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There’s no way that one can safeguard oneself against death, it can be delayed but not denied. When an individual dies, the emotional ripples touch family, friends and even acquaintances. But there is another major factor to be considered – the economic one. The death of a breadwinner might plunge a family into severe financial crisis. Death is certain but the economic uncertainty that follows can definitely be avoided by investing in an insurance plan.
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Note: Know more what is term insurance before reading about Best Age to Buy a Term Insurance Plan
There are different kinds of insurance plans and one can either choose the one that best suits his/ her requirement or create a portfolio. One must understand and compare the various plans offered by the insurance providers in order to determine which ones to purchase. Term plans are among the most easily comprehensible ones. Its basic premise is quite simple – pay a premium and get covered for a pre-determined period of time. In the event of the death of the policyholder, the nominee or nominees receive the sum assured.
Term life insurance is more of an expenditure than an investment. It does not result in any additional benefits and has no surrender value. Thus, if the policyholder is alive, neither he/she nor the nominees will receive any payment from the insurer. This does not mean that investing in a term plan is a bad idea as it gives you peace of mind and your family a sense of security in the case of any eventuality. There are other advantages too - these policies are flexible. It’s easier to opt out of a term plan as opposed to a cash value policy.
Term Plans
In case of any contingencies, when your funds are tied up elsewhere and it’s difficult to afford the premium, the term plan will simply terminate. On the other hand, if you stop paying a premium for a cash value policy, you will lose out significantly on your savings as the insurer will make substantial deductions. Since these policies do not have a saving component, the premium amount is lower than that on other schemes. However, premiums paid towards these policies and income accrued are both eligible for tax deductions.
There are ‘renewable’ and ‘convertible’ term plans which you can look into. The first one offers the option of renewing the policy without a medical exam when the existing one is nearing its end. The second plan allows you to convert to an endowment policy with the same assured sum, but with a rise in the premium amount.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
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Purchasing a term policy is a good idea for someone in a low income bracket but with a significant number of dependents. It should not buy with the intent of funding the children’s education or a tool for saving. Since this plan is quite affordable, it’s a smart move to purchase one as part of your investment portfolio. One can purchase a convertible term plan if one is currently experiencing a funds crunch and is optimistic about a better cash flow in the future.
Now the question arises what’s the definitive age to buy a term insurance scheme. There is no fixed date by which you must buy one, but like all other insurance products, the earlier, the better. So a person buying a term plan in his/her 20s is likely to shell out less than a septuagenarian doing the same. It’s ideal for young professionals as it’s cheap and will cover his/her parents in case of untimely demise. When a person progresses further in career and has a spouse and a child to look after, term insurance becomes a necessity. At a very low cost, it will provide financial security to the dependents. But when the children grow up, buying a term insurance plans makes little sense. Also, at that age, people have enough money to afford a cash value policy which comes with other additional benefits as well.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜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
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For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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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.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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