All your doubts can be cleared in this Q & A on Term Insurance
A small Q & A on Term Insurance What is Term Insurance? Term insurance is a legal agreement between the insured (you) and the insurer (insurance companies) where death benefit is provided to the nominee if the life insured dies during policy tenure. Normally a term insurance provides a substantial life insurance cover at an affordable premium. Why is term insurance important? -A term insurance provides substantial life insurance cover at an affordable premium -The sum assured helps your family members to live the same standard of living in your absence. -It gives you peace of mind by ensuring your family will have financial support even when you are not there. What are the benefits of term life insurance? -Term insurance plans provide a substantial life insurance cover at affordable premiums -Premium paid towards term insurance provides tax benefits under section 80C up to Rs. 1.5 lacs. -The sum assured your family receives is also tax free. How much cover should o...