Can you imagine your liabilities and responsibilities are taken care of even in your absence? No, right!? But, we are here to tell you that this is possible, especially when you opt for the best term insurance. The term insurance policy offers financial stability to your loved ones, in case of your sudden demise.
The online term plans allow you to take care of your investment in just a few clicks. Here are some more reasons why you should opt for online term insurance.
Apart from the operating from the convenience of your home, the online term plans allow you to manage your investment entirely. Given the nature of term plans, you can opt for the kind of premiums that you need. If your term insurance offers you one-time payment, then you can make that via the digital medium. Or, if you have to pay monthly premiums then, you can do that too without missing your due date of the payments. This will save you from stopping your term plan and curb all the deductions.
Operating and managing term insurance becomes very simple via the online medium. You can easily put on additional riders as and when you require them. You can also pause your plan without the hassle of paperwork. By nature, term plans are both – easy to comprehend and manage, and can be merged with savings too. It also offers risk cover while doing so.
One of the reasons why many opt for an online term plan is because of the tax benefits. Generally, the premium of a term plan is more. Hence, you get more term insurance tax benefit under Section 80C of the Income Tax Act of India. Once the maturity claim is paid, your term plan can also yield you a tax-free income. This income can be easily managed online by investing in various other tax schemes such as ELSS, PPF, etc.
Based on their overall pricing, it is easy to compare term plans. Structurally too, term plans are quite similar to each other and easy to understand.
You can even use a term plan calculator to compare your plan with the others that are available in the market. This way, you will not only ensure that you have the term insurance but also, customise your plan.