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If you are currently responsible for taking care of your family’s finances, chances are you have concerns about their future as well. You may be doing your best to ensure your loved ones’ present needs are met. However, what about the day when you may not be around to support them? A solid, well-designed term insurance plan can take care of the financial matters in such a situation.
The IndiaFirst Life Elite Term Plan is designed to give your family the financial protection it deserves in your absence. With its extensive features, clear coverage, and accessible approach, the IndiaFirst Life Elite Term Plan is an essential addition to your family’s financial planning portfolio.
Why Add the IndiaFirst Life Elite Term Plan to Your Family’s Financial Planning
The Elite Term Plan from IndiaFirst Life comes with a host of useful features:
- Long-term Life Coverage
A distinguishing feature of this life insurance plan is that it offers lifetime protection: the life insured is covered till they are 99 years of age. The life insured can pass their working years as well as their post-retirement years with the assurance that, if an unfortunate event were to happen, their loved ones will still be financially stable.
- Affordable Coverage
Term insurance policies tend to be more affordable than other types of life insurance. This is because term policies, like the IndiaFirst Life Elite Term Plan, are pure-risk plans, i.e., they only cover risks to the insured’s life. So, you can enjoy a higher sum-assured plan, like ₹1 crore term insurance, at an affordable premium. This leaves enough monetary room for other financial plans for your family.
- Various Premium Payment Modes
Taking on the financial responsibility for multiple people can be challenging. You may not always have the funds to pay the term insurance premium at the end of the year. With the IndiaFirst Life Elite Term Plan, you can choose to pay the premiums every month, every quarter, or on a half-yearly or yearly basis. Thanks to this flexibility, you can choose a premium payment mode that suits your income flow and budget needs.
- Flexibility in the Sum Assured Payout
Another way the term insurance allows you to curate it as per your needs is in the payout aspect. You can choose to receive the life insurance payout in a lump sum or in level monthly instalments over a period of five years, depending on your family’s needs.
- Tax Benefits**
The higher your tax savings, the more funds you have to spend on your family’s financial needs. By opting for a term insurance plan like the IndiaFirst Life Elite Term Plan, you can enjoy tax benefits under Section 80C of the Income Tax Act. As per this Section, the premiums paid towards a life insurance policy are eligible for tax deductions up to ₹1.5 lakhs. You can enjoy this tax benefit only under the old tax regime.
In addition, the life insurance payout received by the nominee/s is also eligible for tax exemption, under Section 10 (10D) of the Act, subject to terms and conditions. Both these benefits can help you and your loved ones reduce their tax outgo.
- Easy to Understand and Buy
The IndiaFirst Life Elite Term Plan is a comparatively easy plan to understand and opt for. As it is a pure-risk term insurance plan, there are no savings or investment components attached to it. You choose a sum assured amount, based on which you are quoted a premium. As long as you pay the premiums, your life insurance coverage stays active. In case the life insured passes away, the nominee receives the sum assured payout. The policy ceases to be active once the sum assured is fully paid out.
If the IndiaFirst Life Elite Term Plan seems like the right life insurance policy, you can buy it online on the IndiaFirst website. Simply enter your details, choose your life cover amount, make the initial premium payment, and receive the policy. Getting covered is as easy as that.
Note: Your final term insurance premium will be determined on several other factors, along with the sum assured amount. These factors include your age, gender, lifestyle aspects (e.g. whether you smoke), residential location, the chosen premium payment mode, and more.
- No Cap on Maximum Sum Assured
The IndiaFirst Life Elite Term Plan allows you to choose a high sum assured as per your family’s needs. You can choose a high-coverage plan, like a ₹1 crore term insurance plan, to ensure your family’s needs as well as wants are met. The maximum sum assured you can select is subject to the company’s underwriting policies. Note that the minimum sum assured for this term insurance plan is ₹50 lakhs.
To sum up, the IndiaFirst Life Elite Term Plan is a well-designed and simple-to-understand term insurance policy. It is an ideal option for those who want to secure their family’s future at an affordable cost. Whether you are looking for a policy with flexible payout options or a 1 crore term insurance plan, the IndiaFirst Life Elite Term Plan can be the right choice.
** Tax exemptions are as per applicable tax laws from time to time.
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