If you want coverage for mechanical problems, you may be able to buy optional car repair insurance, commonly known as “mechanical breakdown insurance.” This pays for repairs if your car has mechanical or electrical problems. That’s because a standard car insurance policy covers only car accidents and other types of problems (like car fires and theft), depending on the coverage types you buy. Free cancellation available - When you purchase the policy through the ET Money App, you also have a 15-day free cancellation option in case you are still unsure about the policy.If your car has a mechanical breakdown, like a blown gasket or an electrical system on the fritz, your car insurance policy won’t cover the cost of repairs.Easy policy customisation options - As the policyholder, you have the complete freedom to choose the policy term, amount and any extra benefits as per your budget and requirements.Claim settlement assurance - You can be certain of a claim settlement provided that your policy is in force for a period of three years and you have declared all your information correctly.This comes without any upper limit on the amount. The entire amount payable to the beneficiaries is totally tax-free. ![]() Section 10(10D) In case of the unfortunate demise of the policyholder, the maturity benefits are totally tax free under Section 10(10D).Section 80D In case your term plan includes any add-on riders like hospital care rider, surgical care rider or critical illness rider, you can avail a maximum tax deduction of ₹25,000 per year on premium payments for these riders.You can avail this benefit on premium payments for yourself, spouse and children. High sum assured at affordable premiums - Under Section 80C of the Income Tax Act, premium payments of up to ₹1.5 lakh are eligible for tax deductions every year.There are three different ways you can avail tax benefits by purchasing a term insurance plan: Income Tax benefits - Term insurance plans also offer you tax benefits.This allows you to take care of your family's financial future in your absence in an affordable manner. In fact, term insurance plans have the lowest premiums compared to endowment policies and other traditional life insurance policies. High sum assured at affordable premiums - The premium payable on term insurance policies is very affordable.Here are some of the most popular benefits: There are benefits of purchasing a term insurance policy. Insurance Cover: This is the estimated total or additional life insurance cover that you will need based on your current income, liability, age, and planned age of retirement.Īlong with the life cover details, you will also get a short list of term insurance plans from leading insurers along with the annual premium payment you need to make for a specific plan.Using the above data provided by you, the calculator will provide the following result: So, the calculator takes your current savings into account before estimating the life cover you might need. ![]() These loans represent your current outstanding liabilities.Ĭurrent Savings: If you have substantial savings, there is greater likelihood that your dependents will be financially secure in the case of your untimely demise. Your Age: This is your current age as per accepted age proof documents like Aadhaar, PAN, etc.ĭesired Retirement Age: While in the case of salaried, 60 years is usually considered as the age of retirement, you may decide to retire earlier or later depending upon your life goals.Įxisting Life Cover: If you already have a term plan or traditional life insurance plan in effect, the term insurance calculator will help you calculate how much additional life cover you need to have.Īnnual Income: Using your annual income information, the calculator can estimate how much money your loved ones and dependants will need to ensure financial security in the case of your untimely demise.Įxisting Loan Details: To understand your current liabilities better, you need to provide details of any outstanding home loan and other loan EMIs that you pay each month. The results of this tool are based on some key information provided by you, such as: The term insurance calculator from ET Money is easy to use and can help you estimate how large a life insurance cover you should have.
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