What to expect from your term insurance plans in India?
Life every day is so unpredictable and when it about your family everybody wants them to be secured both financially and physically. Here is where a term plan can help you in putting up against the odds of life.
- 1. Saves money for your future without securing hefty payments. With annual premiums as low as Rs 7400 you can save up to 1cr. rupees for your future.
- 2. Making you financially ready for what your future may bring. Things like untimely deaths can be both devastating and financially draining for your families. Term insurance helps you feel relaxed in this regard.
- 3. Helps you to focus on your today since paying for your term insurance is majorly a one-time investment you don’t require to hold your life and can still plan a trip with your loved ones.
What should you look for while taking up term insurance plans in India?
1. Look for term insurance plans that suit: Just because term insurance plans in India is cheap doesn’t mean that it is meant for. You must understand the needs your family will have in the future and the basis this only should take up a term policy. For example, a policy states that you will get the policy worth 1 cr rupees in 138 rupees of premium that you are required to pay every month. To be able to make one crore rupees it will take up to 60 years to cover the amount.
2. Avoid Single premium policies: There are times when you are required to opt between single premiums vs. regular premiums. However, while getting term insurance many people believe that they should go for a single premium over regular because they can afford to do that. Unfortunately, it is not true always. There are very few cases where a single premium makes sense. That is why an annual premium is the best option that should work for people.
3. An increase in premiums is a good thing: While people are looking to get their hands on the best term insurance plans in India, there are times when your premium increase after an expense like medical that may ask you to pay an extra premium the next month. This additional payment is because of your sudden expense. Policyholders because of this postpone their acquiring the term plan. However, you must understand that higher premium considers riskier possibilities for people who have had a history of heart issues or smoking or drinking problems in the past. This makes your term insurance plans in India the one that is meant for you. You must not get carried away if your friend is paying lesser premiums and you aren’t despite have the same polity. What truly makes your term insurance plans in India one of its kind is that it is based upon your medical history, lifestyle, fondness, and various other parameters.
4. Avoid add-ups: Just because you are getting something extra doesn’t mean it is meant for you. The term insurance plans in India must give additional instead of situation security. Like it is not necessary for riders to take up additional insurance assuming it will add security. People often get tempted to take add-on policies like Accidental Death Rider, Permanent & Partial Disability, Critical Illness, Waiver of Premium, and Income Benefit Rider. You must read how does the new policy add value to your term insurance plans in India
