What Are the Basics of Term Insurance?
In the purview of rising lifestyle diseases, and the COVID-19 pandemic, there has been a significant growth in the awareness of the importance of a robust life insurance cover amongst Indians. Today, many people are willing to purchase a term plan to protect their family’s financial future.
If you are looking to buy a term plan yourself, it would help to understand the basics. So, read on, as we discuss a few critical aspects of the term insurance plan.
Features and benefits of term insurance
Affordable premium – Term insurance has the lowest premium among other types of life insurance.
Tax benefit – A term insurance policy is an excellent tax-saving instrument. The premium you pay for the policy is eligible for tax deduction up to Rs. 1.5 lakhs under Sectio...