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Guide To Secure Your Family With Term Insurance?

Term insurance is an agreement between two parties i.e. insured and insurer under which insurer agrees to compensate insured in any eventuality. Under this agreement, insured pays insurance premium to the insurer and in turn insurance company agrees to cover risks associated with life. Term plans are purest form of life insurance as it does not build any cash value and maturity benefits. Term insurance plans can be taken by an individual in order to secure future of the family.

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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What is Term Life Insurance?

Term insurance plan provides several benefits to an individual thus helping an individual to secure their families future. Term insurance plans are much cheaper than any other form of life insurance. An individual can compare term life insurance plans with other forms of insurance in order to reap maximum benefit out of an insurance policy. Understanding insurance is very important as it helps while making claims and to know what is covered under various clauses. Term life insurance can be bought through several sources, such as online and offline. Offline term insurance plans can be bought via direct agents, which is also known as the traditional channel of buying life insurance. Term plans can also be bought online via insurance aggregators and preferred provider websites. Online term insurance plans are easily the most convenient method to buy term life insurance cover. Moreover, online term insurance plans are cheaper as compared to offline term insurance plans as there is no involvement of middlemen. You are not required to submit any documents while applying for an online term insurance plan, which is the reason why this mode is preferred these days. Online term insurance plans are very easy to manage as you can keep your documents on your system with minimal paperwork involved.

Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.

one crore term plan
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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What are the Benefits of Buying Term Insurance Plans in India?

Here is a list of the top benefits of buying term insurance plans in India 2023:

  • Large Life Cover at Low Premiums: With term insurance plans, you can secure a large sum assured at affordable premiums that can easily fit within your budget. For example, term insurance with a 1 crore life cover can cost you only Rs. 525 per month. This way, you can ensure the financial stability of your family in case of an eventuality.

  • Customisable Policy Tenure: Term life insurance offers the option of customising the policy tenure by selecting the suitable policy term. This way, people who require short term coverage can get short term insurance, and people who need long or whole life coverage can get whole life insurance policy till 99/100 years of age. 

  • Comprehensive and Enhanced Coverage: You can add riders like critical illness, terminal illness, accidental death, accidental total permanent disability, and hospicare benefits to get comprehensive coverage at nominal premiums. Some term plans also provide the option of increasing the life cover at milestone stages like marriage, childbirth, and home loans, to customise the life cover with changing needs.

  • Security Against Loans and Liabilities: In case you have taken a home loan or any other type of loan, the burden of having to pay that off, may fall on the shoulders of your family. The death benefit of term insurance can help your family take care of such loans and liabilities in your absence.

  • Multiple Payout Options: Term insurance plans came up with multiple payout options for your convenience. The nominee/beneficiary will get to select from options such as lump sum, monthly instalments, lump sum + monthly, and increasing monthly income. You can choose the right payout option best suited for your family’s financial needs while buying term plan.

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Wrapping it Up!

Term insurance for family is one of the ideal ways to secure the financial future of your loved ones as it ensures their stability in the event of your untimely death. Your family can use the death benefit amount to take care of their financial needs like paying rent, child’s fees, and paying off remaining loans.

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

FAQs

  • What insurance do I need to protect my family?

    Ans: The right insurance for you to ensure the financial protection of your family depends on your individual needs. However, you can consider buying a term plan to secure the financial future of your loved ones, as it offers a large life cover for the long term at highly affordable premiums.
  • How do I choose my term insurance tenure?

    Ans: To choose the right term insurance tenure, you need to consider your and your family’s financial needs in the future. If you have financial dependants who will remain dependent on you for your whole life, like a spouse or parents, you should buy whole life insurance, whereas, if you have financial dependants that may not be dependent on you for a long term, like kids, you can buy term plan covering you until your kids are financially independent.
  • Can we take family term insurance?

    Ans: Yes, you can take family term insurance to ensure the financial security of your loved ones at affordable premiums. This is because term insurance is the most affordable type of life insurance that offers coverage for the long term.
  • What is the thumb rule of term insurance?

    Ans: The thumb rule of term insurance is that you should buy term plan with a life cover of at least 10 to 20 times your current annual income. You should assess your family’s financial expenses, your existing loans and liabilities, and potential inflation to determine the right life cover for your term plan.
  • What is the best age to take term insurance?

    Ans: The best age to take term insurance for family is as early as possible. This way, you can ensure the financial protection of your loved ones for the long term at low premiums.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool

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