In this fast-paced world, we often find ourselves dealing with day-to-day struggles that completely consume us. And then sometimes things come as a shock that we completely forget to prepare ourselves for. It can come in the form of an accident, a health condition, or even a pandemic. While one should take all precautions to avoid such an outcome, it is always prudent to be prepared for such a reality. This becomes especially true in a world where millions of people have died of a deadly virus whose existence we did not even know about until last year . But a pandemic is not the only reason to have a backup plan for your family's protection. We live in a world with rising uncertainties and an increasing prevalence of life-threatening disorders. As per the Indian Council of Medical Research (ICMR), there are expected to be over 17 lakh new cases of cancer every year. Out of those, around half are expected to survive with proper treatment. The cases of heart diseases are also rising in the country and its prevalence, along with stroke, has increased by over 50 percent over the last three decades. 
Amid such a reality, every family needs a life cover that could allow them to deal with losing a loved one, at least financially. To make sure your family is secure, you may opt for a term insurance policy as it will help you prepare for such uncertainties that are increasing day by day.
Term insurance is the most simple form of all life insurance policies that provide death benefits if the insured dies during the policy period. If you want to secure your family's future, a term insurance policy is an instrument that can help you achieve that.
Here are the top 5 reasons why you should buy a term insurance policy today :
The biggest concern that leaves most people sleepless is " What's going to happen to my family once I am gone?" A term insurance plan takes care of this concern by ensuring that there is a lumpsum or a constant stream of cash flow, even in the absence of the policyholder. That means your family does not have to compromise with their lifestyle. The pay-out they receive in case of your untimely demise can be utilized for monthly expenses or critical life goals, such as the education of children, old-age care for parents or spouse, or even repaying major liabilities like a home loan.
The premium amount of term plans are more affordable. The premiums are even lower when you are young as the risks involved are less. For example, you can get a life cover of Rs 1 crore at a premium starting at Rs 21 per day  if you go with the Bajaj Allianz Life Smart Protect Goal - A Non-Linked, Non-Participating in, Pure Life Term Insurance Plan. Moreover, term insurance premiums can be paid monthly, quarterly, half-yearly, or yearly basis, depending on the product terms and conditions. This flexibility allows you to afford a significant life cover to cover all future needs of your family in case you are not there to take care of them. It is advisable to buy a term insurance policy at a young age to gain from lower premiums and stay protected for a longer-term.
Flexibility is one of the most significant advantages of a term plan. This flexibility is available not only in terms of paying premiums but also in terms of the pay-out that your family would receive in case of a claim. As mentioned before, you can pay the premium of your policy on a monthly, quarterly, half-yearly, or annual basis. Moreover, you can decide whether your family receives a lump-sum payment, a monthly income, a mix of lump-sum and income, or even an increasing income that grows with time as per the policy terms and conditions. You can choose a monthly pay-out option if you feel your family would not be able to manage a huge sum at one go, and that their needs would be better served if they receive the money as per their monthly requirements. And if your family is well aware of how to handle finances, you can choose a lump-sum payment option.
When you buy a term life insurance policy, you can also choose some extra benefits on top of the base policy at a nominal extra cost. These extra benefits are called "riders" or "add-ons". Riders are the additional benefits that come with term insurance plans as per the requirement of the policyholder. For example, the Bajaj Allianz Life Smart Protect Goal - A Non-Linked, Non-Participating, Pure Life Term Insurance Plan offers several riders, which enhance the plan's coverage at a nominal cost. Some common term insurance riders are Critical Illness Benefit (CIB), Accidental Death Benefit (ADB), Waiver of Premium Benefit (WIPB), etc. A critical illness add-on would pay out a lump-sum amount if you get diagnosed with any of the 55 listed critical illnesses in the policy document. One the other hand, a disability rider does the same if you are left totally or partially disabled due to an accident as per the terms of the rider. In case of a waiver of premium rider, all future premium payments are waived in case of occurrence of any covered event. Meanwhile, the policy continues uninterrupted until the end of the policy term.
Even though the main purpose of buying a term insurance plan is to protect the financial future of your family, the added bonus is that such plans come with substantial tax benefits. Not only do you get tax deduction on the premium payments every year, the claim amount paid to your family would also be completely tax-free. The premium paid for term insurance plans is eligible for a tax deduction of up to Rs 1.5 lakh in a year under Section 80C of the Income Tax Act, 1961. Additionally, the pay-out to the nominees on the death of the policyholder is also tax-exempt under Section 10 (10D) of the Income Tax Act. These term insurance tax benefits are subject to the provisions mentioned in Incometax Act 1961.
Bajaj Allianz Life insurance has a claim settlement ratio of 98.48%~ percent. The above-mentioned Bajaj Allianz Life Smart Protect Goal - A Non-Linked, Non-Participating, Pure Life Term Insurance Plan also offers a child education cover  which offers extra protection of up to 100% of base cover for a child's education expenses in case of the policyholder's death during the specified period.
With all these benefits that you get by choosing a term insurance plan, it is a no-brainer that it is among one of the preferred options available to secure your family's future. If you do not have a term insurance plan already, get one today completely online from Bajaj Allianz Life Insurance's website.
 Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Non-medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.
 Waiver of Premium (WOPB) is applicable on CI (Incl ATPD)
 Product feature/benefit mentioned above are dependent on variant
~ Individual Claims Settlement Ratio for FY 2020-2021