Five things to avoid when you buy term plans
Posted by Jessy Jose on May 2nd, 2018
A term insurance plan is the best way to insure your life. This is simplest form of insurance. In this type of insurance, the policyholder pays a premium for a set number of years. If the policyholder does not survive the term of the insurance, their nominee receives a lump sum payment. If the policyholder survives the term of the insurance, they are not entitled to receive any benefits.
If you buy term insurance, you are entitled to tax benefits as well. Life insurance is a great tax savings tool and you can claim deductions on it through a number of sections in the Income Tax Act. So not only is this a great insurance policy but it’s also a great tax saving tool.
If the policyholder survives the term of the insurance, they are not entitled to receive any benefits. It is very important that you know all the terms and policies of a term plan before you opt into it.
When you buy term insurance, there are certain things that you should always avoid. Here are some of them.
About the AuthorJessy Jose
Joined: November 29th, 2017
Articles Posted: 16
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