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Nowadays, the well-being of our families encourages us for daily struggles. Every single day we all try to accumulate savings for our family’s protection and security so that they can live comfortably in case of our absence. Term insurance, a basic protection plan is a one-stop solution for all your problems. While buying term insurance, two factors should be considered i.e., sum assured and the duration of the plan.
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As we all know, Life is an adventure for everyone with never-ending ups and downs. Insurance is a great approach that gives financial assurance in case of an unfortunate event. A term insurance plan is a basic and pure insurance plan that provides financial protection to our dear ones against the biggest risks of life. These policies provide coverage of the premature death risk and compensate the grieving family which helps them meet other expenditures. Term Insurance Plan also offers several smart benefits and features ranging from affordable premiums to additional covers i.e., riders.
Note: Now that you know about what is term insurance you can easily buy a term plan for your loved ones.
Term Plans
Anyone between the age of 18 years to 65 years can purchase term insurance. If you buy a plan in your 20s then you can easily plan your loved one’s future. The first choice of insurers is young and healthy individuals when it comes to offering insurance. Because they have a stable income and their risk of death is comparatively low.
Lower premium rates and high sum assured – Cost-effectiveness is one of the distinguishing benefits of term insurance as compared to whole life insurance. Term insurance is available at lower premium rates that one can easily buy and enjoy the benefits for the rest of their life. And, the other important advantage of a term insurance policy is the ‘earlier you invest in a term insurance plan, the lesser the rates of premium you are required to pay.
Easy to Understand - Buying a term insurance plan without reading the fine print may lead to future surprises. But, one of the important features of term insurance is that its terms and conditions, features are quite easy to understand. Once you start paying the regular premiums, then the insurer provides you the coverage for a fixed period, thus offers the term insurance benefits.
Critical illness Cover - We all can face unfortunate events anytime any day, so the best way to be protected is to be aware of financial security plans available in the market. Apart from death, Critical illness like brain surgery, cancer is also the time for you when your family’s protection comes under threat. Critical illness life coverage along with term insurance is quite popular as it covers the high cost of treatment and ensures that your family lives a normal life.
Death Benefit - It increases the sum assured amount that is required to be paid to your family in case of an unfortunate event such as accidental death.
Additional Riders – Term insurance plan generally comes out with the availability of different riders as per your need. They help in strengthening and enhancing the benefits of the term insurance plan. Term plan provides you an option to add riders to your existing policy by paying a minimal additional amount of premium that offers you more protection against financial emergencies.
Tax Benefit – Term Insurance Plan offers the Tax Benefits on premium paid and receiving benefits are also eligible for income tax under section 80(C) and 10(10D) of Income Tax Act, 1961.
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The duration of a term insurance plan generally depends on the policyholder’s age. For example, a 29-year-old individual is offered a policy duration of up to 50 years whereas a 50-year-old individual is offered only 34 years. The early you invest, the longer the tenancy of a term insurance plan will be.
If your debts are required to be payable, then your term plan coverage should be equivalent to the unpaid amount of loan and the tenure should be equal to or more than the duration of balance EMIs. So, in event of your unfortunate death at an early age, your family will not be financially burdened by the loan. Moreover, the insurance income will help them reduce all the responsibilities.
As a family person, you surely have certain life stages to achieve and financial objectives to meet. Always decide the duration of the term insurance plan by taking care of your family’s dream, so that all the aspirations will be fulfilled by the sum assured amount that is paid out even in case of your absence.
Go for the maximum term plan duration that is available for assured profile and age. So, a 30 year old individual predicts the need for life insurance for the next 30 years but goes for 40 years duration of a term insurance plan because uncertainties in life can happen anywhere anytime.
The longer the duration of the policy, the lower is the price of the premium. Hence, always determine the flow of cash and the savings and analyze if you can continue paying your premiums easily for the complete duration.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Age – The early you invest, the lower the premiums you are required to pay
Gender – The premium of women is lower than the premium of men. As per the reports, their death rates are also lower as compared to men.
Sum assured – If your sum assured is higher, your premiums will also be higher.
Smoking habits – The premium of smokers is higher than the premium of non-smokers because smokers have a high risk of death.
Term insurance policies offer long-term assurance and benefits to the policyholder and his/her families at a very minimal cost. Everyone from young working individuals and newly married couples to even parents having children can also opt term insurance plan. The duration of term insurance plan is one of the major considerations while buying a term insurance plan. Always go through the features, terms, and conditions of the policy.
Note: Check out the best term insurance plan 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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