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Term insurance is one of the simplest and most affordable ways to secure your family's financial future. It offers a substantial life insurance cover for a specified term at relatively low premiums. If you're new to insurance or looking for cost-effective ways to protect your loved ones, this guide will help you understand how to find affordable coverage in term insurance.
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Affordable Premiums: Compared to other life insurance policies, term insurance is much cheaper. Since it provides only life cover without investment options or savings components, the premiums are lower.
High Coverage: For a relatively small premium, you can secure a large sum assured, ensuring financial security for your dependents.
Simplicity: Term insurance is straightforward, with no complex investment or savings plans. It purely focuses on providing death benefits to the policyholder's family.
Term Plans
While term insurance is inherently affordable, several factors influence the exact premium you’ll pay:
Age: The younger you are when you buy a term policy, the lower your premium. Insurers consider younger individuals to be less risky, as they typically have a longer life expectancy.
Health Status: Healthier individuals often enjoy lower premiums. If you have pre-existing health conditions, your premiums may be higher, or in some cases, coverage might be denied.
Smoking Habits: Smokers usually pay higher premiums as they are at greater risk for life-threatening illnesses. If you are a non-smoker, you can expect more affordable rates.
Policy Tenure: Longer policy terms usually result in higher premiums, but they also ensure longer coverage. You should choose a policy term that aligns with your financial goals and liabilities.
Coverage Amount: The higher the sum assured, the higher the premium. It’s important to strike a balance between sufficient coverage for your family and a premium that fits your budget.
Riders and Add-Ons: Riders like critical illness cover, accidental death benefits, or disability income can provide additional protection but increase your premiums. Evaluate whether these add-ons are essential for your needs.
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To make the most of your term insurance policy while keeping it affordable, follow these tips:
The earlier you purchase a term insurance plan, the more affordable it will be. As you age, the risk of health issues increases, leading to higher premiums. If you lock in a policy when you’re young and healthy, you can benefit from lower premiums over the policy term.
Today, it's easier than ever to compare term insurance policies online. Multiple insurance companies offer online calculators that let you enter your details and get instant premium quotes. Use this to compare policies and find the one that offers the best combination of affordability and coverage.
While it’s tempting to opt for the highest possible sum assured, remember that it should align with your financial situation and liabilities. A general rule is to opt for coverage that’s 10-15 times your annual income. This ensures that your family has adequate financial protection in case of your absence, without paying unnecessarily high premiums.
Choosing a policy term that covers you until your major financial responsibilities (like children’s education or a home loan) are over will ensure you don’t have to renew your policy at a higher age, when premiums can be expensive. Many insurers offer policies that extend coverage until the policyholder turns 60 or 65.
While riders add extra layers of protection, they also come at a cost. Evaluate your needs before adding these to your policy. For instance, if you have a separate health insurance policy, you may not need a critical illness rider on your term insurance.
Insurers consider health conditions and lifestyle habits when calculating premiums. Maintaining a healthy lifestyle, such as quitting smoking or managing chronic illnesses, can reduce your premium rates over time.
For those looking for affordable term insurance, it’s worth exploring government-backed schemes and initiatives. Programs like (PMJJBY) offer basic life insurance coverage at very low premiums, making it accessible for low-income groups.
Step 1: Visit Policybazaar and go to Term Insurance page
Step 2: Fill in the basic details such as name, date of birth, and contact number. Then, click on ‘View Plans’.
Step 3: Answer the questions about smoking habits, annual income, occupation type, and educational qualification.
Step 4: After submitting all the details, a list of all available 1 crore term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and proceed to pay.
Term insurance is one of the most affordable and effective ways to provide financial security for your family. By understanding the factors that influence premium rates and making informed decisions, you can find a plan that offers robust coverage without straining your budget. Always remember to compare policies, assess your needs, and choose the appropriate coverage and tenure for long-term peace of mind.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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