Reasons Why Women Invest in Online Term Life Insurance: The society we live in has come a long way in empowering women. The role of a woman at the workplace as well as at home has undoubtedly become significant. Women have proved to be independent.
Though many women meet their financial goals and obligations by themselves, achieving this goal and protecting the entire family financially may become challenging at times. During such times, a term insurance policy comes to the rescue.
Why Women Invest in Online Term Life Insurance
If you are a woman seeking to provide financial security to your family even in your absence, you may buy term insurance plan. Such a policy provides income to your family in case of an unfortunate event of death during the term of the plan. You may either purchase a plan through the insurance provider’s physical branch or through the Internet.
Following are five reasons why women may buy an online term life insurance.
Enjoy lower costs
Most insurance providers have an online portal that allows you to purchase a plan through the Internet. You may, therefore, invest in a term plan online and enjoy a high degree of flexibility and convenience. Besides, you may save the time required to travel to the branch. You may also seek comprehensive information through the Internet about various aspects of the policy, such as coverage offered, premium amount to be paid, and benefits of the plan, besides others. Lastly, availing of term insurance online results in lower costs as the providers pass on the benefits of reduced expenses to the customer.
Receive regular income
In case of a disability or occurrence of any event as per the provider’s terms and conditions, you may avail of regular payouts over the term of the policy. This ensures that you and your family are financially protected in the case of unforeseen circumstances. You may use this income to meet your financial obligations and household expenditures.
Meet your outstanding debts
Investing in a term plan is a must if you are the breadwinner of your family. In your absence, your loved ones will become liable to pay your outstanding debts, such as a loan, while fulfilling their needs at the same time.
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Fulfill your obligations
Women play numerous roles in the society. They provide protection for their children, nurse their aging parents or in-laws, and even actively support their family financially. In the case of your sudden demise, your family will be left to fund for themselves. Buying an insurance policy, however, will help your children meet their educational expenses and costs towards marriage. It will also help cover medical bills of your aging parents or in-laws. A term plan gives you peace of mind knowing that their needs will be taken care of. It provides a safety net for your children, family members with special needs, parents in need of caretaking, or any other dependent.
Avail of tax benefits
As per Section 80C of the Income Tax Act, 1961, premium made towards term insurance policies is eligible for tax benefits up to INR 1.5 lakh per annum. Additionally, maturity amount received by the nominee is free from tax under Section 10(10)D of the Income Tax Act. If you are a woman seeking tax benefits, you may invest in a term insurance plan.
Whether you are a working woman, single mother, or a homemaker, it is advisable to invest in a term insurance plan. You may buy it from an online platform, and enjoy the numerous benefits such a plan has to offer.
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