5 reasons to buy a Term Insurance Plan

• High Life Insurance Amount

  Term insurance plans provide a high life insurance amount at affordable premium. For instance, with ICICI Pru iProtect Smart, you can get a Life Cover of 1 crore at a premium of just 490 per month. This premium rate is for 1 Crore life cover for a 25 year old healthy male for a policy term of 21 years with regular income payout option. The annual premium will be 5725 & the monthly premium will be 490. The premium amounts are inclusive of taxes.

• You can also get critical illnesses cover

  Besides protecting your family in your absence, new-age term Insurance plans like iProtect Smart can also provide cover against critical illnesses. By paying additional premium, you can get a lump sum pay-out on first diagnosis of a critical illness like heart attack, cancer, kidney failure, etc.

• You can also get accidental death cover

  You can get additional protection by attaching accidental death benefit to your term plan. With this benefit, your family will get a larger payout in case of your unfortunate demise due to an accident.

• Tax Benefits

  Term Insurance plans offer tax benefits on premiums paid under Section 80C. New-age Term plans with critical illness cover also offer additional tax benefits on premiums paid under Section 80D. You also get tax benefits under Section 10(10D) on the money that your family receives in case of an unfortunate event.

• Support In Case Of Disability

  In term life insurance plans like ICICI Pru iProtect Smart, the insurance company waives your future premiums in case of permanent disability due to an accident. This ensures that the life cover continues, even if you are unable to pay the premiums.