Anyone with financial obligations should buy a Term Insurance Policy. Who are married couples, people who have children or run a business, the self-employed, SIP investors, young professionals with dependent parents, and retirees.

Therefore, those who benefit from any of the three key advantages of term insurance should consider purchasing such plans. The three main advantages are low premiums, tax savings, and life protection.

• Parents:

Parents are usually the only source of financial assistance for their kids. Children's demands range beyond the cost of school and living expenses up to massive university costs later in the course of their lives. A tragic event involving the parent could threaten their future and rob them of the opportunities that life offers. Parents need to ensure that this doesn't happen by buying a term insurance plan. The policy will pay an amount in lump sums and/or as income to cover their children's needs should there be an accident that happens to parents.

• Newly-married couple:

Couples who are newly married Chocolates, roses, as well as movie tickets can be wonderful, but here's an eternal present to your spouse - term insurance. This gift will bring your partner more than just momentary happiness and will ensure their future. Term Insurance provides the spouse with financial assistance in the event of an accident with the insured and must be bought as soon as it is feasible for married couples.

• Working Women:

The women of today are on an equal footing with men, whether it be managing their finances or providing for their families. Today, a family is as dependent on the woman’s income as the man’s. This dependency brings with it the need to financially secure your loved ones if something happens to you. A Term Insurance plan assures that your parents, spouse, or children are financially secure even in your absence. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. The term insurance cover also helps to take care of any outstanding liabilities like home loans, auto loans, education loans, and more. Not only this, but some term insurance plans also come with the added benefit of a critical illness cover that provides a pay out if you are diagnosed with a serious illness like breast or cervical cancer.

• Young Professionals:

The young professionals of today are only beginning their careers. Most of them aren't yet married and don't have financial obligations. But this could change as they marry or care for their parents or relatives. These individuals should purchase term insurance today rather than wait. It is because when a policy is bought, the cost remains the same throughout an individual's life. In contrast, the delay in purchasing term insurance in the near future could force consumers to pay higher rates due to the fact that premiums for term insurance decrease as you get older.

• Taxpayers:

Term Insurance Paid premiums are deducted from income taxable according to Section 80C of the Income Tax Act, 1961. The pay-outs from term insurance at maturity are exempt from tax, subject to certain conditions in Section 10(10D). Thus, taxpayers can utilize term insurance to lower their tax burden by a substantial amount.

• Self Employed:

Being self-employed is a challenge compared to salaried employees with a set monthly income. You have an income source that is not consistent and is based on the ups as well as downs in the marketplace. You might have also taken out a personal loan through lenders, banks, or your family members and friends. Therefore, purchasing a term-based insurance policy to safeguard your family's financial security becomes much more crucial for you. A Term Life Insurance plan will guarantee that your family is financially secure regardless of your absence.

• SIP Investors:

Investors in mutual fund SIPs (Systematic Investment Plans) put a predetermined amount of money each month into mutual funds. Wealth creation in a SIP is powered by a flow of regular instalments that increase over time. However, an unfortunate event that affects the investor may end the flow of payments. Term Insurance can protect the SIP by allowing the nominees of the insured funds to keep the SIP.

• Retirees:

Retired individuals must be covered by Term Insurance if they have dependent spouses or families. Purchasing term life insurance may also be a means of leaving an inheritance to family members. This is because Term Insurance is paid out to nominees in the event there is a mishap in the life of the insured. The pay-out for Term Insurance is tax-free, subject to the conditions of Section 10(10D) of the Income Tax Act of 1961. The tax-free payment of Term Insurance is subject to the conditions under Section 10(10)