Term Insurance Plan: Best Gift for Brother on Bhai Dooj, 2025
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Term Insurance Plan- Gift for Brother on Bhai Dooj
Diwali celebration with family holds a cherished place in our hearts. From popping crackers to lighting candles, we get to do everything with the people whom we deeply love and care about. Along with traditional Diwali celebrations, sisters are particularly looking for Bhai Dooj on the festival’s final day. This day provides a unique opportunity to spend time with their brothers who mostly are busy due to work and lavish them with affection and gifts for Bhai Dooj presents in order to make them feel appreciated.
We’ve all heard of the wonderful custom in which sisters wrap a thread of affection, Rakhi, around their brothers’ wrists to deepen their link, and brothers, in exchange, swear to shield them from all ills in their lifetime. But, are you convinced that your brother is safe from life’s unknowns? To confirm your brother is safe from uncertainties of life, you must fulfill your obligation of assisting them through the problems that they may experience. Then, why not consider a Bhai Dooj gift for brothers that will provide them with financial security for the rest of their lives? So when the theme of the celebration is protection, what better present than a “Term Insurance Plan”?
What is a Term Insurance Plan?
Term Plan is the simplest way to get high coverage at the least cost. It ensures protection for your family at a very nominal cost. Thus, it is considered to be your Plan B. In case the life insured, also the primary breadwinner of the family, happens to meet with an unfortunate event during the policy tenure, his family still remains protected. The death benefit would be paid out to the nominee in case of any eventuality within the policy tenure.
Why Term Insurance Plans are Beneficial?
The following are the advantages of a term insurance policy:
1. Household’s Financial Security
If your brother is employed and contributes to the family’s earnings, he must be covered. As a result, on this Bhai Dooj, you may assure your beloved brother’s financial security and stability by purchasing a term insurance plan on his behalf.
2. Death Payout Options
In the absence of your brother, his financial obligations may be passed on to his family and loved ones. It is here that the multiple payout choices of a term insurance policy come into play.
In the event of his untimely death, your brother’s beneficiaries may choose to receive a lump-sum payment or monthly payouts to assist them in managing the aforementioned financial commitments.
3. Add-ons for Greater Coverage
Adding riders to a basic term insurance plan is the best way to increase coverage by paying a slightly high premium amount. Common add-ons are critical illness coverage and accidental death coverage. The former pays for the necessary treatment of any serious disease your brother may get diagnosed with within the policy period. The latter provides a death benefit in case of death or disability due to accidents.
However, it is important to check and understand the available riders before adding any to basic term insurance plan coverage.
4. Income Tax Benefit
Under Section 80C, the premium amount paid towards a term insurance plan is exempt from tax up to a limit of 1,50,000 INR. Section 10(10D) provides full tax deduction on the death payout of a term insurance plan given the annual amount of premiums paid is at least one-tenth of the total insured amount.
5. Return of Premium Option
Some insurance providers offer term insurance plans with the return of premium options. It means that if the policyholder outlives the policy term, he or she will receive the complete amount paid as a premium toward the coverage once the plan matures.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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