Do you know how important insurance is?  Today we will know what is Term Life Insurance?  Insurance is not just a wasteful expense but it is a life cover.  Yet only 3.7 percent of the people in India have insurance.

Meaning we can say that a large part of the population is without insurance cover.  That's why not buying insurance is injustice to loved ones.  And in this epidemic of corona, term insurance will be able to help your family financially.

So do not ignore the right term life insurance not only for yourself but for your family, but if you do not know about term life insurance, then today I will tell you what is term life insurance?

Friends, Term Insurance is in a way life insurance.  Meaning term insurance plan is a type of life insurance plan.  In case of unfortunate death of a person in an accident, the insurance company indemnifies his family during the period of insurance.  The Sum Assured chosen under the policy is payable as death benefit to the beneficiary or nominee on filing of a death claim with the insurance company, assuming the policy is paying premium.

Term Life Insurance is a one-fold life insurance. Term life insurance plan is a pure insurance cover.  It provides financial assistance and financial compensation to your loved ones in your absence if you die so that they can live their life easily.  Different plans are fixed in Term Life Insurance and on the basis of them, Term Life Insurance is available. Affordability is an essential aspect of a term insurance plan.  Under a term insurance plan, one can get a higher coverage amount at the most affordable premium price.

Term life insurance plan is a great pure protection plan that provides death benefit on the death of the life insured during the policy term, no maturity benefit is paid on survival till the completion of the policy term.

To take a Term Life Insurance Plan, first of all understand the basis of your income and on the basis of that decide to take insurance cover.  Because the income can be more or less, so choose Term Life Insurance Plan on the same basis.  According to many experts, one should have life insurance of 15-20 times the income and the cover can also be decided according to the age.

If you are below 30 years of age then take a cover of 25 to 30 times of the income, if you are between 30-45 years then 15-20 times of the income and if you are above 45 years then take a cover of 10 times of the income.  Also it is important to keep in mind how many people depend on your income.

Also, term plans purchased at an early age offer lower premium rates.  Let us tell you that it is wise to buy term life insurance early.  At an early age, you will be able to lock in the insurance at a cheaper premium.  Younger people have lower premiums.  The premium once paid will always be fixed.  Therefore, the sooner you buy term insurance, the more benefits you will be in.

Yes, you can buy online term life insurance because the premiums of online term life insurance plans are economical.

There are many types of term life insurance plans available online and you or anyone can take advantage of low premium online, because online you do not need to pay commission to any agents or middlemen.

This makes term insurance plans the cheapest and most economical form of life insurance.  In addition, insurance companies also offer premium plans of varying prices for women and non-smokers which further reduce the premium cost.  If you take a bigger plan of sum insured then the company provides you additional discount.  It also helps you to get tax benefits under Section 80C of the Income Tax Act of the land.