Term insurance is a type of life insurance policy that provides coverage for a specified period or “term.”
If the insured individual passes away during the term, the insurance company pays out a death benefit to the designated beneficiaries. Term insurance is important for Indians because it offers financial protection to the insured’s family in the event of their untimely demise, ensuring that they are financially secure and can maintain their standard of living even in the absence of the primary breadwinner. It is an affordable and accessible way to safeguard one’s loved ones and provide peace of mind knowing that their future is secure.
10 Reasons Why Term Insurance is a Smart Investment
Financial Security: Term insurance provides a financial safety net for your family, ensuring that they are protected financially in the event of your untimely demise.
Affordability: Term insurance offers high coverage at a low cost, making it an affordable option for individuals looking to secure their family’s future without breaking the bank.
Income Replacement: Term insurance can replace lost income, helping your family maintain their standard of living and meet financial obligations such as mortgage payments and education expenses.
Flexibility: Term insurance policies offer flexibility in terms of coverage duration, allowing you to choose a policy term that aligns with your specific needs and financial goals.
Tax Benefits: Premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, providing additional savings on your tax liability.
Peace of Mind: Knowing that your loved ones will be financially secure in your absence can provide peace of mind and alleviate worries about their future well-being.
No Maturity Benefits: Term insurance is a pure protection plan with no maturity benefits, ensuring that you receive the maximum coverage for your premium payments.
Easy to Understand: Term insurance policies are straightforward to understand, with no complex investment components or hidden fees, making them accessible to everyone.
Customizable Coverage: Term insurance policies can be customized with add-on riders such as critical illness cover and accidental death benefit, providing comprehensive protection tailored to your needs.
Long-Term Financial Planning: Term insurance forms the foundation of a comprehensive financial plan, providing the security and stability needed to pursue long-term financial goals with confidence.
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Business insurance is essential for any company to protect itself from unforeseen mishaps. It can be a natural disaster, theft, employee illness or death, or any legal action.
Small business insurance is not common. But it is a very helpful tool for the thriving of the company. In today’s world insurance is rarely unused.
Why should small businesses get insurance?
The owner of a business is a leader that has to shelter all employees and the company. Insurance is a support to the owner. If exposure and risk management is not accessible by the owner, expert advice must be taken.
Small businesses need insurance to avoid external events from hampering growth. It includes protection from theft, liabilities, medical allowances,
As the company flourishes the type of business insurance best also changes.
Types Of Small Business Insurance
There are different types of business insurance in the market. Small businesses can opt for the same but for lower maturity values.
- Liability Insurance
This helps the company to settle legal debts. Upon a third-party liability or lawsuit claim, the owner has to pay a huge sum. With this cover, the insurance policy will compensate them.
It includes all types of liabilities including general, public, professional, and commercial.
Professional liability insurance is for issues arising out of negligence in providing services.
- Employee Insurance
It is a kind of insurance that covers the expenses of employee illness and death. If the company is sued by any employee the policy covers the expense. This is compulsory in some countries.
- Vehicle Insurance
Both for commercial and other transport damages insurance is a must. Vehicle insurance covers the damage in case of vehicle loss. For third-party liability, commercial vehicles need a compulsory vehicle insurance.
- Medical Insurance
They are relatively new options in this category. The medical cover given to employees assures them of protection against health problems. This is essential for providing the employee’s reassurance for paid leave in serious illness.
- Income Insurance
These help in paying a fixed amount upon any business interruption. After stalling due to any reason the matured sum helps restart the company. In case the business is not able to run after any downfall, an assured amount is credited to those covered.
- Property Insurance
Damages to the property owned by the company are covered in this. Any damage caused to property is paid off by this insurance.
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