Term Insurance Plans

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How Can You Chose Lower Insurance Premium

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Our family means the world to us. Quite naturally, we love them and care for their well being. But is this love and care is only till we are alive? Are we indifferent to what happens to them after our death? One can argue that we won’t be here to see their plight so how does it matter. In reply, I can say that we cannot shrug off our responsibility like that. If we truly love our family then we should be concerned about their future and their well being post our death also otherwise it is not love but mere self centeredness.

Now the question comes, how to secure the future of my family so that they do not face difficulties post my death?

As we know that our life is so uncertain and anytime we can meet our death, an earning person on whose income his family members are dependent has a great responsibility. His death can really put financial troubles on the family. In order to secure the family against this financial trouble one must plan to create such assets that can replace his income and enable the family to live comfortably without cutting down on their standard of living.

One such asset is a Term insurance plan. On some research you would find that many people in India prefer having a Term Insurance plan in their investment kitty. Such plans are intended to neutralize the financial implications resulting from an earning person’s death.

What exactly are term insurance plans?

Under a term insurance plan the insurance company pays an agreed amount to the nominee of the Policyholder if the later dies in the Policy tenure. The maximum sum Assured is 20 times the current annual income of the policyholder at the time of taking the policy. With advancement in age the maximum eligibility keeps shrinking. You should sit with your insurance consultant to check your eligibility and the minimum life cover you should take under this plan. Ideally it should be enough to pay off all your debts and still leave enough for the family to sustain. The Insured should also factor in Inflation rates. You should select a plan with a longer term cover to remain protected at the age brackets where chances of fatality are more.

Investing in these plans makes you eligible for certain tax benefits. The Premium paid under this plan is Deductible from the taxable income under section 80C. Not only this, under section 10(10)D the entire proceeds from the insurance company are tax free. On the basis of the Maturity and skills of your family to manage funds you can choose the type of payout you want from the insurance company. You may get lump-sum or periodic payout. Many people prefer monthly payout as it ensures a regular income for the family as against a lump-sum payment that can be splurged prodigally.

As there are life insurance companies existent in the Indian insurance market, you should compare term plans effectively to crack the best deal and get a plan with most suitable features at the lowest insurance premium possible. With effective plan comparison one can save up to Rs. 10000 on premium on a plan of INR 1 crore.

Leave your family with good memories, not financial worries. Having a term plan is not restricted financial benefits only. It gives mental peace and a sense of being a responsible person