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Term Plan

Presenting the Bajaj Allianz iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Gaurav06
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Term Plan

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  1. Term Insurance

  2. Term Insurance Policy & Income Tax Law

  3. Generally, the investor takes out a Life Insurance Policy for getting a tax deduction as per section 80C of the Income-tax Act, 1961 with enhanced tax deduction uptoRs. 1,50,000 and also for taking care of the safety of the family in case of unfortunate tragedies happening at any point of time in life. Whenever a question arises of taking out Insurance Cover for self and family, care should be taken to ensure that Term Plan Life Insurance Policies are given top priority. 

  4. One of the most important reasons for going in for Term Plan Insurance Policy is that the charges payable for Life Insurance Cover is exceptionally very low, thus making Term Plan as the most economical way of taking out Life Insurance Policy. Under the concept of Term Plan the sum assured amount in respect of the Term Plan Insurance Policy is paid to the beneficiary in the event of unfortunate death of the person insured. As a result of taking out a Term Plan the family members of the person taking out such Term Plan will have no financial worries specially if the lone bread earner dies either in accident or illness or natural death. The Term Plan can be taken by way of single premium mode and also such Term Plan Policy can also be taken through the payment of premium regularly year after year.  Whenever a Term Plan Policy is planned to be taken, one should take care to ensure that comparative chart may be obtained from different insurance companies with reference to the yearly premium payable in respect of such Term Plan.  It may also be noted that there are certain companies which offer special concessions and reduction in the insurance premium on Term Plan specially when a person does not consume tobacco. 

  5. Likewise, other benefits are also available which go to cut down the premium payable under the Term Plan.  The Term Plan Policy can also be purchased online now a days.  Many insurance companies also provide for issuance of life cover for Term Plan of Life Insurance Policy even without a medical check.  However, it is always better to verify the full details and only then go in for taking out your Term Plan.  Generally speaking, if the person insured is of the age of 40 or less than 40, in that case Term Insurance Plan by many insurance companies are issued without a medical check.  It is recommended that persons after the age of 25 when they are in business or in job should go in for big amount of Life Insurance Policy in the concept of Term Plan.  In comparison with the traditional Endowment Insurance Policy the Term Life Insurance Plan is one of the simplest form of life insurance for a person which provides life coverage for a fixed period of time.  The amount of premium payable is also fixed in advance. 

  6. Thus, there is no question of any ambiguity.  Generally speaking, the minimum Term Plan Policy Term is for five years and the maximum period may be 25 years or may be more.  Hence, whenever you plan to take out a Term Insurance Policy, do take care to verify the salient features of Term Plans issued by different insurance companies.    Some of the insurance companies also provide for additional optional benefits with the Term Plan Policy like taking care of critical illness, accidental death or disability etc. etc. However, my personal recommendation is that whenever we are talking of Term Plan, the best for most of the investors would be to think of taking out a Vanila type of Term Plan namely plain and simple Life Insurance Policy should be chosen from the whole lot of various Term Plan Options available from the house of the insurance company. Source:http://www.moneycontrol.com/news/insurance/term-insurance-policyincome-tax-law_1191739.html?utm_source=ref_article

  7. Follow us on https://www.facebook.com/bajajallianzlifeinsuranceltd https://www.linkedin.com/company/bajaj-allianz-life-insurance-co-ltd- http://plus.google.com/+bajajallianz/posts https://twitter.com/bajajallianzLIC https://www.youtube.com/user/jiyobefikar https://instagram.com/bajajallianzlifeinsurance

  8. To know more on Term Insurance : https://www.bajajallianz.com/Corp/term-insurance/isecure-insurance-plan.jsp Thank You…!

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