Term insurance plans have become extremely popular in India. Till a few years ago, it was a product that no company suggested to customers to invest fully. But all this changed with better-priced term insurance plans launched by insurance companies. Customers are understanding its importance, taking it and now most insurance companies use term insurance plans as an onboarding tool for new customers.
Term insurance comparison sites add convenience to it and make it easier to choose the better option. While there are many options for why you should buy it, let us know something important.
The best form of protection for your loved ones
There is no other financial product to provide financial and mental security to you and your family. Cash only in the bank is a better option. But it takes a lot of time for most of us. Even after this, more of it is used in important works of life, which keep coming, such as home loan, education loan, car, child marriage, medicines, home renovation etc. And this is possible only when the income keeps increasing till the age of your retirement.
So, how does a person plan for a bad event? For this, a term insurance plan can be taken. A 30-year-old person can take a cover of Rs 1 crore for a period of 30 years for only Rs 7,788 per year.
Cheap enough to buy at a young age
Buying it at a young age makes a big difference. For this, take a cover of 1 crore for 30 years.
30 years – Annual premium Rs 7,788
35 years – Annual premium Rs 9,912
40 years – Annual premium Rs 13,216
45 years – Annual premium Rs 17,700
The difference in premium can be seen. You can save a lot of money by taking a plan early in life.
Companies strict besides low premium
With the reduction of premium, insurance companies have become very careful in offering the plan to their customers, which they consider risk. The possibility of developing lifestyle diseases also increases with age. Due to the rush of our jobs and life, we become more sensitive to them. Once there is a disease, the insurance companies will save you a lot on taking you onboard. Or your premium may also increase.
How Ultra Short Term Fund differs from Liquid Fund, who should invest in it and how
Very detailed cover with the rider
Where death cover is important, you need to cover such a scenario where income stops without death. This greatly increases expenses and in most cases, there is a complete loss of income. In the event of severe illness and disability, the rider helps in such situations.
#buying #term #insurance #plan #beneficial #premium