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Overview of Term Insurance: Term insurance as the name implies is a life Coverage that an insurance company offers and insures you for a fixed term. It is the cheapest form of insurance if the investor is looking only for death benefits. The Policy period varies from five years to thirty years. Term Insurance is easily understood and needs no elucidation. The investor chooses the term plan and would be paying an amount; as Premium either monthly, quarterly or annually throughout the policy period. Unlike other types of insurance term insurance does not provide you any returns as such. The premium you pay is never going to be paid back. In the event of death of the Insured within the term period the nominee would inherit the death benefits or the sum Assured as per the terms of the insurance policy.
It reduces financial strain on the family of the insured after death. It’s a security for the insured’s family. Conversion clauses in the policy of the term insurance allow change in the term policy to a permanent one whenever desired. Some conversion clauses also allow you to switch over plans up to 75 years of age. Most importantly; before buying a term insurance the clauses needs to be read and understood, since it differs from policy to policy.
Prior to computerization the only mode to buy a Term Insurance policy was through Insurance Agents, but now-a-days buying any form of insurance has become trouble-free due to its offerings online by the insurance companies. The online websites of the insurers provide valuable information about the various policies in detail. The point of differentiation between regular term insurance plans and online term insurance plans is that the premium paid for online policies are lesser than the regular policies. The insurance companies offer a margin of 35-40% discount on the premiums paid. You may wonder why the concession is given. The insurance company makes profit with online term insurance as they can save the commission to be paid to the agents. Online term insurance plan has no commission as we get term insurance directly from the insurance companies.
1.Online free insurance quotes are available in the web for the investors to calculate how much money they will require to invest for any particular return they expect.
2.In online insurance we can also make a comparison of term insurance policies of various insurers and analyze well before investing for term insurance plan.
3.Buying an insurance policy online is very easy and has only a few steps involved. You research, choose the policy, fill in the application, and make premium payments online using your debit or credit card and even net banking.
4.Much of time is saved as the entire process is online & trouble free.
5.Inclusion of Riders with the term insurance policy is an additional benefit that the policyholders can enjoy to meet their specific needs and customization.
1.Consideration of the age, present health and medical condition and the existing loans. Only based on these the choice of policy can be made.
2.Compare the various policies of insurance companies online to choose the best one that suits you.
3.Look for the financial performance of the insurance company in the market.
4.Understand the policy well and calculate the Claim settlement percentage that the Insurer is offering.
Unfortunate circumstances, such as illnesses, accidents and death, always come uninvited and when you least expect them. Diseases and death are situations nobody wants to face but you will face them sometime in your long life. While you cannot prevent their occurrence, the least you can do is to ensure that your family’s needs are taken care of even when you are not around, and minimize their suffering. For example, if you build a house early in life, your family will have a home to live in for their whole life.
Similarly, there are many important things that you can take care of in life so that your family’s future is secure. In particular, you must take care of the financial matters so that even in case of losing the breadwinner, the family’s financial needs are taken care of. There are various tools to help you do this and insurance is one such instrument that you can use. Probably insurance was not a priority till now but the rising number of accidents and critical illnesses must make you sit up and take notice. Also, when the family will need money in lump sum during key milestones, such as college education, marriage, and so on, insurance will come to their rescue.
Why Term Life Insurance?
Term life insurance is one of the best kinds of life insurance in India as it is very cheap and useful. It covers you for a fixed period of time, generally for 5 years to 30 years, and provides the sum Assured to the Beneficiary in case of death of the insured. Prohibitive costs might have kept you away from going in for life insurance till today and it is here that Term Insurance comes to your rescue. It is easily affordable as there is no investment component to it, and the fixed term ensures that you have lump sum money in hand when you need it the most.