There are so many of us who feel like running away the moment they hear the word insurance. Insurance has become much of a push product than a necessity that most adults must take. What many do not realize is that not all insurances are the same. Some can be really helpful, not only to you but to your family. And one of such products is a term insurance plan.
We are living in a time where the pollution level is so much that it is lessening our life expectancy. The kind of food we eat and the sort of lifestyle we indulge in, do not actually add any value to our life. And, more or less, we all are into this. With having such a lifestyle that ends up taking a toll on our lives, a term plan can be of great help. If you are still not convinced, let us take a look at the various reasons that would justify why you should buy a term insurance policy.
- Low premium: Term insurance plans can be bought at affordable prices. Also, the premiums you have to pay are reasonable. The price of a term insurance premium is around 1% of your annual income. For example, there are term insurance plans that will give your family a cover of INR 1 crore, and you will be required to pay an annual premium of as low as INR 7,400.
- Financial security: Nothing can be worse than the death of a family member. And if that family member leaves the rest of the family under debt, it can make the situation even worse. If you do not want to take one such chance, it is better to secure the family financially for a situation when you are not there, and the liabilities still need to be taken care of. Apart from this, your family does not need to worry about the education of the children or the medical bills that have to be paid for the ailments that one may get. You can rest assured that everything can be managed with the cover amount that has been paid out to the family.
- Flexibility: Term plans are usually flexible. You can moreover choose a plan online or offline as per your choice and taking the health plans are not mandatory. Later, if you want, you can customize the plan as per your need. You will also get the flexibility to change or add the beneficiaries as per your choice. If you feel the existing beneficiary will not be able to take care of the family when you are not there, you can change the nominee and choose someone else.
- Low claim rejection: The term insurance claims are usually not rejected by the life insurance companies. However, you must provide correct information about your health condition, habits, finances, etc. without hiding anything. The more transparency you maintain, the easier will it be for your beneficiary to claim the coverage. According to the recent mandate of the Insurance Regulatory and Development Authority (IRDA), the insurance companies cannot claim that there has been non-disclosure of information or facts after two years of the policy being effective.
- Riders/Add-ons: Riders, also called add-ons are the extra benefits that you will get with term insurance plans to suit the need of the insured. You have to pay a nominal fee for the riders. A few of the riders that you can take along with the term insurance plan are partial or permanent disability, critical illness, death due to accidents, etc.
These are some of the reasons why you should take a term insurance plan. To take the best term insurance in 2021, you must compare the term plans offered by various companies. You can visit the website of IIFL Insurance today and compare the several term insurance plans you can find there. You will certainly find the best term plan to secure your family’s future in any event.