Indianmoney CEO - Factors to Consider When Comparing Term Insurance
One form of life insurance, term insurance
provides required risk protection. Here the insurers pay a lump-sum which is
known as death benefit to nominee of the insured in case insured person dies
within the policy term. Let us explore the advantages of buying term insurance
plan.
Why buy term insurance? – An Indian Money
Review
Financial
Security | Coverage for Liabilities | Tax Advantage | Multiple Riders
Financial Security
As per IndianMoney.com
review, the good thing about term insurance is that it helps in securing
your family’s future in case something happens to you.
Coverage for Liabilities
The payment you receive from term insurance
plan will help you in repaying your liabilities in time such as home or
personal loan.
Tax Advantage
As a tax payer you will be getting tax
deductions according to Section 80C on premiums that you will be paying.
Moreover, death benefits received by nominee will be exempted from tax.
Multiple Riders
Riders refer to add on features that you
can select from based upon your requirements. You can avail multiple benefits
by using these riders.
What are the factors to consider?
According to Indian Money company
Bangalore, before buying term insurance you should take into consideration
various factors to make sure you are purchasing the right term insurance plan
with having any complaints.
Adequate Coverage
Cost of living keeps on increasing and as
such while taking any coverage you should predict how much would be your
family’s future living expenditures. As per Indian Money dot come, you will
also have to factor in inflation into your calculations to get the right
coverage.
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