Have You Secured Your Loved Ones Against the Harsh Realities of Death?
24-June-2021 |
The most prized possessions in our lives are the people that stand with us through thick and thin. They are the ones that we turn to for advice and support. You work hard to ensure that the family and loved ones live a happy and stable life. But, when it comes to the uncertainties of life, nothing can prepare you for the inevitable.
However, you can take precautionary measures to ensure your family’s financial stability is not affected in your absence. One of the simplest methods to ensure protection for your family during unfortunate events is with term insurance policies.
What is a term life insurance policy?
A term insurance policy is a life insurance plan that can be purchased by an individual to cover their life and secure the financial future of their loved ones. In a term insurance plan, you will have to choose a specific tenure and sum assured. If you, the policyholder, pass away during the chosen tenure of the plan, your beneficiaries will get the sum assured from your insurance company. The sum assured from a term insurance plan will help your family deal with the financial requirements and liabilities in a dignified and stress-free way.
Why should you go for a term insurance plan?
A term insurance policy is an absolute necessity for individuals who wish to protect their family from a financial crisis in their absence. The policy promises a high coverage at low premiums that enable you to opt for an optimal level of coverage.
The insurance coverage from the plan will ensure your family gets a decent sum assured. The insurance coverage from the plan will help your family take care of any financial liabilities, outstanding debt obligations or other major financial expenditures in your absence. All in all, term insurance plans ensure that your loved ones continue living a dignified and financially secure life.
How does a term insurance plan secure your loved ones?
If you have decided to purchase a term insurance plan, you will have to decide the plan’s term and the coverage amount. After you have selected these parameters, the calculation of your premium amount begins. The premium amount is calculated on different factors like health, age, tenure, coverage amount, etc. In a term plan, the premium amount stays constant throughout the plan’s term.
You can pay the premium amount at regular intervals or in a lump sum at the start of the policy coverage. Along with this, you will also have the freedom to choose the mode of sum assured payout.
After you have bought the plan, and you meet your unfortunate demise during the plan’s tenure, the insurance company will pay the pre-fixed coverage amount to the beneficiaries you have named in the policy.
If you survive the term of the insurance policy, the insurance coverage ends, generally without any payment from the insurance company. However, if you have opted for term insurance with return of premium+ (TROP) plan, then you will receive the sum of all premiums paid as maturity benefit.
Thus, term insurance plans offer pure life cover to the life assured. If the life assured is the primary earner of the family, or if there are too many financial dependents, the loss of life and the eventual loss of income can put a severe strain on the family. While the emotional impact of the loss of a loved one cannot be compensated, a term insurance plan ensures that your loved ones do not undergo a financial upheaval. The term insurance payout allows them to continue their lives and fulfil their dreams.
What are the major term insurance benefits?
The following are the major term insurance benefits:
Term insurance plans have on the lowest premiums among the insurance plans because it only covers the risk of death.
There is generally no set limit set on the insurance coverage which you can get. Therefore, you can opt for a higher coverage plan as per your financial requirement for better financial coverage.
The coverage tenure of the insurance plan can go up to 100 years of age that will help you benefit from the coverage till your old age.
With a term insurance plan, you get the ability to include a range of riders# to you plan. Including different riders to your plan will enhance the plan’s coverage and provide you with financial coverage for specific situations, such as critical or terminal illness and permanent disability.
How to pick the best term life insurance?
If you wish to purchase a good insurance plan, you must keep certain things in mind:
The plan must allow you to opt for the sum assured which you need. Generally, term plans do not restrict the sum assured but find out the maximum coverage allowed under the plan.
You must opt for policy that provides cost-effective premiums, therefore making the plan affordable.
The policy must be flexible so you can modify it based on your insurance coverage needs.
The policy must provide a decent amount of coverage, with and without the inclusion of riders. This will ensure your family gets a decent coverage.
The claim process of the chosen insurance company must be simple and easy. It will help you during tough times. Along with this, the company’s claim settlement ratio also must be high. A high claim settlement ratio will indicate a higher chance of claim settlement.
Buy a Tata AIA Term Policy to secure your loved ones
If you’re on the lookout for effective term insurance plans, you must look into Tata AIA Life Insurance Sampoorna Raksha Supreme plan (UIN: 110N160V02), which offers features like:
Flexibility to choose multiple payout options – lump sum payout or regular monthly payout
Ability to opt for whole life coverage up to 100 years of age
Option to increase coverage at important milestones with the Life Stage Option
Ability to increase Sum Assured with top-ups
Flexibility to pick policy term and premium paying term
Inbuilt Accelerator Benefit which advances 50% of Basic Sum Assured in the event of terminal illness diagnosis.
Conclusion:
If you wish to ensure your loved ones’ financial stability in your absence, you must opt for the Term Insurance plan. With the term plan, your beneficiaries can be assured financial stability to deal with the different financial expenditures
L&C/Advt/2021/Dec/2093
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