A Term Plan Insurance is a popular life insurance product because of the unmatched benefits it endows. It promises your family a lump sum benefit in the event of your untimely demise and that too at very marginal premiums. Which other investment instrument promises you this? Well, none other does, actually!!
There are 24 companies working in the Life Insurance sector. All have Term Plan because it is the pure vanilla product, based on which different plans have been found. But the base always has remained the same – to give the death cover.
With the tough competition prevailing in the market, the intermediaries (direct agents, corporate partners, company-employees, telemarketing personnel, etc.) will be calling you, emailing, or messaging you regularly to sell their products. Rather, sometimes it becomes torturing. I am getting so many calls every month about their product. Not all calls are information, I can tell!!
But to save their jobs or to increase their income, they contact you. And if you give them time to meet, they will come and explain to your family that if you die, your family gets a millionaire!! Funny way of selling, but it’s the truth. Being the only bread-earner or not, after one’s death, there is always a financial crisis or say, struggle for the partner.
That is the only reason a term plan is a must!! But how would you know which company or which term plan is best suited for your requirement?? Well, read on…
TAKE THESE POINTS INTO CONSIDERATION WHILE DECIDING!!
- The cover you should take at least 15 times of your annual income!!
- Ideal tenure of the policy: retirement age – current age!!
- Go online and buy products: online term plans are cheaper!! An intermediary is best to have, to help you not only to buy but also during the claim.
- Don’t be distracted by riders: very dicey!! Beware!! Understand the terms!!
- Disclose everything: best not to keep any secrets!! Helps in faster claim settlement!!
- Take medical tests: helps– you & company be sure of all the facts about health!!
- Review your needs regularly: buy additional if income level increases!!
- Claim settlement ratio and services: most crucial!! See IRDA site for actual figures!!
- The right product: always compare and choose the best!!
Conclusion
Even if you have any other life insurance policy or if you do not have any, Term Plan with a decent sum assured is a must in your portfolio. It is the best gift that you can give to your family. It is for your family and not for you!! Contact us to get the quote that is best suited for your requirement.
4 Comments
Q-1 Which company is best for term insurance plan ? Q-2 Plz tell the time period for term plan ?
ReplyNormally companies promote their products on their claim settlement ratios. But apart from this, servicing, product features and attitude towards the client should also be seen. Few companies give term plan cover till 70 years of age, few till 75 and few till 85 too. But be aware that you will have to pay the premium even after your retirement in order to continue the plan benefits. However, companies give option to pay premium for a limited time. For example, you get a term plan to cover you till 85 years of age, but pay premium till you are 58 or 60 years of age. This sounds really lucrative as you save a huge amount of premium proportionately. So, kindly inform your desired sum assured, and we will email you a comparison chart with different product features that suits your requirement.
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