Reasons why you must take a term plan by the time you are 30
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By the time people reach the age of 30 most
ofare financially independent with a little family of their own, a nice vehicle and may be even a dream home.
But with this comes the added responsibility of taking care of the loved ones and giving them a secured life in case something happens to you.
We ought to be prepared for the unforeseen and get a Term Insurance plan before it's too late and thus be prepared for the unexpected when it comes to your family's your financial freedom.
Here is why it's preferable to get a Term Plan by the age of 30 -
1.It's most advisable:
Term Insurance plans helps you save money for your retirement and the earlier you start the larger stash of cash will be available to you in your later years. It will also cover the risk of death and provide financial coverage to your family in case of sudden death.
2.Low Premium for people who start investing early:
In our 30s we are healthy and far away from lifestyle diseases. Thus, chances of denial from Life Insurance companies is far less than compared to when you're 40. You also pay less premium as compared to what you will end up paying in your 40s.
3.Option of Locking in your premium:
Unlike other insurance plans term insurance plans have the option of locking the premium amount. Thus, your premium amount will not increase every year.
4.Best Income Tax Savings benefits:
One of the best advantages that term insurance gives you is that it gives you good Tax Benefits. So, people who are looking for ways save income tax, Term insurance is one of the best options.
So, don't forget to start early and invest in Term Insurance plans as soon as you can to minimise your risks and maximise your returns for the future.
Here are some term insurance plans to consider from HDFC which would not only give you good benefits, but also secure your family's future
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