Decoding Insurance

All you need to know about term insurance in the time of Omicron wave

Uncertainty has found an all new meaning since the Covid-19 pandemic broke out in 2020.In the midst of this uncertainty, a comprehensive term insurance plan can bring some certainty in your life. As, despite not knowing the entire consequences of the new Covid-19 variant , it is not difficult to predict what lies ahead given what the world went through in both the Covid waves. 

Term life insurance covers you for a specific period of time, or term, and is one of the most affordable plans on the market today. In a term life insurance policy, the nominee receives the sum assured following the death of the insured. Its objective is to offer a safety net for the deceased's family and to secure their future financial needs. It serves as a tool to help offer financial security to an individual's family in their absence. Term life insurance provides death benefits in the form of the sum assured to the policy's beneficiaries. Make sure, while investing in a plan, disclose all the medical information to the insurer for a smoother claim process.  

There are certain aspects one should keep in mind to calculate the right sum like preparing for expenses that you will have to incur in the future, which includes your child’s education, marriage, retirement planning of your spouse etc. You can easily calculate how much sum assured insured you need through a human life value calculator. According to experts, one should go for a policy with a sum assured of at least 10 times his/her annual income. 

Further, there are certain new features in term insurance plans nowadays. For instance, under MAX life insurance there’s this option where you can stop your plan at the age of say 60 if you don’t need the cover in future and all your requirements are being fulfilled. You can simply discontinue the plan and whatever premium you have paid till that date is returned to you. Also, these plans come at a regular cost only and not at a higher premium. 

 

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