Having a term insurance plan in early age will give benefits like longer protection, less waiting period and tax benefit along with financial protection.
Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer.
About Term Insurance Plan: Term Insurance is basically a life insurance product which is offered by an insurance company to provide financial coverage to the policy holder for a specific time period. If the insure person dies during the policy term, and then the death benefit will be paid by the company to the recipient. Term insurance plans are very much desired in the life insurance market and the great benefit is that these plans offer higher sum assured amounts at a very low premium rates. A sum money or death benefit is paid to the heir or nominee in case the policyholder dies during the period for which the policyholder is insured. The policyholder can also get various options to get improved protection; there are some term plans available in the market those give protection to the policyholder as cash payouts on diagnosis of critical illness.
A term insurance plan is necessary for everyone either the person has dependent family members or has pending debts to clear. It has high sum assured levels and also low premium rates that makes it an edge over other insurance plans in the market. The payout of this policy helps to keep secure the beneficiary of the life assured continues to lead the previous lifestyle even after the policyholder is no more. But before buying a term insurance cover, it is mandatory to take care of some elements to buy the best plan with best benefits.
The basic rule of buying a Term Insurance plan is to buy it as early as possible; the best time is the starting of earning period, it is best time as with lower age the health risk stays low and the premiums will cost less. Besides that, buying a term insurance plan in the early of earning life also help to save around 6% as premiums of a term insurance plan depends on the amount of risk a person brings with time. As time goes on and the person grows old with time the risk of getting affected by various disease gets higher; so it is better to enter in plan with a lower premium rate that will maintain the economical balance.
There are also some other benefits of buying a term insurance premium early: buying early a plan will help to plan spending money wisely and provide financial protection for a very long time. So when the person becomes old, he will get closer to the maturity period and spend his rest of the life without any tension. Having a term insurance also gives tax benefit such as there is a possibility of a huge amount of tax deduction under Section 80 (C) and (D).