Term Insurance Plans

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Guide to Buy Term Insurance

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The birth of a child is a life altering event. Soon after a child is born, parents plan and do things to ensure that the child has the best in life. They ensure that the child joins the best school or college in town and has the best things in life. However, you must have enough money in hand during the key milestones to provide them the best. Also, all of a sudden the bread winner of the family might be no more.

In these kind of situations, a Term insurance Policy comes to you and your family’s aid. The fixed term ensures that you have lump sum money in hand when you need it the most, and it provides the Assured sum to your family in case of your death. In addition, term plans are the cheapest insurance plans available as there is no investment involved. However, you should know all the policy features in detail to avoid the Claim getting rejected later.

Choosing the Right Plan

Though getting Term Insurance will make life easier for you and your family, choosing the right term insurance plan is a tough job. You must first read the policy documents in detail to avoid problems later. Here are some other important guidelines that will help you in buying the right term plan:

  • You must decide the time period for which you need the plan. Term life insurance plans in India usually provide protection for 10, 15, 20, or 30 years.
  • It’s advisable to buy the policy when you are young and in good health. Also, every insurance company has an age and term upto which one can renew a policy. The age is generally 65-70 years and the term normally is 30-35 years for renewal.
  • Companies may offer Riders like accidental death benefit, terrorism death benefit, Critical Illness benefit etc, which may be valid upto a particular age. You must get the ones you need, but they come at an extra cost.
  • Knowing the Exclusions and conditions when insurance amount will not be payable is very important to avoid unnecessary pain during claims settlement.
  • Buying online term insurance comes handy when you want to compare term plans from the comfort of your home, ideally using policy aggregator sites. You can compare term plan for minimum Premium and best features before you settle for a plan.
  • Some companies provide the option of converting term plans to other long-established plans like endowment plans or money back plans etc. at a later stage. Consider these to see if they benefit you.
  • Assess your policy every few years. This will help you modify your features and save money on your premiums if your situation in life has improved.

Buy a term insurance policy today and let your family be financially secure when they are struggling with the emotional pain of losing you. Also, you can avoid sleepless nights thinking of what will happen to your family when you are no longer alive to take care of them. However, knowing all the policy features well is imperative to avoid problems later.