10 reasons to buy term life insurance in 2021

Term life insurance is one of the best insurance plans available in the market which provides you maximum life coverage at a very nominal premium. In this blog, we will discuss 10 reasons why you should choose term life insurance in 2021.

tern life insurances

Life Coverage

We all need life coverage in this age and time, it’s impossible to predict. We really don’t know what will happen to us in the next second. Let’s assume that you have a family and you are the only bread earner and if anything happens to you then who will look after your family and how they will survive?

In this case, only life insurance provides financial support to them and if you really care about your family then get term life insurance today!

Book a free appointment with us and we will guide you about the best term plans available in the market.

Low Premium

Term life insurance is the only insurance plan available in the market which provides you maximum life coverage at the lowest premium. If you are now 20 years old then you can get 1cr. Term plan with just Rs.500 per month.

Isn’t it cheap? For sure, anyone can afford this plan, and it’s way better than the Endowment plan. Why? Read next point…

No Returns

Unlike an endowment plan, you will not get any returns here. And then you will ask “why should we go with term life insurance when there are no returns?” The answer is simple – what’s the main role of life insurance? to provide you life coverage (security to your life) isn’t it? and term life insurance is providing you this benefit. But if you really want returns on your money then you can go with stocks or mutual funds, they will give you a 10-16% rate of return which is way more than any Endowment plan (7-9% rate of return).

If you don’t have enough knowledge about the stock market or mutual funds then you can simply go with ULIP plans. They will give you dual benefits of insurance + investment with an 8-14% rate of return (depending upon the fund selected)

You can also read the full article about LIC’s Ulip plan by clicking here!

Fixed premium

Once you buy a term plan at any age then you have to pay a fixed premium for the specified term that you have selected. The premium will never revise or change in the future. The taxes are payable on the premium as per tax laws(GST).

Tax Benefits

In term plan or any other life insurance policy, you will get a tax rebate of Rs.1,50,000 on your premium paid under Sec 80C as well as if anything happens to the insured then in this case the nominee will get tax free amount under section 10(10d).

Long and short term

Anyone can get this Insurance for a term as low as 10 years and the maximum term is 40 years. The premium is high in the long term because your life will be secure for a longer period. Choose the term as per your preference. If you are young then go with long term but when you get older choose term between 30-15 years.


Almost everyone has taken some sort of loan. It can be an auto loan, home loan, education loan, etc. So if anything happens to the person who took a loan then the burden of this borrowing does fall upon his/her family and the amount will recover from them along with interest But if the person has taken the term plan then the family will never trap into this situation. 


Riders are the additional benefits given with the insurance to the insured at a extra cost. Critical illness, Accidental death benefit, are riders that are available with term life insurance at a very low cost and it is optional to have these riders along with your term plan but it is beneficial in many cases.

Starting early

There are so many benefits of starting early. If you start investing early then you will get a maximum return because of compounding interest, Same case apply with insurance also, The premium will be low when you are young but as you get older the premium will also rise So, get a term life cover now, no matter how old you are right now.


The most important reason to buy term life insurance in 2021 is covid-19. The situation is getting worse, all beds and ventilators are occupied in hospitals. Thousands of deaths are being reported per day only because of covid-19. 

And after all this, I don’t think that I need to convince you any more to buy life coverage (term life insurance).

Where to buy it?

Buying term life insurance is a crucial decision of your life.

You can get a term plan online or offline but you have to check the insurer company about its claim settlement ratio, financial background, solvency ratio, etc.

What if you pay all premiums on time but when your family needs the insurance amount, the company refuses to pay. So, in this, you have to choose a company which is trust-able and has a good market reputation, no matter if they are charging a bit of extra premium.

We have 27 years of experience and served over 1000’s clients till now and maintain a claim settlement ratio of 98.25%. If you really want a good term life insurance then we are here to help you choose the best insurance available in the market. 

Book a free 15min call with us by clicking here.


Leave a Comment

Your email address will not be published. Required fields are marked *