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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It is typically difficult for you early in life to determine till when you will have accumulated enough savings to take care of all your needs for the rest of your life. This is the time when you will not need life insurance coverage. Since many of your large expenses such as your child’s higher education and marriage are likely to happen in your 40s and 50s, it makes sense to have your term life insurance coverage all the way upto your retirement at the age of 58 or 60. Of course, there are people who aspire to, and there are some who actually do, retire much earlier, say, in their 40s. The guiding principle remains the same. You keep the life cover as long as you don’t have enough savings...
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