Waiver Of Premium: Fill & Download for Free

A term life insurance is your best bet when you are a new entrant in the job market and have just tied the knot.Why Term Insurance?Term life insurance financially protects your family in case of your untimely death and caters to the requirements of all age groups. The important point to remember is to match the right plan with the right stage of your life.How Do You Get Started?You can do a lot of research online to get the process started. Friends and family will have suggestions in abundance for you.To start your journey in life insurance, you want a policy that saves tax and offers life coverage at an affordable premium.Is Age A Factor?Age is not a factor if you:· Have paid off all of your high-interest debts· Have built an emergency fund that covers you in case you lose employmentWhat Are the Benefits of a Term Life Insurance?These would be some of the benefits of a term life insurance plan:· A term life insurance is a pure death benefit plan.· It assures your loved ones of financial protection when you are not around.· It is an income replacement at an affordable rate in the event of your untimely demise.· It covers your beneficiaries for the duration of the policy without any changes in the premium.· You can add on riders such as Critical Illness, Accidental Death Benefit, Waiver of Premium and Return of Premium, etc.How Do You Plan Your Term Life Insurance at This Life Stage?As a first time term life insurance policyholder, you will have the capability to take on bigger risk appetite and opt to go with a higher sum assured policy. You have less liability and possibly a high spending pattern.At this life stage, you will be focussing on loan liabilities and possibly the birth of your first child since you have a job and also tied the knot. This classifies your financial responsibilities between mild and moderate.Term life insurance is a long term game with average policy duration between 5 and 40 years. Your cover will cease if you miss any premium payments during the term of the policy. Consider a tenure until your retirement where you have met all your life goals and have saved enough for your retirement too.Do Term Life Insurance Offer Any Flexibility and Customisation?In most cases, term life insurance offers you the flexibility to select the preferred premium amount and the life cover that appeals to your budget the most. Customization also includes deciding on premium payment terms such as a single or regular payment over the policy term.You can also choose the sum assured and the frequency of payments for the policy.Are There Any Tax Benefits at All?Term life insurance offers tax benefits where you can get deductions of up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961. Term life insurance on maturity is also tax-exempt under Section 10(10) D.Remember that term insurance has no investment component in it. It is the most affordable form of insurance that offers life cover.Check out some more questions answered by us:Which term plan is best suited for a 31 year old in India?What are the best term insurance policies for a 32-year-old in India?

I didn’t but my former father-in-law did and it pissed me off.When I met him, he was on disability as the result of heart disease. I met him in ’79 and he died around ‘86. He was bedridden the entire time I knew him. He had the foresight to buy life insurance and include the waiver of premium for disability benefit to take care of his wife, an immigrant with low earning power.With a whole life policy with the waiver of premium for disability, you can borrow the cash value and get almost as much out of the policy with a loan as you receive by surrendering the policy for cash.The effect is the death benefit is reduced by the amount of the loan, but at least his wife would have still received that when he died. But no, he surrendered it when the premiums were being paid by the waiver of premium benefit.Although he was dead when I found out what he’d done, I’m pretty sure he was regretting it.My husband and I paid for his funeral.

Best in terms of what is the first question?If your answer is lower premium, then that will differ company to company and you need to take a quote and see and decide.If your question is in terms of company?Then both are good companies to get yourself insured.If it's product comparison, for best term plan the combination is term which also offers additional benefits like say in HDFC Life, the best one to go for is 3D Life option, which provides waiver of premium if life assured becomes critically ill (34 illness covered under this option). 3D means Death, Disability and Disease, so in case of Disability also you get waiver of premium.Just compare if all this options are there and then decide, this is just a suggestion, you can also just go for plain vanilla term plan if premium is a concern.Hope this addresses your question, if any clarifications pending do put your questions in the comments below.By the way, let me first congratulate you for your decision to buy a Life Insurance policy, an upvote for you 👍😊