5 Major Points to Buy the Best Term Insurance in India for Working Professionals

Today, having financial security for yourself and your family is equally important as
earning. Wondering why? We do not know what life holds for us, and that’s why we
have to be prepared for it. Having a financial corpus ensures that your family is
financially protected even when you are not there to provide for them.

Investing in a term insurance plan has become crucial today, especially for working
professionals. Having invested in a term insurance plan provides you and your family
with financial security and ensures that you can achieve your goals and dreams
seamlessly and without any financial restrictions. If you are still thinking about why a
term insurance plan has become a necessity today, you have come to the right
place. This article tells you about 5 key points to buy the best term insurance in India
for working professionals.

Financial Security

Having a financial backup ready in advance is necessary for the coming years. This
ensures that you and your family are secure and do not face any hassle, even in the
worst-case scenarios, such as the unforeseen and untimely policyholder’s demise.

Tax Benefits

Another key reason working professionals should invest in a term insurance tax
benefits. The premiums paid by the policyholder for term insurance are eligible for
tax benefits under Section 80C of the Income Tax Act, 1961. The policyholder can
claim upto Rs. 1.5 lakhs of tax benefits in one financial year. However, tax laws are
as per Income tax Act, 1961, and subject to change from time to time.

Secure Your Assets

There may be unforeseen and unavoidable situations wherein you might have to
take a loan because of a financial emergency. In case of an untimely policyholder’s
demise, the financial burden of paying off the debt might come on the family. This
might result in your family paying off the debt against valuable assets. Investing in a
term insurance plans saves you from losing your valuable assets and helps your
family pay off the debt seamlessly.

Rider Benefits

Instead of investing in multiple insurance policies to avail additional benefits and get
extensive coverage, the policyholder can opt for rider benefits. A rider benefit covers

the additional benefits and offers vast coverage under one term insurance policy.
The policyholder can opt for various rider benefits, such as accidental death rider
benefit, waiver of premium rider benefit and more. However, riders are not
mandatory and are available at an additional cost.

Cover Critical Illnesses

As we grow old, the chances of getting diagnosed with a critical illness, such as
cancer, etc., also increase. Moreover, we know that the cost of getting a critical
illness treated is increasing day by day, which might create a financial constraint for
our family and us. A term insurance plan covers the majority of the critical illness and
ensures a financial backup is ready. Moreover, it also ensures that you do not have
to worry about how you will be paying for your medical treatments, and you can fully
focus on your recovery.

You now know about 5 key reasons to invest in the best term insurance in India,
especially for working professionals. Talking about investing in the best term
insurance, you should prefer going for a trusted and leading insurance provider.