15 Jan 2019, Pune- Getting surprises and enjoying them is always a fantasy for everyone. But, what if the surprise makes you panic instead of giving inner peace? Sometimes, life does precisely the same. Uncertainties may occur anytime, where you must be ready to tackle any situation.
Along with falling life-expectancy rates, the cut-throat competition gives rises to unforeseen events such as accidental deaths, critical illnesses and so on. As a result, purchasing a life insurance plan has become necessary to ensure that the family is financially secure even after the demise of the breadwinner.
When it comes to getting life insurance, purely to secure your loved ones’ financial future, term insurance policy stands to be the perfect suitable one for you.
Why Term Insurance?
The affordability and huge coverage amount is the reason why term insurance plans have become popular among young generations. This helps them not just to fine-tune their budget but also assures that their family will have adequate finances to sustain their lifestyle in the future.
Following are a few reasons why term insurance is a perfect choice-
- The sum assured of Rs.1 Crore can be chosen at the premium of barely Rs.700 per month.
- Being a pure life insurance plan, you don’t have to worry about the complexity and suitability of the plan.
- Absence of any maturity, cash-value benefits, and the investment provisions, the premium allocation charges are minimized.
- The process of buying the plan is hassle-free; also, you can buy the term insurance online.
- You don’t need any broker or agent to understand the plan due to simplicity, which minimizes brokerage charges, and ultimately lowers the premium.
- Multiple premium payment modes and the choice of payout options make the plan more flexible.
Nowadays, term insurance for a spouse is being searched widely.
Here is the list of advantages of a couple term insurance policy as to why it is trending.
- A couple term insurance policy covers both husband and wife, though it has similar terms and conditions as of regular life insurance term plans.
- As the insurance cover is joint, it becomes easy to keep track of the payments and receivables.
- Joint term insurance plans are much more affordable than separate policies, as the premium is divided among both the partners.
- In some cases, additional benefits of regular income are to the surviving partner, in addition to the death benefits.
- The premiums and the policy benefits are exempted from tax deductions under Section 80C and Section 10(10D) of the Income Tax Act.
Things to consider before buying term insurance for couples
- Though the policy is for couples, only one death benefit is paid under the policy, and paid to the spouse of the deceased. In case of the death of both husband and wife in an unforeseen event, the claim for only one demise will be considered.
- Even the best suitable term insurance plan for a couple never allows selecting the sum assured as per individual needs. The amount needs to be decided mutually.
- If the couple chooses to get a divorce or be separate, the couple term life insurance policy converts into the regular plan. Here, the premium needs to be paid entirely to avail benefits under the policy. If one partner rejects to pay the premium, the policy tenure lapses until the other partner pays it.
To conclude, couple term insurance is the perfectly suitable choice if you wish to safeguard your spouse’s future along with yours.