Online term insurance plans are gaining popularity among the new Indian generation. They are one of the highest-selling insurance products online. In India, people majorly purchase life insurance plans for tax-saving purposes and then for providing financial protection to the dependants. Those individuals having financial dependants and liabilities are recommended to invest in a compressive term insurance plan with adequate life coverage so that it protects them until their age of retirement.Read more
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A term insurance plan keeps your family safe and secure financially. The money obtained from term insurance can be used in the future to pay off loans, child’s education, and their marriage. Financial conditions might change over time because of the uncertainty of life. Moreover, inflation is also an important part that should be taken into consideration. Assessing the right term insurance coverage is not easy. So, there are several ways in which you can grow or strengthen your term insurance cover along with your liabilities. Here are some of the ways by which you can increase your term insurance cover:
Buying additional life cover is as easy as you can apply for other life insurance or a new term policy with significant growth in your income. This is how you can upgrade your existing term insurance policy. In case if you are older and suffering from a new health condition, there are chances that your upgrade might be very costly. In some cases, the upgrade scheme might get rejected due to health or age-related reasons.
Select a plan with life-stage increment – In this, you can easily ask the insurance company to increase the sum assured of the plan at certain pre-specified points in life. However, the plan should have this type of option at the time of purchase. This parameter enhances the protection in the critical times of your life.
Increasing term insurance cover is where the sum assured amount of the plan automatically grows yearly. Here, you are not required to buy another plan; you are not even required to submit the increment request. In this, you are not required to undergo a medical examination and there is no risk of your upgrade getting rejected. The policy will upgrade systematically without you having to interrupt every time. Let’s discuss some of the benefits of choosing increasing cover:
Does term insurance cover disability? If yes, then why it is important? If you live till 65 years of age, then you care enough to take care of your family. If you die at an early age and have a term plan, in such cases the pay-out from the plan will take care of the financial requirements of your family. What if you survived till 65 but suffered from disability at that age? In such cases, a one-stop solution is disability riders that pay a lump sum amount. This amount can be used to fulfill the financial requirements of a family.
Overall, as you have seen that choosing an option of increasing cover while purchasing a term insurance plan might be good for easy management of the policy. Also, it takes care of the easy management of the claim processing by your loved ones. This is a hassle-free and automatic process. It does not require you to undergo any medical examination or have to submit any fresh documents. It is always suggested to choose an increasing cover and disease and disability riders to strengthen your term insurance plan.
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