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Now that we are in 2021, each one us wish that this year is better than the last year. Indeed 2020 has been life-changing, from the insurance perspective, people realised the importance of insurance significantly especially a term insurance policy. Well, a term insurance plan is more than just a death benefit. A term plan is a must for anyone who has immediate dependents and liabilities as well. Buying a term insurance plan is a must for sound financial planning.
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We know thinking about demise sounds unpleasant and disturbing; however, it is better to plan today as death is the harsh truth. An eventuality ever comes around with prior notice.
Imagine what if tomorrow you are not there to take care of the financial needs of the family? How will your family deal with the financial turmoil? Have you ever given it a thought?
Well, the answer to all the queries is buying the right term insurance plan and secures the financial future of the family even if the worst happens tomorrow.
Note: Know more about what is term insurance first before reading this article.
Term Plans
When it comes to buying a term plan, you need to be well-informed so that you take a wise decision. Buying a term plan is different than buying everyday essentials.
It is because you are not going to buy a term plan every day, weekly or every month. You do it once in a lifetime, therefore, it becomes important to be familiar with all the ins and out of the term plan.
Choosing the right term plan could be a daunting task. In this article, we will discuss term insurance and how it enables in building a shield against the death, disease and disability (3Ds’).
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Death: The passing away of a loved one is not easy and it is hard to accept. It becomes even more strenuous if you were financially dependent upon them. This is when a term plan comes into the picture when you need not worry about the finances. A term plan offer death benefit to the nominee mentioned in the policy in case the policyholder passes away while the policy is still active. Apart from the death benefit, a term plan also offers tax benefit on the paid premiums and tax-free payment to the beneficiary in case of demise.A term plan offers many more term insurance benefits and it is more important when you are the primary earning member of the family.
Disease: Undoubtedly, most of us live a stressful and unhealthy lifestyle and more prone to chronic illness or diseases. Therefore, when you are planning to buy the term insurance plan enhance the protection by choosing the critical illness benefit. There are different term insurance plan options accessible that offer cash payouts to the policyholder when diagnosed with critical ailments like a heart attack/ stroke, cancer, multiple organ failure, etc. are covered within the policy. Having any of such illness not only adds up to the hospital expenses but also impacts career and disables an individual from earning a livelihood. Buying this rider implies that it help you to manage the everyday expenses such as education, hospital visit expenses, home rents, and so forth. For example, if you plan to buy 1 crore term insurance and an additional critical illness benefit for a sum of Rs 25 lakh. Then after 5-10 years, in case you suffer from any disease that disables you from earning the company will pay a sum of Rs 25 lakh so that you can manage the expenses. In case you loose life during the policy term then the dependents will receive Rs 1 crore. A critical illness plan can be bought in two ways, one as the standalone plan that is offered by insurers offering life and health insurance and one as the rider with the term plan.
Disability: The financial responsibilities are never as easy as it sounds. Financial responsibilities include taking care of everyday expenses and the needs of the family. However, if the breadwinner of the family suffers any disability due to an accident or a mishap it becomes extremely challenging to manage. Any individual can suffer any temporary or partial disability. When you have chosen the right cover, the term insurance company pays the sum assured to the assured person to compensate for the financial loss. There are insurance companies in India that also waives off the future premiums in case the assured is permanently disabled. When buying a term insurance plan, make sure that you include the accidental disability rider benefit and enhance the protection of the plan easily. The payout plans and conditions will differ from one insurer to the other.
Gone are the days when buying a term insurance plan was a daunting task. Today with a plethora of options available and in the COVID-19 times, it is recommended to buy the term insurance plan online at an affordable premium.
Note: You can easily calculate the term plan premium by using the term life insurance calculator online tool.
The best term insurance plan will protect you even better by covering against the most important Ds’ death, disease and disability. There is as such no best time to buy a term plan, the earlier, the better.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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