How do I get term insurance?

How do I get term insurance?

How can I get term insurance? Who can take out term insurance?. term insurance. term insurance Gujarati term insurance 2023

A term policy is a type of life insurance in which the policyholder is provided with life insurance for a specific period of time. In the event of death of the insured as a result of an accident during the duration of the insurance, the sum insured is provided by the life insured as a death benefit.

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Term insurance plans are cost-effective compared to other insurance plans. It gives you maximum coverage at a minimum premium. In order to continue to be covered by your insurance plan, you must pay a fixed premium on a regular basis.

It is worth noting that in case the term insured survives to the end of the policy period, no benefit is provided to him.

The most important feature of a term insurance plan is that it gives you the maximum coverage at the lowest premium. Through this, you can protect the financial needs of your family members in your absence.

Who can take out term insurance? . Hu Term insurance kevi Rite Lai Saku ?

As we told you above, with term insurance you can protect the financial future of your family members even in your absence.

Now the main question is who can take out term insurance? (How do I get term insurance?). Term insurance plans are designed keeping in mind the needs of different types of people. We also provided detailed information about people who can secure the future of their family members by taking out term insurance.

1. Young professionals/individuals:

For anyone who is a young professional, a term insurance plan can be very beneficial. If you are the sole earner in the household, term insurance can be very beneficial for you. By doing so, you can help secure your family's financial future in your absence.

If you die suddenly, your family members may face financial problems. But with a term insurance plan, you can protect your family's financial future while you're at it.

2. Newlyweds:

Term insurance plans can prove to be very beneficial for people who are recently married. Through this you can avail individual term insurance plan or joint term insurance plan. In case of your unfortunate demise, you can easily help your spouse meet future financial needs through a term insurance plan.

3. Parents:

People who have children or have recently become parents or are planning to become parents in the future can definitely consider taking out a term insurance plan. If you are the sole earner in the household and the family depends on you for their financial needs, they must take out term insurance.

A term insurance plan can help you easily take care of your children's education and various other needs in case of your unfortunate demise.

4. Working women:

If you are a working woman and your family depends on you, term insurance can be very beneficial for you. If you die suddenly, your family may face financial problems. With a term insurance plan, you can financially protect your parents/siblings/spouse/children etc even in your absence.

You also get the benefit of critical illness insurance in term insurance plans. This allows you to receive an amount in the form of medical benefits in the event of a serious illness such as breast or cervical cancer.

It should also be noted that women are given a special premium discount for term insurance plans. Women can thus obtain insurance at the lowest premium.

5. Taxpayer:

Such persons have higher incomes and have to pay higher taxes. He can also avail the benefit of tax exemption through term plan. You can get a maximum of Rs. 1.5 lakh can avail tax deduction on the premium paid under Section 80C of the Income Tax Act, 1961.

You are also eligible for tax exemption under Section 10 (10D) of the Income Tax Act, 1961 in respect of death benefits received under an insurance plan.

You can also reduce your tax burden through term insurance.

6. Self-employment:

A self-employed person does not have a permanent source of income, unlike salaried persons. The income of a self-employed person depends on fluctuations in the market. The self-employed also have to take loans from banks and other sources to run their business. Buying term insurance can be very advantageous for the self-employed.

If a self-employed person dies accidentally, all their liabilities can be easily covered by the insurance benefits available through term insurance plans. So when a person is no more, the burden of his responsibilities does not fall on his family members.

7. In retirement:

For individuals who are retired and their families still depend on them for their needs, buying term insurance can be a very wise decision. In this way, in the event of the insured's death due to an accident, the insured's family members are provided with a lump sum in the form of a death benefit, through which their family members can fulfill all their financial needs without any obstacles. .

Eligibility Criteria for Term Insurance Plan | Maapdand Paatrta Jaano Term Insurance

Eligibility Criteria for Term Insurance Plan (Term Insurance Plan Eligibility Criteria in Hindi) are as follows-

The buyer of the term insurance plan should be an Indian citizen.

For term insurance, it is necessary to undergo a medical examination in advance.

The fee for a fixed tariff for a smoker will be higher than for a non-smoker.

For a term insurance plan, the insurance company has to submit the necessary documents as required.

Documents required to purchase term insurance | Term Insurance Kharidva Kya Dastaavej Ni Jarur che