Five reasons you should buy a Term Insurance Plan now One of the harsh realities of life is its unpredictable nature. No matter how well we plan to live the life of our dreams, an untoward incident like a sudden illness, accident, disability or even death can not only affect us personally, but also our family. The sudden loss of the family’s breadwinner cannot just have an emotional impact, but also a financial one that would become difficult for the family members to cope up with. At such times, buying a term insurance plan can be a saviour. It provides quick financial protection to your family. A term insurance plan offers financial coverage to the policyholder for a specific tenure...
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Term insurance is frequently seen as a crucial component of a financial portfolio by professionals. But have you ever wondered why this is the case? There are various reasons for this, including the fact that it is the most basic type of life insurance policy available in the market. So, let us take a closer look at what term insurance means. What Is Term Insurance? Term insurance is an insurance plan that is simple and easy-to-understand terms in which you pay a fee in exchange for a life insurance policy (guaranteed sum assured). If you die within the policy term, the policy nominee receives the insurance payment amount specified in the policy. And if you survive the maturity period of...
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Riders that can make term insurance policy comprehensive Sanjiv Bajaj, joint chairman and MD, Bajaj Capital, said a policyholder could buy a term insurance rider by paying an additional premium amount. Most plans allow the addition of riders at the time of policy inception, while others allow rider addition at policy anniversary. “You must also know that a rider normally comes into action when the specified event for which you had purchased the policy occurs. Therefore, later on, if you do not want to continue the rider protection benefit, you can intimate the insurer and stop paying the rider premium while continuing your base term policy benefit as it is," said Bajaj. Following are some...
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Although life insurance penetration rates in India are meager compared to that of the rest of the world, the sector has been making significant headway in the recent past. In FY 19, the premium from new life insurance business increased YoY by 3.66%, as per recent reports. This increase can be attributed, in part, to increased flexibility models being adopted by life insurance providers. Insurers are now allowing offering a variety of plans that can be tailored to the needs of the policyholder. For instance, policyholders can choose from a large variety of term insurance plans available in the market. Term insurance plans can be customizable as per the needs and goals of the policyholder....
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About retirement, author Stella Rheingold said, "Congratulations on making it over all the hurdles and reaching that wonderful time of life where you get to do whatever you want." If only the retirement years were really that magical. Retirees today have their fair share of worries -- including the problem of managing unexpected healthcare expenses. Planning for healthcare costs can be daunting. According to a 2019 Genworth study, monthly costs for long-term care range from $4,385 for a home health aide up to $8,517 for a private room in a nursing home. Few people have the resources to budget for those kinds of expenses. So, what are the alternatives? Cross your fingers and hope you don't...
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Term Insurance Rates Term life insurance has long enjoyed a deserved reputation as the lowest-priced form of life insurance. That reputation has been enhanced over the last decade by a veritable price war among carriers. Term insurance rates have fallen to what appear to be rock-bottom levels – although experience shows that all such characterizations are subject to refutation. The revolution in technology has been instrumental in the decline of term insurance rates. The insurance business, once driven by personal relationships between buyer and insurance agent, is now governed by objective factors. Information about competing companies and policies, once difficult to acquire, now is...
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Terms plans are the most ignored yet most important life insurance policies. These are mostly unpopular since they only carry death benefit and will not generate returns over years of investment. However, term insurance should be on the portfolio of everyone, especially those who are the sole bread winners in the family. Want to know why? Then this article is for you! We will summarize the need for term insurance and will also give few online term plans. So, read on! What is term insurance and why should you opt for one? Term insurance is basically a type of life insurance which has a clause for death benefit only i.e. the nominee of the policy holder will get sum assured only if the death...
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A recent survey highlighted that 84% of Indians feel life is extremely uncertain. Among many reasons for uncertainty, ‘financial security of family in case something happens to self’ remained the topmost cause, followed by the uncertainty of ‘medical emergency impacting savings’. The survey highlighted that single-income families are increasingly worried about critical illness, owing to their dependence on single earning member. Have you ever thought about what concerns you the most? With increasing uncertainties that defy our security daily, the greatest gift to give one’s family is a lifetime of financial security. Insurance is one financial solution that can hedge financial uncertainties...
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Make your family financially healthy? Term insurance should be your priority Let’s hear the story of Raghav, who expired 6 months ago in a road accident. He was the only breadwinner for his family, (spouse and three children). His spouse is a homemaker and children are still studying in school. The unexpected death of Raghav impacted the finances of the family. What could Raghav have done to keep his family financially secure? Raghav could have availed a term life insurance policy. Term insurance is a type of life insurance plan in India. People buy term plan to offer financial protection to loved ones. If Raghav had availed a term insurance plan with a sum assured of Rs 1 Crore, his...
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What is Term Insurance? Term insurance can be defined as a type of insurance that is availed for a certain period of time or a fixed term (number of years). The basic differentiating feature of term insurance is that unlike other types of life insurance policies, a term insurance policy is less expensive since it does not have any cash value. The policy comes useful only if the policyholder dies within the timeframe during which the term insurance policy is in force. Term insurance policies are offered by almost all major insurance providers and these come for various terms like 10 years, 20 years, 30 years etc. The most significant point about term insurance policies is that most of these...
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