4 Reasons Why You Must Buy a Term Insurance Plan

Term insurance plans have gained a lot of popularity over the past few years. In simple terms, term insurance plan is a type of plan that offers financial coverage to the insured person’s beneficiaries for a fixed period of time. There’s no denying the fact that those people looking for the financial security of themselves as well as their family members usually opt for term insurance plan. Here’re the top 4 reasons that show why everyone should buy a term insurance plan –

1- Easy to understand plan: Term insurance is the easy-to-understand life insurance plan. All you need to do is to pay the premium and your life will get covered for a defined period of time. It covers the life of the insured with the same amount equal to the cover mentioned in the policy.

2- Cheapest form of life insurance – Apart from being an easy-to-understand plan, term insurance is also one of the cheapest insurance plans. In other words, term insurance is one of the cheapest ways to protect your family in case of your death. You can purchase the cheapest term plan online.

3- It offers larger cover: As compared to other types of insurance, term plan offers a larger life cover for the same premium. Because of this reason, it is possible for everyone to get a sufficient life cover not just for themselves but also for their closed ones. Moreover, one of the best things about this premium is that it is quite affordable.

4- Tax benefits: This is yet another perk of a term insurance plan, which says, under Section 80C of the Income Tax Act, you can avail tax benefits on the premiums paid. In addition to this, the insured person can also avail exemptions under Section 10D of the Income Tax Act for getting any amount as part of maturity benefit from the insurance policy.

On the whole, keep these above mentioned points in mind if you are looking for the best term insurance plan. Besides, for those who want to buy the cheapest term plan online in India, opt for MaxLife Insurance.