The festive season is a time for celebration and togetherness. In our country, people mark the start of the festive season with Baisakhi around January, stretching till Christmas in December. But the most celebrated months are from July to October. This period includes Eid, Ganesh Chaturti, Onam, Navaratri, Dussehra and Diwali, which is believed to be the most auspicious time to buy something new for yourself and your loved ones. Itâ€™s the time when you greet everyone around you with the exchange of good wishes & gifts. During this time you also ponder a lot, deciding upon what your loved ones wish for, and how to fulfil their wishes.
While being busy fulfilling the wish list of your loved ones- from buying a new house to a valuable gadget, the other thought which often gets overlooked is that: who will make their wishes come true if something goes wrong? Itâ€™s essential to think about securing your loved onesâ€™ dreams financially, the same way you think about what your loved ones wish for the festive season.
To ensure, your family is able to fulfil their dreams even in your absence; you should gift your family a financial plan which can provide them with a financial safety net. The plan must provide enough money to fulfil even the most ambitious dreams of your family. The dream of your kidsâ€™ to pursue education abroad, their marriage, or a house for your family. There are multiple financial products available in the market, but the best one amongst all of them is a term plan. It is the purest and most affordable form of life insurance. The plan provides financial protection to your loved ones in case something unfortunate takes place. My recommendation to you is to get a term plan from one of the most trusted companies, ICICI Prudential Life and gift a financially secure life to your family. A term insurance plan might sound like an odd choice for a gift, but let us take a look at some compelling reasons, why a term plan is the best gift for your family.
Why is a term plan the most valuable gift for your family this festive season?
It secures the dreams of your family: You always wish to fulfil the dreams of your family. However, in case of an unforeseen event, your loved ones will need a financial buffer. A term plan will ensure the finances, required for your kids to pursue their higher education. It will also provide your family financial backing, so that they can continue to afford a similar lifestyle even in your absences. Along with all the above, the plan will take care of all your liabilities without putting any burden on your family. With a term plan, you and your family can live a stress-free life.
It is pocket-friendly: Term plans provide high life cover at really affordable premiums. For e.g., the premium for Rs.1 Cr life cover could be as low as Rs.490 p.m. This will help to keep your budget intact without changing your financial planning. The best advantage is that the amount of the premiums remains fixed and doesnâ€™t change during the policy tenure.
Critical illness cover: The rapid rise in the cost of healthcare, combined with the rising incidence of terminal diseases, has become a pressing concern. To ensure comprehensive protection, a term plan provides you with a layer of an additional cover. ICICI Pru iProtect Smart covers over 34 critical illnesses, and you can get the claim amount just by submitting your first diagnosis report. This will help you keep your investments untouched, which you have saved for your familyâ€™sâ€™ future. With this benefit, you will always be sure of fulfilling the dreams of your family on time without draining away any of your savings.
Tax benefits: By buying a term plan, you can also save taxes. The premiums paid for a term insurance plan are eligible for income tax deduction under section 80C of the Income Tax Act, 1961. If you also have a critical illness cover, you are eligible for tax deduction under section 80D of the Income Tax Act, 1961. With saving more tax, you save more money, which will help you to invest more for your familiesâ€™ future goals. Along with the above tax benefits, the claim amount is also tax-free under section 10D of Income Tax Act, 1961.
Option for accidental cover: With ICICI Pru iProtect Smart, you get an option to add additional covers over the basic term plan. If you opt for the accidental cover, your family will get an additional payout in case of an accident leading to an unfortunate event.
Longer coverage: The average life expectancy in the country is rising with improvement in income levels and medical facilities. With more time to spend with your family, you can also protect them financially for a longer tenure. With ICICI Prudential Life, you get a coverage up to 99 years, in essence, protecting your loved onesâ€™ dreams for a longer period.
Multiple Mode of payments: With ICICI Pru iProtect Smart, you can pay your policy premiums at once or at regular intervals (monthly, half-yearly or yearly) for the entire policy term or a limited period. This helps you to plan a better future for your family, keeping in mind that the premium amount is always affordable and doesnâ€™t disturb your financial planning for your family.
Quick & easy claim settlement: Trusted companies like ICICI Prudential Life provides you with a quick 3 step claim settlement process with a claim settlement ratio of 98.6%. Along with this, they also settle life claims in just 1 day.
Multiple payout options: Term plans like ICICI Pru iProtect Smart gives you freedom to decide, how your family should get the claim money. You can decide between lump sum payment, regular (monthly or yearly) payment or a combination of both. The latter option can save your family from the hassle of managing and investing a large sum of money. It also helps your family to have a regular flow of income, in your absence.
With this, I can tell you that a term plan is the key to your familyâ€™s financial security. By bringing peace of mind to you, it also secures the future dreams of your family. In a nutshell, the most valuable gift this festive season for your loved ones is a term insurance plan.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius