This is the only TIP you need while making your new year’s financial resolution

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This time of the year evokes mixed feelings about the previous year. While some look back with regrets and longing; others want to look forward to a great new year ahead.

Whichever club you’re in, changing your life for the better in 2018 is on everyone’s mind. Amongst all the contemplations and celebrations, financial planning should be on your agenda for the next year.

While many of you might have savings invested in SIPs (Systematic Investment Plans), an urgent need of funds can’t be fulfilled with these plans in case of an emergency.

A single life threatening incident can leave your family vulnerable and death can make all your financial planning go for a toss.

The solution to this problem can easily be solved with a Term Insurance Plan (TIP) and it is the one thing you shouldn’t miss out on for long-term financial security for you and your loved ones.

How does it work

A TIP will enable you to lead a worry-free life because it is the best income replacement tool and can help in the accomplishment of other financial goals even when the investor has expired. It is also a great way to save on your taxes.

Here’s how TIP along with a SIP is the perfect combination to secure future financial goals:

Affordable monthly premium

A lot of people are unsure about buying a Term Insurance Plan because the wrong assumption is that they will have to pay a heavy monthly premium.

Actually a Term Insurance Plan comes at nominal costs and offers great risk coverage. In fact, if you buy a term insurance plan when you’re starting your career, your premium will remain much lower, throughout.

The main reason why TIP along with a SIP is the best way to make the best out of your money is because both the plans yield great returns.

You can easily invest a chunk of 10 percent of your SIP investment on a term insurance and ensure a fairly good insurance amount for your loved ones. A Reference can be this table below:

Many TIPs are also beneficial to non-tobacco users and females and provide them with special premiums.

A high life insurance amount

Apart from securing the financial future of your loved ones, Term Insurance Plans also ensures that they do not suffer from the financial liabilities that you might have had.
This is made possible due to the high insurance amount that they provide. Term plans help meet the regular expenses of all your dependents, and they also repay outstanding loans and debts in your absence. A good insurance amount also helps if you have many dependents in your family that will need financial protection.

Enhanced protection

Personal tragedies can come in many forms like death, terminal illness, and disability and a TIP can help in all these instances by allowing you to boost your insurance cover by choosing comprehensive additional benefits.

A fool-proof protection for your family members can be ensured by powering up your term insurance and choosing protection over accidental death and critical illness.

Flexibility to design the death benefit payout

While you cannot experience the benefits of buying a TIP, your loved ones will be greatly secured and thankful because of it.

While they will be combating the trauma of losing a loved one, it will at least comforting that they are financially protected.

Term Insurance Plans also provide you with the flexibility to customize your death benefit in a way that meets your financial requirements.

Your beneficiaries have the option to avail the death benefit amount either as a lump sum or yearly payments.

Great Tax Benefits

Under the Section 80C of the Income Tax Act 1961, term insurance plans offer tax benefits of up to Rs 1.5 Lakh annually.

Buying a term insurance isn’t complicated at all and just like investing in an SIP, a term Insurance plan can be purchased online directly from the insurer's website.

You can even make sure that you check on the premium rates available in the market to take the best decision for yourself, while enjoying the convenience online.

This one wise step in the coming new year can be the safety financial belt for the rest of your life and even beyond.
Calculate your premium here:
Disclaimer: The quotes are indicative and TIL bears no legal liability for the calculation.

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