What Are the Advantages of Term Insurance?

A term insurance plan provides financial security to your family in your absence. Term plans are essential for everyone who has complete or partial dependents.

A term insurance plan requires you to pay a premium at regular intervals till your policy term is valid. In the unforeseen event of your demise, the policy’s sum assured is given to your nominee who will be your family member.

Below are the advantages of term insurance plan:

Value for money

Term insurance gives you value for money. It is cost-effective. Edelweiss Life TotalSecure+ provides term insurance for as low as Rs 18/day*. This is one of the best advantages of term insurance plans.

Longer coverage

Term insurance plans don’t offer any maturity return. The sole purpose of term insurance plans is to provide protection to your family members and hence it is recommended that you choose a longer life cover. While most term insurance plans generally cover individuals up to 70 years of age, Edelweiss Life Total Secure+ provides a life cover up to 80 years of age at affordable premiums.

Flexible payout options

This is one of the best features of Edelweiss Life- TotalSecure+. It provides you with flexible pay-out options. The regular pay out option includes lumpsum, monthly and a combination. There’s also an increasing payout option where the payout increases every year. This will help your family to combat inflation. So based on your family’s financial needs and requirements you can customize your pay out option.

Riders

Edelweiss Life TotalSecure+ provides a variety of both in-built as well as add-on riders. These riders will help you get enhanced protection and complete peace of mind at a nominal cost. Find out the need for accidental death benefit rider here.

Tax benefit

One of the many term insurance benefits is that its premiums and sum assured are exempted from tax, according to Section 80C of the Income Tax Act, 1961.

While you’re still young and healthy, opt for a term insurance plan at an early age and get a higher life cover at a relatively low cost.