Do you think you have sufficient finances in place to safeguard your family after your death? If not, then you should definitely consider buying a term insurance plan. A term insurance plan is the most affordable life insurance product available in the market. The policy offers coverage to the insured for a fixed number of years.
Ideally, term plans are known to pay a lump sum amount to your dependents in case of your untimely death during the tenure. The amount received can be used by your family members to repay any financial liabilities taken by you, sustain their current lifestyle, accomplish life aspirations without financial interruptions, and more.
Besides securing your family financially, term insurance has multiple other benefits too. Here’s a walkthrough on the same -
By now, you must have a pretty good understanding of term insurance and how it benefits you. The next thing you need to gain perspective on is how much insurance coverage you need.
A simple rule to follow when calculating your term insurance coverage is that it must be 10 to 20 times more than your current annual income. For instance, your current annual income is Rs. 10 Lakhs, then the term insurance cover that you should ideally opt for is approx. Rs. 1.5 Crore.
Many people tend to consider the premium amount when deciding on the term insurance coverage. However, it is not the right way to follow. The suggested way to decide on the sum assured amount is to consider your future financial goals. You need to take into account the following factors -
The term insurance cover you choose should be sufficient enough to manage these factors as when the time comes. Also, it is wise to make a provision for inflation when calculating future expenses. Along with this, you can extend the coverage of your term insurance plan with necessary rider benefit.
Now let us take a look at different term plans available in the market.
In India, insurers offer different variants of term plans that help accomplish specific goals. Some of the popular term insurance variants are as follows -
Based on your necessity and affordability, you can consider buying any of the term insurance plans mentioned above. Let us now take a look at a few rider benefits offered under term insurance in India.
As explained earlier, insurers provide rider benefits on term insurance to enhance the coverage of the policy. Some rider benefits worth considering are as follows -
With this, we are sure that you are well-aware of term insurance types, coverage, and benefits in elaborate details. Now, all you need is to find a trustworthy insurer and buy the policy online. Keep reading to know the benefits of buying term insurance online.
Securing the financial future of your loved ones is a top-most priority. Therefore, it is necessary to invest in a plan that fulfils yours and your family’s needs. And a term insurance plan is just what will help you do so.
Treat this article as your go-to guide when buying term insurance online. In fact, you can also take a look at the different term insurance plans available on Finserv MARKETS. You can benefit from features such as quick claim settlements, affordable premiums, extensive rider benefits, the high sum assured, and more.
Also, read more about term insurance tax benefits by visiting Finserv MARKETS online.