Starting a Family? This Term Plan is Perfect for You

Bringing a new life into the world is probably the most magical thing to experience. At the same time, your responsibility increases a million times. Raising a child involves a lot of hard work and financial stability. Your little one depends entirely on you for everything. As life is unpredictable, it is your responsibility to create a backup for your family.

It is advisable to invest in a life insurance plan as soon as you start earning. Among the available insurance plans, a term policy is the purest form of life insurance available that will secure your family’s future, even in times when you are no longer around. You can easily buy an online or e term plan to protect your family’s finances.

We understand that it is hard to imagine the worst-case scenario when it comes to family; however, it is crucial to plan for life’s uncertainties. Making small contributions towards the premiums of an e term plan is nothing when compared to the financial security it will provide to your family in case of your untimely demise. Investing in life insurance plans will also keep you stress-free as you will be assured of your family’s security.

Here are some of the reasons why you should invest in an e term plan for your family:

• Security of Future Goals

You may be happy and content with your present financial situation; however, with inflation as a constant, you might have to struggle with your family’s future lifestyle. Moreover, an addition to your family can drastically affect your finances. Think about what will happen if you, the sole breadwinner of the family, face an unfortunate event.

Will your family be able to manage the household all by themselves? In such a case, an e term plan will provide for the lost income and let your child pursue his/her dreams without any hindrance.

• Pays Off Debt

The loss of the sole bread earner is taxing enough for your family; any unpaid debt would add to their problems. This is where an e term plan comes handy. The money your family will receive from the insurance can be used to pay off debts such as car loans and credit card balances as well. Therefore, an e term plan is an investment worth considering to protect your family’s future even after you.

• Tax Deduction

Buying an e term plan is a smart investment option as it not only secures your family’s future but also lets you save tax under Section 80C of the Income Tax Act, 1961. You can utilize these savings and may also invest in other child plans for extensive coverage for your newborn.

• Encourage savings

Investing in an e term plan will automatically facilitate systematic savings as you will allocate funds for the monthly/yearly premium. At the end of the policy term, you can reap the benefits of getting a lump sum payout that will result in a significant wealth corpus. An E term plan encourages savings by reducing your expenses in the long run.

• Peace of Mind

When you have a financial backup in terms of a life insurance policy, you can have complete peace of mind. A good e term plan will take care of all the needs of your family and ensure their secure future in your absence.With the rising medical costs; it has become imperative to have a comprehensive term life insurance. You can live peacefully knowing that all the needs of your family will be taken care of without having to compromise.

Choose the Right E Term Plan

Starting a family is a big decision. Therefore, you must also select a term policy carefully to protect your family’s lifestyle. An e term plan will ensure to maintain their lifestyle even after you. The sooner you buy life insurance, the more benefits you can get in terms of riders and coverage.

Determine your needs and your child’s future needs to ascertain the required coverage amount and choose the best e term plan for your family. Online term plans from reputable insurers such as Max Life Insurance offer policies at affordable premiums. For more extensive coverage, you can add additional riders such as critical illness benefit, or accidental death benefit to these plans.

Online purchase has made the process much simpler as you can buy a term plan in five easy steps ---- select your sum assured and term, add suitable riders, pay the premium, complete the proposal form and finally the medical tests. After all, we know that starting a family should be based on emotional factors, not a financially rational one. So, don’t wait and check out the best e-term plans to secure your family’s future financially now.