Amit wants to know why should buy a term insurance plan. Amit, 35, a sales manager by profession & working with reputed MNC, has four dependents-his folks, spouse, and a 2-year old child. In fact that he has a yearly compensation of INR 6.8 lakh. He is as yet stressed over his family’s money related problems for future.
So, what is the reason for his stress? He says, “I am the sole provider of the family. Who will take care of my family if in the case that anything happens to me? I truly don’t have enough funds that can help them to survive for a long time. And then, to relieve the distress, Amit is looking to buy a term insurance plan to secure his family future.
Term Insurance Plan is a Part of Life Insurance – Types of Life Insurance
As all of us know life insurance plans divided into many parts. We listed types of life insurance below:
- Whole Life Plans
- Term Insurance Plans
- Endowment Plans
- Money Back Plans
- Unit Linked Plans ( ULIP )
Also with this, if you are thinking more that why Amit did opt for a term insurance plan and how can compare & buy term plans online then you should check out online insurance portals where you can compare & buy insurance plans online.
Even the Indian government also launched Prime Minister Jeevan Jyoti Bima Yojana. Government is charging a premium of Rs 330 per year & will give Rs 2 lakh to your family on your death.
First, We Should Understand Properly What a Term Insurance Plan is?
A term insurance plan is the cheap, affordable & best life cover plan that takes care of your family’s money problems on your death. A term plan offers financial coverage to you & your family for a specific time period. So if you or any term insurance policyholder dies during the policy period then the beneficiary will get sum assured money.
Now if you are as yet pondering whether to buy a term insurance plan or not, at that point here’s the reason we think you should read once.
4 Reasons Why Should You Buy a Term Insurance Plan
- Gives budgetary security & a Secure Future With Tension Free Life: Essentially, the life term insurance plan isn’t speculation plan, however, an unadulterated insurance plan gives money related security to your family. In any heartbreaking occasion, i.e. your death, your family gets a singular amount. This sum assured amount can enable them to pay off your credits and to live a safe healthy life. Likewise, as time cruises by, you can update your cover according to the developing needs of your family. If Amit, gets a second baby or different liabilities then he can change his life cover. He can change his life cover policy sum assured from 1 crore to up to 5 crores.
- Great Sum Assured at a Low premium: Another feature of a term insurance plan is that the premium is much lower. You compare term life insurance plans online with other insurance plans.
- Profoundly Flexible: A standout among other reasons why you should buy a term plan is because they are very flexible. You can buy a term insurance plan online or offline via insurance agents. And are not required for physical health checkups if your sum assured amount is 50 lakhs or less.
- Lower Chances of Claim Rejection: When We compare with other insurance plans, term plans have a much lower claim rejection. Which says that you will never have your claim rejected. But if you haven’t revealed any genuine certainties about your wellbeing conditions and different propensities, such as smoking and drinking.
In light of the above reasons, at this point, you too would trust that a term insurance plan emerges among other life coverage policies. Notwithstanding, while at the same time settling on this kind of plan you should simply get it at the correct age so that on a more extended term it helps your family.
Never pass up this great opportunity for paying the premium. Opt this insurance policy, so that your family will get the advantage of a quick claim settlement process.
List of Companies That Offer Term Insurance Plan With Great Settlement Ratio:
- SBI – State Bank of India
- Tata AIA
Listed companies above have a good reputation & claim settlement ratio, you can opt term insurance from any of these companies. To compare & buy all term insurance plans at one place, should try easypolicy.com.
I hope you all got my point why term insurance plans are very important for everyone. No matter which company you are going to opt for a term plan, but now its a basic need for future security.
So, opt for a term insurance plan now & live a tension free healthy life.
You May Like: Term Insurance Plans By HDFC
Submit your review
Hey Praveen,I'm very thankful to you because I was searching for the importance of term insurance & should I buy this or not. You helped me a lot. Now I'm confident to buy a term insurance plan.
Thank You, Yogesh.
I'm Happy to Here From You!