Every step needs to be taken with care and caution as many people are losing their lives and livelihoods on a daily basis. As per the recent reports, the virus has already affected as many as 48 million people resulting in 1.2 million Deaths1. In India alone, over 8 million people have been affected with over 1.2 lakh deaths occurring due to the COVID-19 virus2. The rhythm on which the whole world was functioning has suddenly been disturbed due to the speed at which the disease is spreading. No one knows when life is going to get back to normal or if this is the new normal. One has to struggle so much even to breathe in the open air.
As a result, the levels of stress and anxiety are increasing. In such a scenario, other health problems like cardiovascular diseases are bound to rise as well. The families which are most affected by this havoc created by COVID-19 are the ones who have lost their sole breadwinners. They have to not only deal with the grief of the loss of their loved ones but also with the financial pressure, which is increasing day-by-day. In such testing times, don’t you think that it is crucial for one to think of the ways to secure his or her family’s future?
In today's modern world where cut-throat competition prevails, making provision for the family’s basic needs is a pre-requisite. It is an important consideration to make for individuals whose entire family is completely dependent on their income. For such individuals, buying a term life insurance and health insurance policy is the best option.
By purchasing these two policies, one can ensure that the basic requirements of the family in his or her absence are easily met. The financial requirements for the daily expenses, as well as the education and marriage expenses of children can also be covered with the help of such insurance policies.
Why do you need term & health insurance in your portfolio?
Both term and health insurance have their separate set of benefits while being two of the most crucial insurance plans. Therefore, it’s important that you include both in your financial portfolio. While term insurance offers financial support to your nominated beneficiaries in case of your untimely demise, health insurance, on the other hand, is designed to cover any medical costs that you might have to incur in the case of hospitalization or accidents.
Let us understand these insurance policies in detail.
Benefits of Purchasing a Term Life Insurance Policy
While there are many life insurance products in the market, term insurance plans are among the simplest forms of low-cost options that suit the insurance needs of most individuals. Let us take a look at the benefits of purchasing term life insurance policy.
Term insurance policies are highly affordable. The premium of such a policy can be as low as 0.1 per cent of the total sum insured. Moreover, the premium of a term plan is fixed until the end of the plan. Therefore, by opting for a term insurance at a younger age, you can lock the premium of a good cover at a very affordable rate.
Another benefit of a term plan is the higher coverage it offers at the same premium as compared to other plans which give a relatively lower one.
Term insurance pay-outs can also serve as a source of income for the family members after the death of the policyholder who may have been the sole breadwinner. Therefore, by opting for a term insurance plan, you can leave enough money for your family so that they don’t need to go through any kind of financial hardship in your absence. The sum assured in a term insurance plan can be used to cover outstanding loans and liabilities as well, so that family members can be free of any financial hurdles in case the life assured is no longer around to pay these off.
Such plans can serve as a preferred choice for people who are going the family way as well as for individuals who are involved in risky professions. They are also recommended for those who have taken loans, as a term plan would ensure the burden of the EMIs will not fall on the dependents if something unfortunate happens to the policyholder.
One of the biggest benefits of term plans are the tax savings that come with it. According to the Income Tax Act, 1961, you can claim deductions on all your term insurance premium payments up to Rs 1.5 lakh per year.
Advantages of Purchasing a Health Insurance Policy
A term plan can cover expenses of the dependents in case of an unfortunate death of the policyholder. However, a term plan would not be very useful to cover the medical costs if the policyholder or others in the family fall sick and need hospitalisation. To protect your family from the rising costs of medical treatment, health insurance is also a crucial must have. Here are some of the benefits of a health insurance plan:
Having a health insurance policy would ensure that you get the best medical care without any strain on your finances, which is the primary purpose of such an insurance policy. In a world of high medical costs, health insurance plans can give you protection against inflation as they cover hospitalization expenses, day care procedures, domiciliary expenses, and ambulance charges, among others. Quality healthcare facility is what can make a huge difference in case of a medical emergency. By paying a small sum for health coverage, you ensure access to the best medical facility in the hour of need. You can quickly get an estimate of the health insurance premium that you need to pay to get yourself and your family covered by using a health insurance premium calculator.
By opting for a health plan, the policy holder can enjoy the benefit of a cashless claim thus freeing the family from the worry of arranging the money. The amount which is incurred as a result of medical care is settled between the medical care provider and the insurer.
These plans also come with tax benefits as the premium paid up to Rs 25,000 for buying health insurance for oneself and the family is exempt from Income Tax.
In summary, all health insurance premiums paid for not only you and your family but also your elderly parents make you eligible for income tax benefits under Section 80D of the Income Tax Act, 1961.
In these trying times, it is very important to consider purchasing these two insurance covers to secure oneself as well as his or her family. You can learn more about such policies and now buy them at a single place at Finserv MARKETS - a digital financial marketplace that offers a host of financial products and services that you can avail right from the comfort of your home. You can choose from a wide range of plans, top-up policies, and enjoy the ability to customize them based on your specific requirements. Moreover, thanks to its extensive coverage options, simple online buying process, and easy renewals, it is one of the leading facilitators of term insurance and health insurance policies in the country today.
What’s more? Now, you can also buy your term insurance and health insurance policies using the Finserv MARKETS app, which offers a host of additional benefits and features such as exclusive app-only rewards, 24x7 chatbot assistance, a wide variety of products and lastly, a name that you can trust!
So, why wait? Secure your family’s future, today!
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- The Indiaparenting Team
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