Young professionals have multiple priorities when they start their careers, and it is the same for you, no doubt. You will want to build your professional career, up-skill yourself, and, most importantly, look at growing your financial portfolio. Yet, something you shouldn’t neglect is finding the best term plans in India for your needs. This will help you financially secure your near and dear ones without any hassles.
Why Young Adults Should Consider Term Insurance Early?
Here are some reasons why you should get term insurance early on in life:
● Most insurers calculate their premiums depending on the customer’s health levels, lifestyle, and age. If you begin early, then the premium amount will be lower for comparatively higher coverage amounts. You can lock in the figure for the whole policy tenure as well. This helps you make a cost-effective decision for the long haul.
● You can get more coverage without burdening your wallet with hefty premium payments. If you are a newcomer, it is ideal since you can afford to opt for the best term plans in India without spending excessively on the investment.
● Your family members will be completely secure financially if something happens to you down the line. If you are not around, then they can use the funds to meet their costs, repay loans, etc. It will keep you at peace mentally, knowing that they will always be financially independent, even in case of your demise.
● There are tax deductions on premiums as per Section 80C (subject to a cap of ₹1.5 lakh annually). The sum assured will also come with tax exemptions under Section 10(10D), provided the annual premium does not exceed 10% of the sum assured.
Top Term Plans for Young Professionals
However, here are some of the best term plans in India, particularly tailored for those in their 20s, 30s and 40s:
● ICICI Prudential iProtect Smart: With its wide range of features, it offers coverage for 34+ critical illnesses and also ensures a standard life cover. Plus, the policy plan also offers flexible payout options that suit different preferences.
● LIC Tech Term Plan: Offered by one of the most trusted insurers, the LIC Tech Term Plan is a pure protection plan with Level Sum Assured and Increasing Sum Assured options.
● HDFC Life Click 2 Protect Life: With options tailored to your needs, this plan offers hefty coverage. ROP and critical illness riders are just a couple of the add-ons available with this plan.
● Max Life Smart Term Plan: With a return of premium features and a high claim settlement ratio (CSR), this plan from Max Life is the ideal choice for young policyholders all over India.
● SBI Life eShield: For young workers from any profession, this is an incredibly affordable choice with options for riders and add-ons.
Conclusion
Securing a term insurance policy early in life not only makes sound financial sense but also provides significant benefits. As a young person, the premium is the lowest, and you can opt for high coverage, making term insurance an important component of your financial planning.
Look into which term plans in India are best for you, and then choose a policy that matches both your personal goals and projected wealth status. As they say, the sooner you start, the greater the rewards. So, take the first step towards financial security today!
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
The information on this website is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or another qualified health provider with any questions regarding a medical condition or treatment. Never disregard professional medical advice or delay seeking it because of something you have read on this website.
Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
This article does not endorse or express the views of Qrius and/or its staff.
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