Who Should Buy a Term
Insurance Plan?

Life Insurance premium amount is more affordable if you buy at a younger age. Also, buying term insurance at a younger age also ensures that you can provide insurance coverage to your family at the earliest and for a greater number of years. Ideally, you should buy term insurance online as early as possible.

The parents in a family, or at least one of them, are generally active earning members. Hence, the income they generate fulfils the needs of the rest of the family, including the educational needs of the children. Without life insurance for parents, the demise or disability of any parent could mean a loss of income, and this becomes even more difficult if something happens to the only earning member. Therefore, life insurance for parents in India is important.

If you are just married, apart from yourself, you also need to consider the safety and security of your spouse. Newly married couples may invest in a new house or a car for their convenience and jointly pay for the same in EMIs. However, in case of any eventuality, the burden of the expenses will have to be borne by one partner. A term life insurance for couples can take care of such financial liabilities when needed.

Working women have responsibilities like looking after their family or old parents, managing their own expenses, making investments, planning a new business venture, their wedding, etc. In the absence of the woman, the sum assured of a term plan can effectively enable the bereaved family to take care of the financial responsibilities. Therefore, life insurance for women is a necessity.

If you are looking for ways to save some money on your taxes, then a term plan does more than just protect your family. You can avail of a term insurance tax~ benefit as per the applicable tax~ laws. And when your family receives the death benefit, the sum assured amount will be exempt from tax. 

Self-employed individuals run their own businesses and may have to fund these ventures through their savings and some loans. However, in case of a tragic event, the individual’s family will be burdened with unpaid loans and may not have any savings to fall back on. This policy can also cover life insurance for the unemployed members of the family.

As an investor, you need to pay regular monthly amounts of money towards your market linked investments. These investments grow over a period of time and can be used for various purposes in the future. However, if something happens to you, these investments, will stop. If you buy an online term insurance plan, your family’s financial future will be secured for years.

Term insurance for a retired person can be beneficial, especially if they have dependent family members. In their absence, the sum assured from the term plan can take care of their family’s financial needs. The term policy benefits are also like an inheritance that the retiree leaves behind. Moreover, the family need not be burdened with tax~ obligations as the sum assured of a term plan is exempt from taxes as per applicable tax laws.