What is Term Insurance?

Term insurance is a type of life insurance that provides financial protection for your family in case of your untimely demise during the policy term. It ensures a lump sum payout, known as the death benefit, to your nominee, helping them manage expenses, debts, or future goals.

Benefits of Term Insurance

Here are the top term insurance benefits:

• Affordable Premiums: Term insurance is cost-effective, providing high coverage at low premiums.

• Tax Benefits: Enjoy term insurance tax benefits under Sections 80C, 80D (for health riders), and exemptions under Section 10(10D).

• Financial Security: Ensures your family can handle home loans, education expenses, or any unforeseen emergencies.

• Flexibility: Add riders for critical illness, accidental death, or disability for comprehensive coverage.

You can easily calculate term insurance premiums using term insurance calculator. 

How to Apply for Term Insurance? 

Policybazaar is the online platform from where you can compare and buy term plans from 15+ top insurers. 

• Assess Your Needs: Calculate how much coverage you need based on your financial responsibilities.

• Compare Plans Online: Use tools like a term insurance calculator to compare premiums and benefits.

• Select the Right Insurer: Look for reliable companies offering competitive premiums and excellent claim settlement ratios.

• Complete the Application: Provide personal and financial details, undergo a medical test (if required), and pay the premium.

What is the National Overseas Scholarship?

The National Overseas Scholarship (NOS) is a government initiative designed to support students from specific categories, such as Scheduled Castes, Scheduled Tribes, and other backward classes, to pursue higher studies abroad. The scholarship covers tuition fees, living expenses, and other costs associated with studying at a foreign university.

• How to Apply for the National Overseas Scholarship

  • Check Eligibility:

    • Belong to the eligible category.

    • Have a minimum academic qualification (usually graduation).

    • Meet the age limit (often below 35 years).

  • Prepare Documents:

    • Academic transcripts.

    • Proof of category (e.g., caste certificate).

    • Admission letter from a foreign university.

  • Visit the Official Portal:

    • Log in to the designated government website.

    • Fill out the application form with accurate details.

  • Submit Required Documents:

    • Upload the necessary certificates and supporting documents.

    • Ensure everything is verified and complete.

  • Track Your Application:

    Regularly check the portal for updates.

Why Combine Term Insurance with Educational Aspirations?

Pursuing international education is a dream that often comes with significant costs. While scholarships like the NOS can ease the financial burden, term insurance adds an extra layer of security. Here’s how:

• Protects Family’s Future: Ensures your family isn’t financially strained if something happens to you while pursuing higher education abroad.

• Covers Loans: If you’ve taken an education loan, term insurance helps repay it in your absence.

• Affordable Premiums for Young Policyholders: Starting term insurance early means lower premiums and higher benefits.

Final Thoughts

Both term insurance and the National Overseas Scholarship empower you to achieve financial security and educational dreams. While term insurance safeguards your family’s future, the NOS helps you pursue world-class education.

Whether you’re applying for term insurance or exploring how to apply for the National Overseas Scholarship, make informed decisions to secure a brighter tomorrow for yourself and your loved ones.