Ease out your liabilities- GET TERM INSURANCE

Written on Monday, August 24, 2015
By Kumar Pushpraj

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Events such as marriage prove to be a milestone in life which indicates a new journey with a sense of responsibility and liability. After few years you realize that your liability quotient is increasing with growing kids and ageing parents. This is not worrisome, it is just another phase of life but what may bother is the thought of uncertainties. Who would take care of your family's needs, if anything untoward happens to you? The simple answer to your worries is a Term Insurance. This would help you plan all your goals and in case of any uncertainties, will make sure your family will lead a healthy financial life. The amount you have ensured on the basis of your future goals will be handed over to your nominee.

Let's explore what exactly a term plan is and how it works.

Term plan is basically a no frill insurance product that offers attractive life cover at a comparatively low premium. It is different from a regular life insurance product as term plan gives nothing back at the end of the term (life cover period) if you survive it. This is the reason it offers higher cover amount. It is intended to cover your family against the financial liabilities that may accompany if the breadwinner collapses to untimely death.

Aspirations in life have no end and it is evident with our desire for our own house, a car, luxury holidays, and class education for children, grand wedding for daughter and many such goals. To fulfill these desires, we approach financial institutions and avail loan. Everything looks perfect until uncertainties of life strikes. Tomorrow if you are not around, your family will have to bear the burden of aspirations you will leave behind. They may have to even shed normal lifestyle to pay off the debts.

Being a caring husband you would never want your better half to suffer and let you child's dream be merely a dream. Then, it's time to act and get insured with a term plan.

Decide your cover
-First of all decide a term for which you would like to avail a cover. Ideally it should cover you till the time you are working. You can continue it even after your retirement if you still have dependents.

-Consider you future responsibilities. It will help you decide the right amount that your family would possibly need in case you are not around.

-Opt for a policy in early stage of your life as when you are young, you are healthier and thus your premium will be lowest.

-Consider cost benefit ratio. While going for a term plan calculate the amount you would be paying and the benefit it would offer.

-We would recommend going for 2 different policies. If due to any reason insurance company refuses to entertain the claim, you would have an immediate option available.



#Term Insurance plan does not cover your entire life and offers no return at the end of insured term. Insurance is a subject matter of solicitation, please read the offer document carefully before investing. 

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