August 14, 2019 9:23 am,
Are you the sole breadwinner of the family? Is your family completely dependent on you? Then you must consider buying term insurance. Although, term Insurance can be bought with a very low premium the benefit you reap is huge in case of unexpected events or unfortunate death.
Lifestyle changes, work pressure and stress takes a toll on our health. Also, we may have commitments like home loan, car loan, business loan etc. Just imagine if some misfortune strikes, then nobody would take the responsibility to take care of the family or clear the debts. This is where the term Insurance comes into the picture. This comes as a boon during uncertainties.
Perhaps, nobody wishes for something bad to happen. But nothing is in our control. We can only try to avoid the impact of the same. This article let you know the advantages of term Insurance.
Term insurance is the most affordable form of insurance, which provides the maximum sum assured at the lowest possible premium amount. Hence, ensuring the family’s financial security at a low cost is the return offered by the term insurance.
Term insurance is required to provide financial security for your dependents in case of your untimely demise. So, it helps you prepare for uncertainties. Hence, it is a must for those who are sole bread-winners and family is completely dependent on them. Have house loans, Vehicle loans and other debts.
• Entry Age: Any person above 18 years of age is eligible to subscribe to the plan. The maximum age limit is 65 years.
• Maturity Age: Insurance companies offer maturity benefit until the age of 70 years. There are some companies which provide coverage for higher maturity upon paying an extra premium.
• Policy Tenure: Term plan offers a minimum tenure of 5 years, a maximum of 25 years or for entire life duration.
• Determine the coverage amount
• Affordability of premium
• Choose the right insurance provider
• Tenure of the policy
• Payout option and criteria
• Suicidal death
• Due to HIV or AIDS
• Demise due to an overdose of drugs
So, let us take an example to understand the benefits of this insurance. Here, we have considered “HDFCLife Click2protect 3D Plus “term plan as an Example from HDFC Life
Entry Age:36 Years
Policy Term: Lifetime (49 years)
Premium paying term: 49 years or the same as the policy term
Premium to be paid: Rs.22,963 per year
Lumpsum Payout on Death or Terminal Illness: Rs.1.00 crore
Waiver of Premium on Accident Disability- Available
Waiver of Premium on 34 Critical Illness-available
So, the maximum policy term available for a person aged 36 years is 49 years. Till he/she attains the age of 85 years they are covered under term policy.
So, Term Insurance insurance plan offers comprehensive security at an affordable price. Hence, it protects our family against uncertainties like Death, Disability and Disease. So, buy a term plan and maintain the family’s standard of living even in one’s absence.
© 2019 Digital. All Rights Reserved | Design by W3layouts