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Time and again, the debate between whole and Term insurance plans has come up in the minds of the consumer, just as it has been the case with finding out the best term plan that would suit one’s needs. The bottom line, in the former case, has invariably been cited as depending on individual needs and circumstances; in the case of the latter, with different term plans, the answer lies in the benefits that one could draw using term plans as tools.
In other words, when you are looking at the benefits of term plan in India, not only are you considering one of the many facets of an instrument, but are also looking at them from your own unique perspectives. This means that while there are many benefits associated with Term Insurance plans, the way these benefits materialise to individuals differs from person to person, based on their individual circumstances and situations.
One of the primary advantages of your decision, of course, is that you would be investing a fraction of what you would otherwise have invested, had you chosen to go in for whole life insurance policies. That would account for the money that you would save without having to put it all into one that combines insurance with investment. What this means is that individuals would be free to invest their money that they save through their online term plan in any way that they find it savvy. Hence, the investment would be the investor’s own baby, not one that they may be locked in as a result of their insurance policy.
That apart, there are scores of ways in which you would reap the benefits of your action based on individual circumstances. Another way in which you would benefit would be by covering for all of your short term needs that may need taking care of. For some, it may be the mortgage that would have to be covered for risks associated with the lives of the insured, while for others, it could be their child’s education. Term plans could be used to cover any of those short term needs by choosing a term that matches with the period of their mortgage or their child’s education.
One of the other ways in which you could realise the benefits of the best term plan would be through riders. Term plan in India comes with a host of Riders such as the Critical Illness rider, accidental disability or dismemberment rider. Again, you would have it all for yourself as to which way you would want to benefit out of term insurance plans.