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Term life InsuranceJune 3, 2020

Term Insurance a necessity in today’s time – here is why

Life is unpredictable, and you will not always be with your family to take care of them. Although science has advanced significantly, it still cannot predict the future. Planning and protecting your loved ones when you are around is easy, but in your absence, who will do it for them?

Term Insurance a necessity in today's time - here is why

Therefore, to ensure your family’s secured future in your absence, you can opt for Term Life Insurance. This form of life insurance plan provides you with an assurance that your family is not in a financial hitch when you are not with them. It is a cost-effective way to protect your family’s future financially as it offers high life cover at low-cost premiums. So, let’s understand term insurance first but before doing that here are few essential things to keep in mind if you are planning to opt for a term plan.

  • Term life insurance does not offer any maturity benefit if you survive the policy term. However, recently insurers are offering Term Insurance with Return on Premiums which means that you will get back all premiums after the policy term ends.
  • The term insurance coverage that you choose should be enough for your family to survive in your absence.
  • The tenure of the policy should span until your work years that is it should be at least for 65 years.

Term Life Insurance is a pure protection plan, offering financial security to your family in your absence. It provides high life cover for low premiums as term plans don’t give any survival benefit if you outlive the term of the policy. Instead, term plans provide death benefits to the nominee of the policy if the insured person dies within the tenure of the insurance. Experts believe that every individual should include term insurance in their financial planning due to its affordability factor as compared to other insurance policies. But how?

Term Insurance Other Life Insurance Policies
Life cover or investment It is a complete protection plan. Other insurance policies offer life coverage along with savings or investment plans.
Death benefits It only provides a death benefit to the nominee of the policy, in case of policyholder’s demise within the policy duration. And if the insured survives then no money is paid back. Other life insurance plans provide death benefit but not as much as term insurance. They also offer survival benefit if the insured survives the policy term.
Maturity benefits Term Insurance does not offer any maturity benefit. In case the policy gets over, then also the insurance coverage amount is not paid to the policyholder. Most of the other insurance plans provide a return on investment in the form of retirement benefits, money back, child education etc.
Cost involved It is the most cost-effective life insurance plan, offering death benefit to the nominee of the policy. As it does not have any savings element; thus, the premiums are considerably low. These life insurance policies are linked to Saving Component due to which the premiums are on the higher side in comparison to term plans. Also, the insurance coverage in these policies is comparatively lower than the term policies.

Reasons why term insurance have become a necessity

Low premiums: The sum assured amount of term insurance does not have an investment element. This is the reason the premiums of term insurance are on the lower side as compared to other life insurance policies. An individual would need to pay just one percent of his yearly pay to get a life coverage in a term plan.

Provides financial security: In case of any mishap, your family’s life can come to a standstill. They can face a substantial financial burden, and their regular expenses can also get hampered. Therefore, investing in a term life insurance will assist them with addressing these requirements even in your absence.

Low Claim Rejection: When you are purchasing a Term Insurance plan, make sure to reveal everything correctly about your health conditions, habits, finances and so forth. IRDA has mandated that no insurance firm can say that there has been non-disclosure of facts after two years of the policy commencement.

Riders: Most Term Insurance Plans offers various kind of riders that offers extra advantages along with your policy benefits. It would help if you chose riders based on your needs and requirements. Some of the popular riders include critical illness, partial or permanent disability, death due to accidents amongst others.

In this uncertain world, it has become a necessity to have term life insurance. So that your family can enjoy financial security and a relaxed lifestyle in your absence. Term Insurance is a simple and cost-effective way to achieve all of these. Hence, it would be best if you planned to buy term insurance as per your needs and requirements to safeguard your family financially from uncertainties. If you are also planning to purchase term life insurance, then you can get free quotes by visiting BimaKaro.in and choose the right term plan for yourself from top insurers in India.

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