Leave the expensive home appliances and new mobile
phones – get your family the greatest gift ever, a term insurance plan.
Whenever we think of celebrating a
milestone or gifting a special someone, we often think of buying big, expensive
presents. While that is a great thought, the impact of that gift is only
short-lived. After all, how long can one revel in the thought of a new mobile
phone or a TV set?
But some gifts have a much more enduring
value. They have a permanent good effect and they can be veritable life savers.
We are referring, of course, to buying a term plan.
The
best present this season – a term insurance plan
Your family may initially be puzzled if you
whip out a term insurance policy document and say ‘Surprise!’ But a few minutes
of explanation will help them realise the value of your decision to buy
a term plan. If you are unsure of how to explain it to them, allow us to
give you a few pointers:
- A term plan is an insurance policy that has a high sum assured and a low premium payment.
- It pays a substantial amount of money on termination. Hence, even if you are absent from your family’s world in the future, the term plan money can pay all their expenses and also for such things as children’s education, house maintenance costs and also repay loans.
- The term insurance nominees get the entire sum assured on termination of the plan, based on the pay-out option you choose.
- Once the plan tenure ends, the plan is terminated even if the policy holder outlives the plan.
How to
buy term plans online
All reputed insurers today encourage
prospective clients to buy term plans online. The applicant must fill out an
online form, use the term plan premium calculator to find the best combination
between sum assured and premium payable, and proceed to pay for the plan. Once
the first premium is paid and processed, the term plan is deemed purchased.
Buying a term plan online also results in
cheaper premiums. The premiums can be paid online every year and the insurer
sends a reminder about due dates.
The premiums paid for the term plans are
liable for tax benefits under Sec 80C of the Income Tax Act, 1961.
And
so, it makes the best gift this season…
What would you rather choose – a gift that
gives your loved ones momentary happiness, or a gift that protects their future
with a substantial sum of money? We bet it is the latter option – after all,
wouldn’t you want somebody to watch over your family when you are no longer
around to protect them?
A term plan is that protector!
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