When we’re small, our mothers work hard to ensure we do not come in harm’s way. They sacrifice a lot to make sure we get to grow up safely and live out our dreams. So while we can purchase an online term plan to ensure our families are protected if something happens to us, we have to protect our parents from unprecedented dangers.
Purchasing term insurance for your mother can be quite beneficial for them. With a suitable term insurance plan for your mother, you get to ensure your mother is protected from different instances. Along with this, you must also learn about the reasons why you should get a term insurance plan for your mother.
Reasons Why You Should Get a Term Policy For Your Mother
Given below are some reasons why you should get a term plan for your mother:
- Cost-effective: Term insurance policies are one of the most affordable life insurance plans available in the market. They provide a high amount of coverage at low premium rates. You can get decent coverage at an extremely affordable cost with term insurance plans.
- Monthly earning: A term insurance plan offers the ability to get monthly income for a specific tenure in case of the policyholder’s death. Monthly income can be availed along with a lump-sum payout to cover household expenses.
- Financial security: By opting for a term plan for your mother, you take steps to protect your family’s future. This way, you can secure the family if something happens to your mother. In addition, with a suitable term insurance plan, you can ensure your loved ones do not face any financial hardships in the absence of your mother.
- Renewal: You get the flexibility to renew the plan as per your needs and requirements. Even if you are not present, your mother can renew the policy online in a few simple steps. Therefore, renewing the policy will not involve any complex procedures or difficulties.
- Availability: As discussed above, purchasing term insurance plans are quite easy these days. Most insurers like Tata AIA offer online term insurance in India. This way, you can purchase the Tata AIA term policy from the comfort of your home.
You can purchase the policy from the insurer’s physical branch as well. However, you must ensure you keep the policy active to ensure your mother stays protected.
- Riders: Riders are additions that allow you to improve the term policy’s coverage. Your mother can get coverage for specific situations without any issues with riders. For instance, the critical illness benefit rider will offer you additional coverage in the form of a lump sum payout if your mother is diagnosed with a critical illness.
- Tax benefit: As per Section 80C of the Income Tax Act, you get a tax deduction of up to ₹1.5 lakhs on the premiums you have paid against the term insurance plan. In addition, the death benefit obtained through the term insurance policy is also eligible for tax benefits.
- Discounts: Certain insurers offer various discounts or offer lower premiums on term insurance plans for women.
Why is Term Insurance Cheaper for Women?
As per a study, it was noted that women live longer than men. This is why insurers offer affordable premium rates to women compared to men. If someone lives for a long time, the premium payment tenure will be long. Also, it will make the individual less risky for the insurer.
Along with this, health also plays a crucial role when calculating the premium amount. For example, women tend to live a healthier lifestyle than men making them less susceptible to certain diseases. As per these insights, insurers have set the premium rate low for women.
A term insurance plan for your mother will protect your loved ones from unfortunate events. Gifting your mother with a term insurance plan is an effective way to show your love for all the sacrifices and hard work she has done to protect you and raise you. Along with this, you will be at peace knowing that your mother is protected.