April 18, 2024

5 Things to Expect From Your Term Insurance Plan in India

Today, most young Indians, when financially independent, start looking for ways and means to enter the market and for keeping their future safe and covered. For many, the requirement is a low-cost plan that helps them to plug their money and create a dependable security system for their family so that even in their absence their families are not left in a financial lurch. 

When you are planning to make an investment, it is only prudent that first, you chalk out your expectations from the plan, after all, you would be putting in your hard-earned money into it. Let us take a look at what you can expect from your term insurance plan:

1. Get the highest coverage for the least premium

Most term insurance plans in India offer a high death benefit in lieu of a very affordable premium. This means that by staying within your budget you can opt for an amount that you think would help your family in sustaining a good standard of living even if something happens to you.

2. The Earlier You Invest, the Better

The premium that you have to pay for the term insurance plans depends greatly on the age at which you buy them. Buying term insurance plans in India would cost much lower when you buy them in your 20’s than in your 30’s. Note that the benefits of a term insurance plan need not be any different when you purchase a plan later in life, it’s just that you would have to spend a little more.

3. You would have a Fixed Premium

When the company accepts your application to purchase the term plan, your premium remains the same. It does not change or revise during the tenure of the term insurance plan. This gives you the satisfaction that it would be easy and practical for you to be able to afford this amount in the future too.

4. An Easy to Understand Investment

A term insurance plan works in a set and simple way. You pay a premium for coverage for a specific number of years. If you pass away during this term, your nominee would receive the death benefit. Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their assets and businesses.

5. Avail a Number of Benefits

Term insurance plans are regarded to be an important investment as they offer an array of benefits, such as:

  1. You can add riders to your plan
  2. A term plan can be opted up to the age of 70 or even 75 years of age
  3. You can avail of up to Rs 1.5 lakhs as tax benefits
  4. Buying term insurance plans makes it all the more convenient 

If you have a regular income and are looking for a suitable plan to invest your money without taking much risk, then the best solution is a term insurance plan. Term Insurance plans In India are an appealing as well as an essential option as they offer you peace of mind that the future of your loved ones is secured.