Being a responsible individual does not only mean taking care of today’s needs of your family, it also means taking measures for the day when you may not be around them anymore. Wondering how do you do it? Well, the easiest and most effective way is buying a term life insurance policy. Once you purchase it, you can at least rest easy with the peace of mind that even after you are gone, your family will not have to face financial obstacles in realizing their dreams.
What is term life insurance?
Term life insurance is life insurance that you can buy for a certain tenure and have to pay premiums all through the tenure. However, if you happen to die during the tenure of the term, the premiums will be discontinued and the beneficiary of the plan will get the sum assured. The best part about a term life insurance plan is that the number of premiums is affordable and the sum assured is high, which can even go up to Rs. 1 crore. If you survive through the tenure of the term, there is no maturity benefit that you can get from the plan. However, if you go for a return of premium term life insurance; on surviving through the term insurance tenure, you will get back the premiums that you paid all these years.
Benefits of buying a term insurance plan?
A term insurance plan is something that you certainly buy for your family and not you. Let us discuss some advantages of buying a term insurance plan.
- Affordable: The premiums you pay are totally affordable. You do not have to compromise on your current lifestyle to pay the premiums of the term life insurance plan.
- Offers high sum assured: Many term insurance plans offer high sum assured on lower premium rates. In fact, in many cases, if you are a woman or a non-smoker, the premium rates you will have to pay are lesser.
- Can be bought online: You can go to the website of the insurance companies and buy the best term life insurance from the comfort of your home. Everything can be done online. Even the health check-ups will be booked online and the samples will be collected from your home.
- Flexible payment options: With a term life insurance plan, you get to choose from a wide range of payment options such as monthly or quarterly, or yearly payment, whichever is convenient for you. This will help you to find the easy way out and choose the payment option which suits your budget.
- Important investment for the future: You can get the assurance that if something happens to you that leads to your untimely demise, your family will not have to go through the rough patch of any kind of financial constraints. The sum assured can be claimed by the beneficiary, which then can be used by the family to meet their needs.
There are several types of term insurance plans that are available in the market. They all are more or less the same but some of the options may vary. You must go through the plans thoroughly along with the terms and conditions of each of them before you make a sound decision. Some of the term insurance plans that you can consider are Max Life Smart Term Plan Life Cover, Max Life Smart Secure Plus Plan Limited Online, HDFC Life Click 2 Protect Life(spl), ETOUCHSHIELDPLUS, SMARTLIFEREGROP, GROUPTERMLIFENEW, IPROTECTSMART, Aegon Life iTerm Insurance Plan, etc.
To know about some of the best term life insurance companies, you can visit the website of IIFL Insurance and can also compare all the term plans available there.