Ever imagined a life after death? I mean your loved one’s life after your death. Yes, it’s definitely hard to imagine. But one needs to be prepared for the future. Taking the Best Term Plan in India for yourself is the finest way of securing the future of your family.
In this era, the needs of a family are increasing day by day and if you have a child and some loans say home loan; you have to work hard and earn a lot to meet these expenses. But due to unfortunate incidents like the death of the sole earner of the family, the dependent family may have to go through a bad financial phase. If there is no other income source, then it’s extremely difficult to pay off loans and meet the educational expenses of the kids.
Term Plan is a Necessity
You need to secure your family’s future by investing wisely in the best term plan out of several insurance providers in India. Term insurance is the modest and utmost inexpensive form of life insurance.
A good term plan provides peace of mind and happiness to you and your family. It ensures financial independence and security resulting in a worry-free future.
Reasons to Buy The Term Plan
- It is affordable
- May get critical illness cover
- Tax benefits
- No Strings Attached
- Monitoring Returns
- Leverage of Cash
- Living Benefits
- Ensures a good future for your loved ones even when you are not with them.
How to Choose The Best Term Plan
- No frills attached – A term plan is mostly a no frills attached form of insurance. That means it is simple to understand without any hidden pointers. Ideally opting for a one-time premium is the best solution. Make sure the sum assured is at least 15 times of your current annual income considering the increasing cost of living and education. So decide an amount to maintain your family’s lifestyle when you cannot be around.
- Accident Cover – A term plan that offers an accident cover would be an icing on the cake. You may have to pay a little extra for this extra benefit, but it is worth as your family will receive that extra chunk due to the uncertainty of life.
- Critical Illnesses – If your family has a history of critical illnesses, you must add critical illness rider to your chosen term plan.
- Add the liabilities to the cover amount – If you have any liabilities such as personal loan, car loan or home loan; add them to the cover amount. It will help your family to be debt-free after you depart.
- See for additional riders – Adding the extra riders like loss of employment cover, disability cover and premium waiver will help you maximize the risk covers and support you and your family during the difficult period.
Are you still thinking you should take a term plan or not? Don’t think much. Term plan becomes a must-have when you have a family. So, to protect your family from a difficult time in the future, you must go for the term plan.