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What are the untold facts of term insurance policies?

Life is full of uncertainties and nothing comes with a guarantee card. Any unfavourable event can happen at any point in time. Nowadays, having term insurance is a requirement. While purchasing insurance, you as a breadwinner are more focused on providing the right facilities for your family. Therefore, it becomes important to secure the financial future of the family with a term insurance plan. And always be prepared for unexpected emergencies. Choose a term insurance plan if you have dependents directly in your family.

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Well, the term plan of Rs. 1 Crore will cover costs as low as Rs 30 a day. Doesn't this sound like an exciting deal? The term insurance plan is one insurance product that should be included in your financial portfolio and is the right solution. The key benefit of a term insurance plan in India is the family’s protection as it takes care of the financial requirement of the family in case of the policyholder’s absence.

Note: Know more about what is term insurance first before reading this article.

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Lesser-Known Facts About Term Insurance Plan 

Financial independence and protection are every person’s goals. Would you or anyone see their family suffering financially after your death? No. If you are not aware it could happen to your family too. Why risk your family’s financial protection and stability when you can compare and buy the ideal term insurance plan? 

Listed below-mentioned points are some untold facts about term policies that you should know, which are less-known when buying the term insurance policy:

  1. The best way to protect the future of your family 

    With the availability of several plans in the insurance market, a term plan is one of the safest plans in terms of offering a large number of funds for your loved one’s future. Sufficiently amount of money is provided by the term insurance plan that takes care of the household expenses, education of children, weddings, medical emergencies, non-paid debts, etc. The term insurance policy is not associated with the markets and you should always be aware of the amount of sum assured while purchasing the term insurance policy online. 

  2. Offers Coverage Up to 85 Years of Age

    Most of you might be aware of the benefits and features of term insurance while it is a very least known fact that you can buy a term insurance policy not only at an early age i.e., in your 20s but also at late 50s and take advantage up to the age of 85 years. It is to be noted that term insurance will be quite expensive in such cases however it can still cover the potential risk. These days, people work even after retirement, often in their late 60s. Today, the term insurance plans available in the market offer coverage up to the age of 85 years. Considering life expectancy in India that is approximately the age of 66 years, you might get a cover for 85 years of age it will make it the whole life product. The lengthier the age, the better it is in respect of safety and security for your family. 

  3. Term Insurance is Real and Not a Gimmick

    Various life insurance products such as a ULIP, money back plans, endowment plans are investment-linked plans and the term insurance is the only basic pure protection plan that provides cover for your life sufficiently and offers financial protection to your family in case of unfortunate death of the sole earning member of the family. Therefore, if you are looking forward to purchasing term insurance for the true reason i.e., for the family’s protection and social security, a term insurance plan is a suitable insurance product to buy.  

  4. Rejection of Claim Could be Due to False Disclosure

    While purchasing a term insurance plan, do not hide any information in terms of the lifestyle or any pre-existing disease/illness. People tend to hide prominent information to avoid higher term insurance premiums. Most people do not disclose their smoking and tobacco habits just to avoid the higher premium rates. The premiums typically increase by 20-50 percent for those who smoke or consume tobacco frequently in any form or already have been diagnosed with some kind of critical/chronic illness. When it comes to settling the term insurance claims, the insurance company will properly investigate and go through all the insurance-related documents and medical history. If any fact is found to be incorrect or false then it will lead to rejection of the term insurance claims.

    Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.

  5. Sum Assured is Limited to the 20x of the Income 

    It is critical to understand adequate sum assured for your loved ones to cover the regular expenses in case of an unfortunate demise of the earning member of the family. The ideal sum assured will be chosen based on the policyholder’s annual income and monthly expenditure. When it comes to deciding a sum assured, always take inflation as a factor into consideration. Most likely it ideally should be fifteen to twenty times the yearly income. Based on this, the insurance companies have capped a maximum sum assured amount to 20X of the policyholder’s annual income. For instance, if you are earning every year a sum of Rs 5 lakh then you might not be able to buy the term plan that is beyond Rs 1 crore cover.

  6. Sum Assured Can be Increased During the Policy Course

    The life of a person changes whenever they move from one stage of life and enter the other. Well, the different phases of life mean the constant changes are taking place in the living patterns and the overall expenses specifically to marriage. The changes in the life phases could be insured at different stages of life along with protection features that would help to adjust to the changed lifestyle and the financial circumstances at every important milestone in the life upon paying the extra premium amount. While most of the term insurance plans are generally designed in a way that allows the policyholder to increase the amount of sum assured at later life stages. You can easily increase the sum assured at the key milestone of the life namely marriage, entering parenthood, and becoming parents again with an increment of 50, 25, and then 25 percent respectively.

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The Bottom Line

You will never want to put the financial security of the family at risk or want to see them facing any financial hardship or struggle. Having term insurance these days is a necessity that protects the family’s future in case of the untimely demise of the policyholder. Therefore, make a smart decision and buy the right term insurance plan in India. The corpus of the term insurance plan is not directly linked to the market and you will be aware regards the sum assured amount during the time of purchasing the term insurance plan online.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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