Benefits of Buying Term Insurance at Early age
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5 Benefits Of Buying Term Insurance At A Young Age
Your family can use this money to pay for their regular expenses such as grocery bills, electricity bills, as well as other expenses, like your child’s education or wedding expenses, etc.
Term insurance can help safeguard your family from such loans/ liabilities. They can use the term insurance payout they will receive (if you pass away) to repay the outstanding loans/liabilities and get the burden of repayment off their chest.
It is a pure risk cover and is easier to understand compared to other types of life insurance plans that combine risk cover with savings/investments. Further, it is also among the most affordable types of life insurance. The premiums are reasonable, allowing you to select a policy with sufficient coverage for your family.
For example, the ABSLI DigiShield Plan will cost approximately ₹1,289 monthly (with tax) for a 30-year-old non-smoker male, cover of ₹1 Crore up to the age of 60 years.
Note: The premium figures are taken in September 2022.
Which Term Insurance To Buy?
If you’re looking to purchase term insurance, here are two term insurance plans you can consider buying -
Summing up!
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for Salaried Individuals¹
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/10/22-23/1937
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