Individual
Why Term Insurance is Important?
Term insurance is important because it helps protect your family’s financial future if something happens to you during the policy term. In many Indian households, one earning member supports several responsibilities at the same time: monthly expenses, rent or home loan EMIs, children’s education, parents’ healthcare, and long-term family goals.
If that income suddenly stops, the family may struggle to maintain financial stability. In detail, here’s why it’s important to buy term insurance:
1. Ensures your family’s future is safe
If you’re the sole breadwinner of your family, your sudden absence can lead to a financial void. With term insurance, your nominee gets a death benefit, which eventually helps them cover daily expenses, rent, education, etc.
2. Coverage you can afford
As compared to other life insurance policies, term insurance is quite affordable for common man and it’s simple to understand too. You can get a high coverage amount like 1 cr or 2 cr for relatively low premiums.
3. You live with peace of mind
When you know your family is financially protected, you can be at peace. You can focus on your career and other important life goals without constant worry.
4. Encourages disciplined financial planning
Buying term insurance is often the first step toward building a solid financial plan, along with savings and investments. In order to build your wealth, it’s important that you begin with protection.
5. Tax benefits
If you opt for the old tax regime and fulfil the applicable conditions, premiums paid towards an eligible life insurance policy may qualify for a deduction under Section 80C, within the overall limit of ₹1.5 lakh. Life insurance proceeds may also qualify for exemption under Section 10(10D), subject to the applicable conditions and exceptions under the Income Tax Act.
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