Best Term Insurance Plan for Young Professionals
It is an important necessity for young professionals because it provides a protection against uncertainty that there is no need to buy life cover and many people may think to add up the cost at a young age as they are young and healthy. It is uncertain and anything can happen in case of unforeseen incidents and due to sudden loss of income dependants in your family it can be financially. During such a situation term insurance works as a safety net in such a situation that will protect your family. To take care of childrens and their cost of education and be assured with the sum to be paid and day-to-day expenses term insurance is the best option.
Term Insurance Plan: The purest form and simple way to understand the life insurance is that it is an agreement between the policyholder and person insuring or insurance company to pay an sum of amount in case of death of policyholder to the beneficiary so that they can overcome the other loss that was suffered to lessen some burden. At the end of the term there are no maturity benefits or survival. The premium that you pay is for lifetime and in case you survive the term insurance is for protection of life.
Lets understand its various importance:
- Fields such as education, healthcare etc are no longer associated with age and the treatment cost is high as the disease according to lifestyle has become more common. In case you cover critical health issues to protect your family it is important to avail of the term insurance with the riders.
- If there is any type of uncertainty that makes happen to you there is no need to buy life cover you can just be assured with the term insurance at a young age. If you are thinking about a family then it is the best option as when you want to plan for a child you will look forward to his or her studies.
- For fulfilling your dreams it is quite common to purchase a home, car and much more as there is an outstanding loan to pay.
- For youngsters these term insurance are lower and as the age increases the chances of getting more health issues increases. With the increasing problems as a youngster one must purchase these term insurance that can safeguard one from the upcoming problem.
- At low cost high coverage: It provides high coverage at low cost and it is the biggest advantage of term insurance and it is for a relatively smaller premium amount. If you’re not around then also you can be secured and ensure that your family members will be supported financially. Term insurance is the best fit for those who seek maximum protection at a minimal cost.
- Benefits of Tax: It makes it a more appealing choice as term insurance provides attractive benefits regarding tax. For tax deductions the premiums paid for a term insurance policy under Section 80C of the income tax Act.
- Claims process easily: It provides hassle-free term insurance in the event of the policyholder’s. To the nominees the insurance company disburses the sum assured quickly and it ensures that the family doesn’t face any distress regarding finance. It requires minimal documentation to file a claim and disburse the death benefits to the nominee and simplify the online claim for easy and quick approval.
The reason why one must buy the term insurance at a young age is that you can have a secured life. Now-a-days there is a new-age plan that has intentions for those who don’t want to lose money. If you are a young professional and don’t want to lose money then you can opt for such options. The premiums in this case are returned to you but taxes are excluded when the policy is matured.
Best Term Insurance Plan for Young Professionals are as follows:
ICICI iProtect Smart Term Insurance Plan: This plan include some of the feature that one must know before applying like: the tenure of the policy is between 5 to 40 years approximately, and maximum age for maturity is 99 years and you can enter with the minimum age of 18 years and maximum at 65 years. There is no assured limit and even they have a list of 34 critical illnesses if you fall in those categories then there is an optional rider also there. When we talk about the ICICI iProtect smart insurance plan they have levels divided into 4 levels : life plus, life, life and health and all in one.
SBI life eShield Term Insurance Plan: There are two plan options that are as follows like increasing cover benefit and level cover benefit and there should be a minimum entry age that is 18 years and maximum is 65 years and maturity age is 80 years. When we talk about the policy tenure that is between 5 years to 30 years. The minimum sum that is assured is rs 35 lakhs and there is no maximum limit.
HDFC Click 2 Protect Plus Term Insurance Policy: In this the minimum is 18 years and maximum age is 65 years and the maturity age is 85 years and it also doesn’t have any maximum sum assured limit. They have a minimum sum assured limit that is rs 10 lakhs. It has enormous offers that are 3D Life-long protection, Life long protection, Extra life option and return option etc.
The LIC premiums are higher in term plans because it is a trusted brand and as compared to private insurance companies they have higher charges. The factors that have the maximum impact on the assured sum should be taken in consideration.
Conclusion
It is an essential decision to take in the lifein the life of a youngof a young professional when there is a needis a need to buyto buy the term insurance because it can save money as well as takeas take into account theinto account the great difficulties. There are manyThere are many complicationscomplications that arisearise out with such term policy so before making a decisionmaking a decision one should make sure that they look towards each and every aspect that canthat can lead to a bad consequence.