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Term insurance is a crucial financial safety net for families, providing a lump sum payout in case of the policyholder's untimely demise. But what happens to outstanding debts like home loans, personal loans, or credit card dues? This is where credit protection in term insurance comes into play.
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Credit protection in term insurance is a feature that is designed to pay off debts such as car loans or home loans if the policyholder dies, loses their job, becomes disabled, or has a critical illness. This means your family won't be burdened with the financial responsibility of repaying your loans, allowing them to maintain their financial stability during a difficult time.
If you want to ensure that your debts are easily paid off in case of unfortunate events, Credit protection in term insurance is the right option.
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It pays out the balance of a loan or makes debt payments on the policyholder's behalf.
It prevents a family's assets from being used to repay loans.
It provides a cushion to absorb unexpected costs and protect against financial hardship.
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Raman is a 30-year-old software engineer with a wife and two children. He knows the importance of being financially secure and opted for a term insurance policy with credit protection. One day, Raman was in a serious accident that injured his right arm, making it impossible for him to continue working. As a result, paying off his outstanding loans became a challenge.
Fortunately, with the Credit Protection feature in his Term Insurance Policy, the insurance company covered his outstanding loan amount, ensuring his family remained financially secure during a difficult time
In case of early death, credit protection in term insurance protects people and their loved ones from the financial difficulty of non-paid obligations:
Disability Insurance: This insurance pays the benefit if you cannot work because of an illness or injury.
Job loss insurance: This insurance covers expenses if you lose your job. These types of insurance plans are generally sold separately from term insurance plans. Policyholders should understand the coverage needs and make decisions based on financial circumstances.
Peace of mind: Knowing your family won't be burdened with debt brings invaluable peace of mind.
Financial stability: Protects your family from financial hardship and potential loss of assets due to outstanding loans.
Preserve your legacy: Ensures your hard-earned assets are passed on to your loved ones, not creditors.
Affordable: Credit protection riders are typically available at a nominal additional cost.
The required coverage amount depends on an individual's financial obligations and the number of dependents. When determining the ideal coverage, it's important to account for all outstanding loans, mortgages, credit card debt, and other financial liabilities. A higher coverage amount ensures better financial security for your loved ones in case of an unexpected event.
Anyone with significant outstanding debts, such as a home loan, personal loan, or credit card dues, should consider adding credit protection to their term insurance plan. This is especially important if you're the primary breadwinner for your family.
Add a Rider: Most insurers offer credit protection as a rider to their term insurance plans. You can opt for this rider when purchasing your policy.
Check Coverage: Ensure the coverage amount is sufficient to cover all your outstanding debts.
Read the Fine Print: Understand the terms and conditions, including exclusions or limitations.
Claiming a credit life insurance plan is an important step in ensuring your family is financially secure when any unfortunate event happens. Let’s discuss the claim process in life insurance, points to filing a claim, and what should happen after submission. This process includes the 3 simple steps:
Informing the insurer
Providing documents to process the claim
Waiting for the insurance company's final decision
Credit Protection in Term Insurance is a crucial feature that safeguards your family from financial burdens in times of crisis. In the event of disability, job loss, or an untimely demise, this benefit ensures that outstanding loans are taken care of, preventing financial strain on your loved ones. By choosing a term insurance policy with Credit Protection, you can secure your family's future and enjoy peace of mind, knowing they won’t have to struggle with unpaid debts.
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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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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