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A term insurance plan is a scheme that protects and financially covers the consumer and his loved ones from future uncertainties. It is a cost-effective way to secure the future of your loved ones in unexpected times. When you buy a term insurance plan, you get extensive life cover. This life cover sum assured is paid out to the nominee in case of your unfortunate demise. Regular term plans have no maturity or survival benefits. However, policyholders can choose a Term Plan with a Return of premium to get the sum of premiums paid as a maturity payout.
A man’s or woman’s responsibility increases when they become a parent. It is because they now have specific duties to fulfil towards their children. One of the most important responsibilities for a parent is to secure their children’s future. Financial security is one of the most important and valuable securities that a parent can give to their children.
A life insurance term plan is one of the quickest and easiest ways to keep the future of our loved ones secure. Term insurance plans are cheapest and can generate multiple benefits if it is done in the right time by selecting the right options. Sometimes it becomes really difficult to maintain the lifestyle of the family members or children in times of uncertainty, especially when there is only one breadwinner in the family. It is times like these when term insurance benefits come in handy and provide the financial security that is required.
● The life insurance term plans are meant for those who want to save up for a long-term plan or any unwanted circumstance. Parents who want to secure their children’s dreams and ambitions, such as higher education, should buy a life insurance term plan.
● The term insurance plans become expensive with time. The premium amount that needs to be paid for the security is cheaper in earlier days as compared to the late 40s or 50s or later life of the individual. Parents should buy a term plan the moment they begin family planning.
● A term insurance policy also provides assistance if there is a circumstance that cannot be avoided or any unforeseen situation such as an unexpected critical or terminal illness. Parents with a family history of such illnesses should buy a term plan with critical illness cover to ensure income replacement during trying times.
The term plans play an important role in the life of a parent. Everyone wants to secure the future of their children, and life insurance term plan is the most risk-free way to do so. These term plans act as a plan B and ensure that the financial security of your child is maintained. The fact that these plans offer guaranteed# security increases the credibility of the plans.
Once a parent starts to invest in the term plan for parents, he or she knows for sure that the future of his/her children is secured in a way. It does not affect the current lifestyle of the consumer as these term plans can be afforded very easily. Choosing a term plan in the early stage of parenthood makes it easier and less expensive. In the era of digitalisation, people can now understand and choose their term plans easily in the online mode and buy the same for their family. Different companies offer a variety of term insurance plan for parents in India to choose from. People can buy the plan as per their requirements.
Apart from specific benefits of parents, term insurance plans also offer the following benefits to policyholders:
● Financial security up to the age of 100 years
● Cheaper premium rates
● Flexibility in monthly income payouts
● Faster payouts in case of any medical emergency
● Options for different premium payment terms
The term insurance plans have become an essential part of our lives. We must include a term plan in order to protect our family members from unexpected future events. Nobody knows what will happen in the future. This is when the benefits of term insurance come to our rescue and assure us that no matter what, our loved ones will have a plan B or financial support from the uncertain future possibilities.
A person should choose a term plan depending upon his or her requirements and consider it as a long-term protection plan that will be of convenience in case of your untimely demise. Parenthood welcomes heaps of responsibilities, especially from the financial front. Thus, as a parent, it is advised to take up term life insurance from the very beginning of entering parenthood.
Along with buying a term plan for your children, you can also purchase term plans for your parents:
Q. Can I take term insurance for my parents?
There is no such rule that a child cannot buy their parent’s term insurance. It provides financial security to the consumer, regardless of the fact who buys it. Hence, as a child, one can definitely buy term insurance for one’s parents.
Q. Can I buy term insurance for my mother?
Yes, everyone deserves term insurance for their safety. Irrespective of the fact that a mother is single or married, working or non-working, she needs term insurance so that she can rest assured.
Q. Can I buy life insurance for parents?
Life insurance for parents can be invested into to help them in their future expenses. Life insurance can be bought only if the parents give their consent to it. You can choose the type of life insurance depending on their health, age, and financial circumstances.
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*Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you
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Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.