Term Insurance Plans

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ensure you protect your family with a right term plan

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Buying a Term insurance is a matter of great responsibility. The choice of term plan is important to ensure that the family is adequately covered for the risks. At the same time, you should strive to choose the best available option that aptly fits your needs and Risk profile. Here we offer you tips to buy the best term plan.

1.Know your options

While term plans are supposed to be the simplest form of life insurance, the insurance companies have still managed to tailor these simple options well so that they provide a best fit to varying needs of the individuals. As you would agree, the life insurance needs of no individuals are expected to remain the same throughout the life. As the size of the family changes or savings / liabilities grows the amount of insurance that is needed also changes. In order to empower buyers with the ability to lower or increase their insurance cover dynamically special term plans are available. Buying such a term plan ensures that you pay for only as much insurance as you need.

To bring more clarity to this argument let me give an example. The point in time when you buy term plan you would be carrying a home loan liability on your balance sheet and hence the quantum of insurance that you choose should account for such a liability. But eventually when you pay off the home loan your insurance need would have come down. In such a scenario you can buy term plan that offers progressively reduced insurance Coverage as you repay the loan.

2.The right sum assured

The amount of sum Assured that you choose is one of the most important factors while choosing a term plan. You just cannot arbitrarily choose any amount of Sum Assured for your family. The sum assured has to carefully take into account the future needs of your family so that they are able to lead the same quality of life even after the demise of the insured. The sum assured amount should be such that it provides the family with enough income to meet their daily needs and also one time expenses like marriage of children, further education of children and repayment of any loan liabilities if any.

The calculation should also factor in the impact of Inflation on the cost of living. Alternatively, you should choose term plan which offers insurance coverage that is indexed to the inflation rate. In such a case the sum assured offered under the term plan would keep pace with the growing expenses.

3.The right tenure

Seeking the right tenure for your term plan is equally important. The right tenure will ensure that your family receives financial coverage till the time they need it. Term plans come with a fixed tenure and you can choose a tenure that is the right fit for your age. Ideally, a Term Insurance should last until the Insured has dependents that rely on his earning for their needs. Many term plans do not extend insurance coverage beyond the age of 60 years. However, with late marriages getting common we often see people having to continue working till a late age. In the current scenario I would suggest that people should opt for a term plan that extends coverage till they attain the age of 65.

4.The right premium

Once you know what is the right sum assured and the right tenure for your family it is time for you to hunt for a term plan that offers you the most competitive rates. There are online sites that will aggregate the quotes from various insurance companies for the type of term plan you wish to buy. You can choose the one that offers the most competitive premium.