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Home Money Insurance

Why buying a term insurance plan is beneficial, with low premium?

Term insurance plans have become extremely popular in India.

Bhagyashree Soni by Bhagyashree Soni
September 19, 2020
in Insurance
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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.

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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.

Avoid these mistakes while buying health insurance, in choosing the right policy

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.

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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.

Insurance companies can give policyholders wellness coupons & reward

 

Source: www.financialexpress.com

#buying #term #insurance #plan #beneficial #premium

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Bhagyashree Soni

Bhagyashree Soni

Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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