What is Pure Term Insurance Plan

With the recent pandemic across the world, people have been suffering from a myriad of health issues. These also spurred many numbers of people to easily choose high-end life insurance plans. Buying the best life insurance plans is a great option for easily protecting loved ones against any kind of financial crisis after your demise. It is important to know ‘what is pure term insurance plan’ is along with the extensive financial coverage before availing of the policy.

Pure Term Insurance Plan

Term insurance is an amazing and affordable life insurance plan. These ensure your loved one is completely protected in the event of your death. Pure Term Insurance plan is Life coverage that is designed to offer better financial protection for the family of the insured person. The Pure Term Insurance will be covered in the event of the insured’s death. Buying the Pure Term Insurance plan is a fantastic option for easily providing more numbers of benefits

Features in Pure Term Insurance Plan

Pure term insurance plan is one of the efficient financial instruments preferred by many numbers of people. These could make a massive difference in the life of the dependent on the claim. Below are some of the features available in the pure term insurance plan

  • Policy Tenure: The Policy Tenure is the coverage tenure that covers after retirement or even a few years.
  • Return of Premium Option: You would be getting the premium paid when you survive the policy term. These would be extensively providing additional cushions in the later stages of life.
  • No Future Premiums: No Future Premiums or premium waiver is an amazing feature that allows the life cover to be continued even without any kind of premium payments. These can be processed only when you are diagnosed with a permanent disability due to an accident or critical illness.
  • Additional Cover for Disability: Normally, the Accidental disabilities could be affecting the earning capacity. When you opt for the add-on cover, then, you can easily save time by receiving an additional lump sum in the event of disability.
  • Child Care Benefit: Policy holder can easily choose the additional sum assured for the child until he or she attains 21 years old. You get an additional benefit for taking care of the child’s education in the event of your disability.

Benefits of investing in the Pure Term Insurance Plan

  • Secures You Financially: Pure Term Insurance Plan is one of the fantastic options for securing your family financially, even without any hassle. The plan ensures to easily support for the monetary requirements of the family. They are very helpful for the family to extensively achieve goals such as the child’s health expenses, education, marriage and many more.
    These are also suitable for maintaining the lifestyle even in unfavorable circumstances of life. Normally, the goal in life will vary from one person to another. It is essential to choose the coverage accordingly.
  • Get Income Tax Benefits:Pure term insurance premium lets you simply pay for the plan when you are eligible for the Tax benefits. These also involve with the Tax deductions on premiums. Based on Section 80 (C) of the Income Tax Act 1961, Premiums for the instance policy is tax exempted to about rupees 1.5 lakhs in a year. These are suitable for saving your money by getting Tax exemptions even without any hassle.
  • Convenient Premiums available: Pure Term Insurance Plan can also be easily bought along with the convenient premiums. Buying the pure term insurance plan at premium rates lets you easily get better returns. Many number of investors also receives the lucrative coverage in the most amazing premium rate. It will completely make the pure-term insurance plan the finest option.
  • Rider Options: Policyholders can easily enhance pure-term insurance plans using the rider’s attributes. You can easily get better coverage in the event of death due to accidents. Riders are completely optional and enabled with the Pure term insurance plan.

Many insurance providers are available in the market right now. You should choose a reliable insurance provider after doing thorough research. Before buying the pure term insurance plan, the Policyholders need to go through the available policies along with the requirements.

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