Ideal Features of a Suitable Term Plan - Act Now for A Stress-Free Future
Term plans are important to mitigate the risks of financial crisis, which may come anytime in life. It can be great support when the times are tough and cash is low. If the policyholder is the breadwinner of the family, then having a term plan should be on the top of the priority list. Because, their demise can break the family, emotionally and financially. This article discusses four reasons why an investor should apply for a term plan right now
Younger you are, lesser the premium!
Generally, thereâ€™s a lesser chance to have any sort of disease during younger age. But, as the age increases, immunity goes down and one becomes more prone to acquire diseases. People with standard 9 to 6 jobs often fail to keep themselves fit. So, when so many factors are there, it will be smart to invest in a term plan and save significant amount of premium on the policy taken.
Give your loved ones a secured future!
Money cannot replace any person or cannot achieve an upper hand over emotions. But, it can solve a lot of financial needs like daily expenditure, education and marriage expenses etc. If the policyholder is making a contribution or is the sole earner, term plan is very essential and they should invest in one. It can manage the financial needs of the family in case of death of the policyholder.
Live a happy, stress free life!
An investor can never predict the financial needs because emergencies can come anytime. So, what can be done? One can always prepare for those emergencies or any other known needs from now on. Investing in a term plan can be fruitful in the long run. One can increase or decrease the cover as per needs and demands. It can help in higher education, marriage and other such thing. It can be a financial partner during emergencies or at the time of life transitions.
The feeling of saving the hard earned money is great and when that saving comes from reducing taxes, then the joy is endless! Term plans can help the policyholder to save taxes under the Income Tax Act1, and make your future secure at the same time.
Term is the simplest form of an insurance policy available in the market. Just google the term plans offered by different companies, compare and choose the one that goes in sync with your needs! HDFC Life Click 2 Protect 3D Plus offers multiple options and riders so that you can choose the option/combination best suited for your needs.
1 Tax Benefits are governed by prevailing tax laws. You are requested to consult your tax advisor
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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