By Sanjib Jha, CEO and ED of Coverfox Group
Diwali is the festival of togetherness and celebration. Our entire country celebrates it in their own regional and religious ways; however, one thing stays common for all i.e. the gifting ceremony. Diwali is the time to express gratitude and care towards your loved ones, exchanging gifts and spending time together. This Diwali, try something different and give your loved ones the protection of a term insurance policy. We are already on a spending spree buying new clothes, jewelry, gifts, etc., so why not set aside a few thousands for your family’s future.
When you buy term insurance for yourself, you are directly safeguarding the financial security and future of your family, be it your parents, spouse, or children.
One and many benefits of Term Insurance:
Term insurance will provide your family with immediate financial support in case of an unforeseen demise. Not just short-term needs, but also long-term requirements such as education of your children, medical treatment of elders at home or any liabilities will be taken care of.
Covers your financial liabilities
You may have loans or EMIs to pay and an unfortunate incident can lead to a situation where these liabilities will have to be borne by your family members. Term insurance policy will provide your family with financial stability to be able to pay these loans by either opting for total lump sum or monthly payout along with lump sum payout option.
Additional Riders for protecting against the unforeseen
Term insurance policy allows one to add additional riders at nominal extra premiums. Term insurance riders are additions or attachments that will provide you with extra coverage and increase the usefulness of the policy, protecting you against many odds.
Certain plans offer critical illness riders, protecting you against medical emergencies of such kind.
Tax benefits under section 80C
Term insurance plans also offer tax advantages. While the premium you pay for a term insurance plan is tax deductible, the payouts are also tax exempt under current tax laws.
Furthermore, you must buy health insurance for all your family members so as to protect their well-being by ensuring they are covered for any emergency situations. There is no better gift than protecting and securing the future of your loved ones, and what better time than Diwali to show them the importance they hold.