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Unfortunately, customers believe them blindly, end up buying very expensive plans only to regret it later. While most financial experts consider term plans to be the most important of all life insurance plans, the insurance agents are not very keen to even talk about it.
If you have dependents in your family, term insurance plan is what you must have to secure their future financially when you are not around. While most financial experts consider term plans to be the most important of all life insurance plans , the insurance agents are not very keen to even talk about it.
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The work of a life insurance agent is to understand your financial requirements first and then suggest a plan depending on your needs. Therefore, if you do not have a life insurance plan yet, the agent should ideally recommend you a term plan. But in most cases, what the agents do is suggest a plan that they consider is “the best in the market”. Unfortunately, the customers believe them blindly and end up buying a very expensive plan only to regret it later.
Now, you must be thinking, if term insurance plan is so important, why do the insurance agents do not want to suggest them to you? Here are a few reasons why they do not sell term plans.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
A term insurance plan is less expensive than any other life insurance policy available in the market. This is simply because term plans offer only death benefits. Since term plans are not investment plans, they offer no returns. In a term plan, you invest for the future security of your family in case of your untimely demise, not for your own monetary gains in future. Therefore, term plans offer comprehensive life cover at nominal costs. Now, the commission that the insurance agents receive, from the insurance company, is a percentage of the premium. Since the premiums are low in a term plan, the commissions are low as well. Hence, the insurance agents are not keen to sell term plans as they cannot make good money out of it.
Note: You can calculate the term plan premium on the term insurance calculator online tool by Policybazaar.
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Why blame only the agents when customers are also not interested in buying term plans? This is true. A large number of people in India do not want an insurance plan that offers no maturity benefits. Once an agent tells them that there are no returns in a term plan, they stop showing interest in buying the plan. It often becomes difficult for the agents to make them understand that term plans cover only the death risk and the coverage amount is quite large in comparison with other life insurance plans. They have this perception that they will have to die to get the benefits of a term plan and this is the reason why most of them are unwilling to buy it. As it is quite difficult to make them understand the benefits of buying a term plan, the agents do not take great pains to do something that does not fetch them much profit.
Though term insurance plans are quite profitable for life insurance companies, little or no training is provided to the agents after contracting them for selling products. The agents may have sufficient knowledge of sales and marketing, but the knowledge of different insurance products remains inadequate. The agents themselves hardly make any effort to learn about different insurance products. What they do is focus mainly on investment plans the premiums of which are expensive. Such expensive insurance products earn them higher commissions. So, the agents hardly care about selling term insurance plans to the customers.
Next time when you talk to an agent, ask them for a term plan. If you find that your agent is avoiding talking about that plan and is hard selling certain life insurance plans that are above your financial capacity and doesn’t provide adequate future safety, you should move away from them. Most insurance companies, these days, offer online life insurance plans, be it endowment, low-cost unit linked or term insurance plans, that you can buy on your own without the help of any insurance agents. Moreover, there are a number of insurance comparison portals that allow you to do it yourself (DIY), compare among similar insurance products and choose one depending on your requirement. So, it is always better to think twice before trusting someone with your wealth and rely only on agents that are interested in creating money and safety for you, then themselves!
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
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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