Term Insurance

Ever wondered what happens to your close ones once you go away?

Term Insurance is the simplest way to protect your family’s financial future. Term Insurance provides a lump-sum amount to your family, in the unfortunate instance that they lose you, during the term of the policy. The ‘financial burden’ does not come to the family and they are able to maintain a similar lifestyle and meet all the goals.

Term Insurance plans are affordable, an individual can get a high coverage amount at the most affordable premiums.

Here is why a term insurance is beneficial

  1. Peace of Mind - provides the family sufficient cover for living expenses and any major liabilities
  2. Secure Financial Future - protect future goals involving significant finances like education
  3. Tax Benefits - premiums paid are tax free u/s 80C upto 1.5 Lacs. Any death benefit received is also tax free u/s 10D
  4. Pocket Friendly - High Coverage at affordable premiums (approx. 0.1% of the coverage amount

#DidYouKnow term insurance premiums are lower at a younger age as individuals are less prone to diseases. Term insurance is crucial if

  1. You have dependents
  2. There are existing liabilities
  3. Existence of foreseeable goals involving significant cash outflows like children's education

Why term insurance online?

  1. Utmost Ease
  2. Prompt Policy Issuance
  3. Saves Money
  4. 24*7 availability
  5. Dedicated Assistance

Things to know when choosing a plan

  1. Evaluate the required sum assured - 20X of your current expenses + Value of Any Major Liabilities – Existing Assets should help you with a comfortable cover
  2. Define a time period - Select tenure only till the time coverage is essential, higher the tenure - more the premium
  3. Know the Riders - Check for add ons like critical illness and other benefits and asses the costs
  4. Track Record - check on metrics like the claim settlement ratio and average amount of claim settled
  5. Avoid Cheap Premiums - do not compromise on the coverage. Cheaper premiums come with terms and conditions. Always look out for exclusions.

#DidYouKnow It has been observed that it is best to keep term and health insurance separate !

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