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Life is surely full of uncertainties, besides any unforeseen event does not come with prior notice. The term insurance plan will act as the safety cushion for the financial future of the family against any uncertainty. A term plan is also mostly referred to as the income replacement for the family members.
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The term plans are one of the most cost-effective insurance products that offer complete protection, financial stability and meet the needs.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
A term plan is of much help specifically if the breadwinner of the family passes away untimely. The buying rule when purchasing the term plan is that you should obtain a cover that is equal to the ten or twenty times of the yearly income.
On the premise of your requirements, you can choose from different types of term plans available in the market such as a pure term plan, term plan with the income benefit, an increasing sum assured plan or the return of premium plan. Moreover, you also have the option include different add-on covers that meet your specific needs such as the critical illness cover, accidental death benefit rider, waiver of premium, and so forth. It is highly recommended to buy a term insurance plan online and enjoy the considerable term insurance benefits.
However, when the time comes to make the final decision of buying the term insurance plan, people often get confused in regards to the sum of life cover, policy term, type of plan and so on. Listed below are some tips that would help you to make an informed decision:
You need to think about the stage of life and the number of members of the family members when it comes to determining the cover sum. The family members will differ at various stages of life. For instance, in case you are unmarried your financial responsibilities will be different when compared to a married individual. Therefore, the cover sum is chosen accordingly and keeps an eagles eye in regards to the prospective times and plan well for the financial responsibilities that would increase.
Another important tip that should be taken into account while buying the term insurance plan is to understand the lifestyle of the family. This means that assess the expenses of the household, the fund required to meet the everyday needs. Besides, make sure that you have taken into account the factor of loans or liabilities if any. While planning the life cover, do not forget to take into consideration the aspect of inflation.
When it comes to choosing the cover amount it should not only be solely based upon your income but also the needs of the family. Regardless of whether you are the prime earning member of the family or another contributing member to the family’s collective income, choose a cover sum that is equivalent to the sum of income required to meet the family’s everyday bills.
When you start earning most likely you will be under the burden of liabilities such as a home loan, personal loan, short-term loan, car loan, and so on. Therefore, make sure that if you are not around the burden of repaying the instalments or the EMI do not fall on the shoulder of your dependents. So, include the sum repayable of the outstanding loans in the life cover accessed.
A term insurance plan is of no use when you are unable to use it when it is required the most. Therefore, chose the term insurance company that has a high claim settlement ratio. The high number represents the company's claim settlement process is effective and shows the number of claims that have been settled against the filed ones. It is to be noted that, higher the claim settlement ratio, better is the chance of availing the complete sum assured amount.
A term insurance plan is just not limited to the death benefit. The plans also offer add-on covers that are termed as rider benefit options. By paying an additional premium you can add more value and enhance the protection to the basic term insurance plan purchased.
Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.
It is highly recommended to buy a term insurance plan online as it gives you the liberty to take charge of the coming times. Moreover, it brings in additional responsibility of staying informed in regards to the requirements and product features.
A term insurance plan will work best for you when the requirements are matched and thereafter you would be able to buy the right term plan. The prime intent of a term insurance plan is to help the family to meet the everyday amenities expenses even if you are not around tomorrow. An ideal term plan would be the one that would help the family to meet the life objectives and not worry about the finances.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
†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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