
You can get a high-value life cover from a term insurance plan by paying an affordable premium amount of ₹ 540/- p.m2a. Premium payments can be made either monthly/half-yearly/yearly. The earlier you buy a term insurance plan, the lower 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 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 Coverage1 is included in your term insurance plan, you will get a lump-sum payout upon diagnosis of any critical illness1 that is covered in the plan

Accidental Death Benefit
You can add the Accidental Death Benefit3 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 illnesses2 such as AIDS

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