Securing your family’s financial future is one of the most vital responsibilities of your life, so you cannot go wrong here. Investing in the right financial products is crucial to protect your family’s financial requirements when you are no longer around. It is a good habit to invest your hard-earned money with the ambition to build a substantial corpus. However, many people neglect the essential thing that can safeguard their families from the uncertainties of life. Therefore, purchasing life insurance should be the first thing on the list of your future financial plans. It is incredibly essential to invest in a term plan, especially if you are newly married, as you have an added responsibility on your shoulder.

A term insurance plan shields the financial interests of your loved ones in case of your absence. Therefore, by investing in a term plan, you are assuring that your family members do not have to face financial hardships when you are not there.

Let us understand why a term policy is essential if you newlyweds.

Ensures an additional source of income

Securing the family’s financial future is the biggest concern of a person who is the sole breadwinner of the family. One of the best things about the term plan is that it offers a high sum assured. If the policyholder dies within the policy tenure, the death benefit received by the family members is substantial for them to meet their financial goals and continue maintaining their lifestyle.

Offers high cover at an affordable premium

There is no other policy available in the market that can offer high life coverage at an economical premium. If you want to reap the benefits of low premiums, it is essential to start early as the premium rate increases with age. One of the benefits of investing early, ideally before your 30s, is that the premium will be locked through the rest of the tenure.

Keeps your worries at bay 

It is vital to invest in a term plan provided by a reputed insurer. Doing this will give you peace of mind, as you know that your family is protected financially even during your absence. The high sum assured of term insurance ensures that your family can maintain their lifestyle. It also helps to meet the financial goals of children, parents, and spouse. Therefore, the right term plan with the appropriate coverage can help you keep your worries about your family’s financial future at bay.

Offers tax deductions

The term insurance tax benefit is one of the reasons why people like investing in this plan. The premium paid towards the policy is tax-free under Section 80C of the Income Tax Act, 1961. The maximum permissible limit that can be deducted is capped at INR 1.5 lakh per annum. Besides this, the nominee’s death benefits are tax-free under section 10(10D).

Ease of buying

Buying a term plan is extremely simple, as you can easily purchase it online from your home. One of the significant advantages of buying an online term plan is convenience. You can easily compare the features, premiums, benefits, and terms and conditions of various policies, and buy the one that suits your needs.

Has a simple claim process

In the case of an untoward event, the claim settlement aspect is significant because the nominee should get the sum assured without any hassles. Therefore, it is essential to invest in a term plan from a trustworthy insurer who can honor the claim and has a quick claim settlement procedure.

Provides suitable riders

While buying term insurance, it is advisable that you purchase additional riders as per your requirements to increase the policy’s scope. There are various riders like accidental death benefit rider, an accidental disability rider, terminal illness rider, and waiver of premium rider, among others. Buying riders will allow you to utilize your term insurance plan in a better way. Besides this, you can reap the term insurance tax benefit here, as the premium paid towards riders are tax-exempt.

Now when you know the various benefits of investing in term insurance, make a wise decision and buy it as early as possible. Please do not put your family’s financial future in jeopardy; safeguard it by purchasing a term insurance plan.