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    Is Term Insurance Good?

    Is term insurance good for you

    Is Term Insurance Good?


    June 10, 2020

    By : Bajaj Allianz Life

    Yes, absolutely. Term insurance plans are good and worth every penny you spend. Whether you are the sole provider in the family or have an earning spouse, having the protection of term life insurance makes complete sense. Imagine your family having to live on half of what you earn or worse without any regular monthly income. Life can take an unexpected turn any moment and your family’s quality of life can suffer without the protection of term life insurance. Decrease in the level of income can negatively impact their lifestyle and completely derail the life goals you have set for them.

    However, you can shield them from every challenge that life throws at them with a robust and adequate term insurance plan. So, is term insurance good? You know now it certainly is good.


    What is term insurance?


    Term insurance is a pure form of insurance that provides death benefit to the nominee in case the life assured dies. It acts as a financial cushion for your family to fall back on if there was anything to happen to you. Today, few term life insurance plans provide coverage for as long as 99 years of age. Premiums for term life insurance are cost effective which allows you to get a higher coverage (sum assured) by paying a nominal premium. The earlier you start, the lesser will be your premium. Your health conditions play an important role in determining your premium, hence it is better to invest at an early age as you are less prone to diseases when you are younger.

    Generally, term insurance plans don’t provide maturity benefit if the policyholder survives the policy term. However, now you can also buy term insurance plans that provide a return of premium on maturity.


    Term Life Insurance – Features & Benefits


    1. Cost effective

    When you buy a term plan in your 20’s, you pay a lower premium for a cover worth 50 lakhs. If you decide to take a similar plan in your late 40’s or 50’s, the same term insurance plan would become costlier.

    Hence if you decide to take a term plan at a younger age when you are healthier it turns out to be a cost effective option which further ensures that your mind is at peace and your loved ones are secured.

    So, if someone asks you: Is term insurance good for me? You should answer, definitely yes! Term insurance is good for anyone who loves their family and wishes to secure them.

    2. Flexible benefit pay-out options

    With new-age term insurance plans, your family members are not bound to receive the death benefit pay-out as lump sum. In fact, they can opt for receiving the pay-out both as lump sum and/ or as monthly income. This ensures that your family can receive regular monthly income in your absence apart from a substantial amount to meet their life goals.

    In certain plans, your nominee also gets the freedom to choose for a fixed monthly pay-out or increasing monthly pay-out where the pay-out increases by a certain percentage every year.

    3. Ability to increase coverage at major life stages

    Some plans also offer another feature which is that you get the flexibility to enhance the coverage at certain important and pre-defined life stages. For example – if your life coverage was Rs. 1 crore before marriage, you can increase the sum assured by a certain percentage on marriage.

    4. Tax benefits

    Term life insurance also provides tax benefits to individuals but your aim shouldn’t be to buy term insurance to save taxes.

    Irrespective of that, term life insurance does provide tax benefits to policyholders. Under Section 80C of the Income Tax act, 1961, you can be eligible for deductions up to Rs. 1.5 lakh per annum on premiums paid subject to provisions stated therein. Additionally, under Section 10(10D) of the Income Tax Act, 1961, maturity benefit, surrender or death benefit of term life insurance will be exempt from income tax, subject to fulfilment of product terms and conditions. The aforesaid term insurance tax benefits are subjects to changes in Income Tax Act, 1961, as amended from time to time.

    5. Enhanced protection

    Term plans also allow you to enhance protection for yourself and your family with riders such as accidental death benefit, permanent disability benefit, critical illness cover and waiver of premium benefit rider.


    Finally, to answer that question again, ‘Is term insurance good?’ Yes. It’s not only good but is indispensable for your family’s financial security and your peace of mind.

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