Term life insurance is one of the popular insurance plans and availing it is the first step towards financial security. The term life insurance plan provides security to your family members when you are not around. As term insurance plan is availed to provide protection to your loved ones, you should be very careful while availing it. In this blog, we will discuss various things you should consider while buying a term insurance plan. 1. Decide the cover amount While buying a term life insurance plan, you should calculate the required amount of coverage (sum assured). Your sum assured should be at least 15-20 times your actual income. You should be very careful while calculating the...
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They say that there are 2 sides of each story. The same story can look different to two people with very different perspectives. Few people might view going for travel as a complete waste of time, while some people might see it as a fun, best way to get relaxed and take a break from a hectic lifestyle. Well, the same logic applies how we spend our hard-earned money. A purchase that seems investment to one person might seem unwanted expense to another. An investment is an expenditure that helps you in the future while an expense is usually a type of expenditure that doesn’t necessarily offer any value in the future. It is indeed a very important decision to make when one is thinking about...
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Life is very uncertain and you never know what tomorrow brings. If you are the breadwinner of the family, have you ever thought, who will take care of loved ones in your absence? Do you want your family to depend on someone else for daily needs? Nobody wants their loved ones to suffer in their absence. This is when term life insurance comes handy. Term life insurance makes sure your loved ones are financially stable when you are not around. What is term life insurance plan? Term Life Insurance is a type of Life Insurance, that offers cover/protection for a fixed period of time called tenure of the plan, on payment of a premium. If the policyholder dies within the policy term, family members...
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New Delhi: Life Insurance Corporation of India (LIC) offers various types of insurance policies that cater to all segments of society. It offers a participating non-linked plan which gives an attractive combination of protection and savings to a policyholder. This policy, New Jeevan Anand, provides the policyholder a combination of financial protection against death throughout the lifetime with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. The New Jeevan Anand plan also takes care of liquidity needs through its loan facility. The key benefits of this policy are: 1. Death benefit: The policyholder can avail of this benefit if he/she...
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The Term Insurance Policy is a pure form of life insurance in which coverage against death is provided for a certain period of time. The death benefit is provided under a Term insurance policy only if the insured person dies during the policy term. It is called as a pure form of life insurance because it serves the sole purpose of insurance, which is coverage against death without any investment or saving component. And this feature of term insurance policy widens the range of affordability to maximum people. According to your needs, you can choose the best term insurance plan available in the market. The following 8 things make a term plan worth buying: In comparison to other life...
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Among the many different types of life insurance policies available today, term life insurance remains a popular choice as there are many advantages to this type of life insurance. While it’s true, it’s not the best insurance for everyone; it should still be reviewed and considered as a viable option. Some of its major advantages of this type of policy include affordability, simplicity, level premiums, and level payouts. Affordability Term life insurance is often considered when a large face amount is needed but the customer does not have enough room in their budget to pay for an expensive permanent or “whole life” policy. Since 30 year term polices are still quite a bit...
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Term Insurance is one of the simplest and effective ways to protect your family financially in case of demise of an earning member. It is a must-have for all earning members as it helps the dependents of the policyholder to maintain their standard of living in his/her absence. If you are still contemplating on it, here are the top reasons to consider buying it. Will Replace Your Income In The Event Of Death A Term Plan is a pure risk-cover plan that pays out the sum assured to the beneficiaries in the event of death of the policyholder. There is no maturity value associated with a term plan. However, this product has a crucial role to play in case of an untimely demise. The sum assured can...
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What is Term Insurance? Term insurance is a type of life insurance policy; offered by the insurance companies to cover dependents on an untimely demise. The death benefit is only paid to the nominee of the policyholder, in case of death of the insured, within the term of the plan. Term life plan has no survival benefit. Why it is Necessary to Buy a Term Insurance Plan? A term insurance plan helps meet financial goals. The death benefit can be used to pay back loans and meet daily family expenses. The importance of the term insurance plan is realized in the absence of the primary breadwinner of the family. Purchasing term insurance is of utmost importance for the sole breadwinner and people...
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Bundle of Benefits with Life Insurance Policies Changing Lifestyles By Insurance CIO Outlook | Tuesday, August 06, 2019 Along with life insurance being a financial advantage, it can be a tool for enhancing investment portfolio and financial sustenance. FREMONT, CA: Life insurance companies pay death benefits to their policy recipients every day, supplying them with the necessary resources and welcome them. Mainly, life insurance offers a guaranteed payout of a comparatively big sum of cash after the insured's death. Thousands of separate life insurance plans are accessible. There are just a few of them here. This is the best way to buy life insurance. Based on age, health, and so...
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The Advantages of Term Life Insurance The main characteristic of term life insurance is that it refers to a policy which is valid for a limited period of time; the shortest can last only a year, but it can also go on for decades. For many people, this type of insurance is the most affordable, but not in every case. For example, if you draw a term life insurance policy for five years and after that period wish to renew it, it is very likely you won’t receive the same deal; you premiums could be increased – or decreased – and so could your benefits. However, if you just need a certain type of insurance for a short time, or wish to raise a sum of money, this may be the best option for you. In...
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