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Minimising and measuring risk is part of an engineer’s daily work, but it is as important for engineers to plan their financial future. For engineers, the right term insurance product simply means you and your loved ones can remain financially protected if you are not there with them. This includes life coverage in case of untimely death, income protection for lost income, and other options like Total and permanent disability. Here we have explained why engineers need term insurance plans, their key features, and benefits.
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Note: Know more about what is term insurance first before reading this article.
Term insurance for engineers covers you and your loved ones against life’s unpredictable events. Based on the type of coverage, if you become ill or die, your family members will get financial protection in the absence of your regular earnings. This is an important protective net for individuals of any occupation, be it engineers whose positions often need site work, regular travelling and use of heavy machinery. All these factors carry large physical risks that can endanger your life.
Term insurance for engineers will provide your family with the financial protection they will need to meet their financial obligations in your absence.
Let us see how much life cover you should have while buying insurance for engineers.
Term Plans
You should also make sure to choose a life cover large enough to help your family live a comfortable life in your absence as a small cover might not be sufficient enough to cover their needs in your absence.
The amount of life cover will differ depending on the assets, debts, and family of an engineer and also on their work environment. According to financial experts, ideally, you should opt for a life cover that is at least 20 times your current annual income.
Note: You can use the Term insurance calculator to compute the exact amount you would need to pay to get the plan with the desired life cover.
Here is a list of all the key features of term insurance for engineers that you should know:
Cost-effective: Term insurance for engineers is generally much more affordable than any other life insurance product since it is a pure risk protection plan. Thus you can get large life cover at low premium rates.
Long-term protection: Insurance for engineers can offer protection under the policy for up to 100 years of age. This allows you to lead a stress-free and comfortable life.
Low entry age: You can get insurance for engineers at an entry age as low as 18 years.
Flexible premium payment modes: Your term insurance for engineer premiums can be paid on a monthly, quarterly, bi-annually, or annual basis.
Easy to understand: A term insurance for engineers is an easy-to-understand life insurance product as it is a pure risk protection plan and provides life cover as long as you duly pay your premiums. In case of your untimely death during this tenure, your family will receive the sum assured at policy purchase as the death benefit.
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Term insurance for engineers can provide you with various term insurance benefits. Some of them are as follows:
Family’s Financial Protection: Term insurance for engineers can provide financial aid to your family in case you suffer an unfortunate death during the policy term. This makes sure your family is able to fulfil their lifelong goals and maintain their lifestyle.
Large life cover at affordable premiums: You can get term insurance for engineers at low premium rates online as insurance companies offer special discounts online. You can get a large life cover at low premiums if you buy term plan at a younger age, as the premium rates increase with age.
Loans and Liabilities: In case you have any existing loans or liabilities, your family might have to bear the burden of having to pay all of them in your absence. The payout received from term insurance for engineers can be used by your family to pay off any current loans like home loans or car loans.
Enhanced Cover: Insurance for engineers gives you the option of including relevant add-on benefits to your base plan. Riders like accidental disability and death riders or critical illness riders can protect you against any uncertainties of life.
Multiple Premium Payment Options: You can choose to pay your premiums in a single, regular, or limited premium paying term.
Multiple Premium Payout Options: You can select to have the death benefit paid in a lump sum amount, in regular instalments, or in instalments + lump sum amount.
Tax Benefits: Term insurance for engineers allows you to save on your premiums under section 80C of the Income Tax Act of 1961.
A comprehensive term insurance plan for engineers should cover the following:
Income Protection
This option entitles the life assured for monthly payments in replacement of a lost income if you suffer an illness or injury.
Critical Illness and Disability
Term insurance can secure you against eventualities such as critical illness and disability at some additional cost.
Life Cover
Term insurance pays your nominees/beneficiaries a lump sum payment if you die.
Term insurance for engineers is the perfect way for engineers to secure their family’s future in their absence. The coverage of these plans can be enhanced by including income protection riders, critical illness riders, and partial or permanent disability riders.
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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