Life Insurance: Zero-cost plan is not for everyone Some insurance companies have started offering what the industry refers to as zero-cost term plans. While the name of this new variant of term insurance plans sounds attractive, policy buyers should know that it is not literally zero-cost. Till now, there have been two types of term insurance plans in the market — pure term and return-of-premium (RoP) term plans. Pure term plans offer nothing if the policyholder survives the policy term. However, the nominee gets the sum assured if the person dies during the policy term. In contrast, RoP plans offer a return of premium if the insured survives the policy term, but are more expensive. In a...
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HDFC Life launches Click2Protect Super term insurance policy Term insurance is a must have for every individual. (Photo: iStock) Click2Protect Super is a non-linked, non-participating, individual, pure risk premium/ savings life insurance plan that provides you with multiple flexibilities such as changing life cover, extending the policy term, getting coverage for accidental death and terminal illness, among others. The plan provides comprehensive financial protection for the family. One can choose a cover as per requirement from among three plan options – Life, Life Plus & Life Goal. Let us look at each of these options and the benefits they provide: Life option: This provides you...
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5 Tips for Millennials to Choose the Right Term Insurance Plan Sep 09, 2022 Term Insurance is basic life insurance that everyone must have, as it offers financial protection to your dependents at an affordable premium. It is a type of life insurance that provides coverage for a certain period called 'term.' In case of the policyholder's unfortunate demise, term life insurance provides financial protection to the policyholder's family. A policyholder is required to pay a premium for a chosen term. However, failing to do so will result in a policy lapse. The three major factors affecting the premium are the policyholder's age, sum assured, and the policy term. The...
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Financial Security is often touted as a prerequisite for fulfilling any long-term goal. The truth is that attaining financial security is possible for anyone, but very few people achieve it. It is a difficult process since you not only need a comprehensive plan but also to be persistent until you succeed. The absence of financial strain is a sign that you are financially secure. You feel at ease knowing that your financial circumstances allow you to meet all of your demands more comfortably. Additionally, it may imply the following situations: • There are enough emergency funds in the bank. • You own sufficient revenue to handle expenses. But no situation is guaranteed to last forever. So...
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Factors like your age, health, and family history will all determine how much you pay for life insurance. Getty Images When it comes to life insurance the amount of coverage you need is particular to your own individual circumstances and standard of living. There is no set amount everyone should have. It depends on a variety of factors, including how much you're willing to pay in premiums each month. But how much should you be paying for life insurance? Similarly, the answer is the same as the amount of coverage needed: it depends. Factors like your age, health, family history and even if you smoke will all determine how much you pay each month. If you don't have life insurance - or want to...
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Keeping your family secure and financially stable can be one of your most preoccupying and consuming tasks. However, it does not have to be that way if you are protected by a reliable term plan. It can provide a sense of certainty for your family's future and is affordable and practical to include in your portfolio. If you are wondering how exactly term insurance can help you protect your loved ones, keep reading to know more about its benefits. Term insurance, or a term plan, is a pure life insurance product that provides life cover to the policyholder(s) for a sum assured. It is the most uncomplicated of all life insurance policies and also the easiest to understand. The policy has a...
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Term Life Insurance Plans Are a Necessity - Here's Why In the case of term plans, there are no maturity benefits, except if you have opted for the return of the premium rider. It ensures that all the premiums you have paid to the company are returned in case you survive the policy term. Representational Image With a term life insurance, a policyholder insured himself for a certain sum assured for a fixed period or term. During that time, the insured will pay a premium annually (or any other periodic mode of payment). The main feature of a term policy is that it ensures the life of a person against sudden death. If the policyholder dies at any time before the end of the policy term, the...
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One of the best ways to safeguard the future of your loved ones is by having an insurance policy. (Representative image) Life is full of surprises. While as much as we would want to hold on to good times, the reality is that we have no control over when something unpleasant may jolt us out of our happy world. The best we can do to control, however, is to stay prepared – mentally as well as financially. Therefore, one of the best ways to safeguard the future of your loved ones is by having an insurance policy. But it’s important to stay aware and informed before making a decision as important as this. Though term insurance is the simplest and purest form of insurance, there are ways to...
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Financial planning trends among Gen Z, and why adding life insurance is important Buying a policy at an early age helps you to lock your premium at a lower cost and reduce the total expenditure on life insurance over the course of time. The super proactive millennials and Gen Z currently make up the majority of the Indian population. Be it earning, saving or gaining return on investments, they have absolutely outdone all previous generations. According to a survey, a surprising 32 percent of the Indian Gen Z are inclined toward saving more than spending, and only 5 percent said they’d choose leisure over saving. Now, one can’t deny the role of the global pandemic in this sort of a mentality...
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Can't Afford Your Life Insurance Premiums? 3 Options to Look At Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. Consider these before dropping your coverage. Key points Life insurance can become too expensive to keep. There are steps you can take to lower your costs, like rethinking the length of your policy and reducing your death benefit. It’s better to have some level of life insurance coverage than none at all. If you have people in your life who depend on you financially, then it's...
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