Term Insurance - A Wise Investment Option Or An Expense?
Every individual has a different perspective on investments. An investment strategy is different for people and is based on their financial objectives. However, it is essential to know the difference between investments and expenses. Investments are nothing but an additional expenditure that allows you to secure your financial future; whereas, expenses do not provide any future gains. Understanding this difference will help you buy the correct term insurance plan. What Is Term Insurance? The term insurance plan is nothing but an insurance plan that provides coverage to the beneficiaries of the policy for a specific term. In case your (the policyholder’s) sudden dismissal during the policy term, a death benefit is paid to the beneficiaries of the policy. Term insurance plans are one of the most basic and affordable insurance options available in the market. They tend to be more flexible in nature and are cost-effective. You can also claim income tax deductions for the premiums paid un