Why Do You Need Term Insurance Policy?
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To meet the increasing demand of life insurance, providers are coming up with plans that cater to varying needs of different individuals. This is the reason why sometimes it might appear difficult to choose the right plan in such a complex marketplace. In order to keep things simple, a term life insurance plan is the most apt product for the masses.
A Term Life Insurance Plan is the simplest of all life insurance policies that provides death benefits if the insured passes away during the term of the plan. If you want to live peacefully without worrying about the future and financial stability of your family (in your absence), a term life plan is what you must buy.
Top Benefits Of Term Insurance Policy
Here are the top 5 benefits offered by term life plans.
1. Financial Stability
This is the basic reason why people opt for any kind of insurance and rightfully so. The death of the breadwinner of the family or any other earning member can turn the life of the remaining family members upside down. In such a situation, managing household expenses and taking care of the basic needs of the family becomes an extremely difficult task. Term life insurance provides a complete sum assured at the time of death and can make life of the remaining family members easier, albeit financially.
2. Securing the Future
Every earning member of the family has some responsibilities and obligations towards his/her spouse, children and parents. Death can effectively stop you from meeting those obligations. With term life insurance plans, you can plan your future accordingly. In the event of your death, the payment from the insurance company will ensure that your children will get a good education and have funds for their marriage. Similarly, with the right term insurance plan, your spouse and parents can also have a comfortable life without facing any financial hardships.
3. Debts
Almost every individual has some or the other loan. It can be an auto loan, home loan, personal loan or education loan. The proceeds from the insurance pay off your loans along with interest and ensure that the burden of these borrowings does not fall upon your family.
4. Massive Coverage, Low Premiums
Due to the absence of maturity benefits and other complexities, the term insurance plans offer high coverage at premiums which are affordable to the majority. If you buy life insurance plans online, the premium rates are even lower due to the absence of agents and middlemen.
5. Riders
Most term life insurance plans offer some additional benefits, known as riders, along with death cover to the insured. You can choose riders like accidental coverage, critical illness coverage, return of premium etc. at a little extra premium cost. These riders ensure that you get the maximum benefits of life cover without burning a hole in your pocket.
Conclusion
The best way to find a suitable term life plan is to go online, enter your relevant details and see the options offered by various insurance companies.
Also read- How Can I Find Out If My HDFC Life Insurance Policy Is Active?
