Plans allow systematic enhancement of wealth with insurance
Unfortunate, isn't it? Despite the increasing number of players in the market and India being the second largest populated country, the numbers present a dismal figure. The life insurance market has seen a revolutionary change in terms of innovation and creativity. Plans which have great new feature, good benefit structure, lower charge structure and a host of features are being offered and yet the penetration shows a downward trend!The numbers depict a continued fall in the penetration rate over the last 6 years and it is a wake-up call for us.
Why 'us' you might ask. Well, it is we who shirk away from insurance and contribute to its downward penetration trend. But why do we do so? Is insurance a disposable product?
Life insurance, contrary to popular beliefs, is one of the most important investments one can make if one wants to secure one’s future. We all make investments with the sole view of earning good returns but what about securing our future? Imagine the scenario when the bread-winner dies prematurely, will his investments be sufficient to provide for the family’s living expenses over the years? Only life insurance can solve this because this is the only product which promises a lump sum benefit in the event of unfortunate death.
When we talk about life insurance, the Term insurance plan offered by life insurance companies come to the forefront when the motive is future financial security. A Term Insurance plan is the only plan which allows a substantial Coverage against a very low Premium outgo.
So, if you want a big future security in terms of finance, buy a Term Insurance Plan. Why? Let’s see:
All said, it wouldn’t be wrong to sum up the entire discussion in a single line which reads – Term insurance is a small investment for a big future protection. If you still have a bit of cynicism remaining concerning the cost factor, lay your mind to rest. Here are some of the premium rates of term insurance plans offered by some leading insurers.
Is the premium too high? Isn’t it a small investment? Isn’t the protection big?
I hope your cynicisms are laid to rest. A term plan is an inevitable weapon in your investment arsenal which would protect your financial future and should not be given a miss. After all, which other investment avenue promises such benefits?