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Want to Be Financially Responsible? Buy a Term Insurance Plan

Published On Oct 03, 2021

Life is full of uncertainties and no one can foresee what is going to happen next in their life. To ensure that your loved ones are financially protected even when you are not around, you must choose a term insurance policy.
A term insurance cover is a type of life insurance plan which is both cost effective and easy to purchase. It offers you and your family members a financial safety net in case of your untimely demise within the plan tenure. The premium paid against a term insurance plan is minimum in comparison to any other insurance plan.

Why is Purchasing a Term Insurance Plan- A Smart Financial Decision?

It is important for you to invest your money in different financial avenues to maintain financial stability in the long run. Some of the benefits of a term insurance plan are listed below that can help you in making a correct decision:

1. Whole Life Cover

You can go for a whole life cover that offers you coverage for your whole life or up to 99 years of age. The insurance plan would remain active throughout your lifetime provided you keep paying the premium on time. In case, the life assured suddenly dies during the plan tenure, the nominee would get the sum assured.

2. Increase Coverage Option

The needs and requirements of your family members might change with time. Do you believe that your present coverage would be sufficient in meeting the needs of your family members (Keeping the effects of inflation in mind)? In case not, then you do not have to worry as today there are various term insurance plans with increased sum assured options available in the market. This insurance plan can help you in meeting all the expenses of your loved ones at different life stages.

3. Return of Premium

It is one of the most beneficial features available under a term insurance cover. Under a term insurance plan with return of premium option, in case a policyholder survives through a plan tenure, all the premiums would get paid back to them. In case they die untimely during the plan tenure, then the beneficiary would receive the sum assured.

4. Addition of Spouse in Same Plan

In case, you have just got married and want to secure your spouse financially, then gift them with a term insurance cover. Include your spouse in your existing term plan at discounted rates. It is beneficial especially for a non-working partner. As a life insurance company generally does not offer insurance to individuals who do not have a regular income source.

Conclusion

When you decide to purchase a term insurance policy, you believe that your insurance company would be there for your loved ones during the time of need. Therefore, it is significant to select the right insurance company to purchase a term insurance plan i.e. someone whom you could trust. So, research well in advance about the insurance company and about the products to know about the kind of benefits it has to offer you.

Also read - How Increasing Sum Assured in Your Term Plan can Help You in Fighting Inflation?

Why Do You Need Term Insurance Coverage?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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