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Term Insurance Plan: A Must-have in the Financial Planning Checklist for Newlyweds

dateKnowledge Centre Team dateMarch 09, 2021 views121 Views
Term Insurance Plan: A Must-have in the Financial Planning Checklist for Newlyweds

Tying the knot and entering into a completely new chapter of our lives is exciting. We spend months in advance to plan for the perfect wedding so that the memories are engraved in our hearts for years to come. With each passing stage, new roles and responsibilities add to our lives. One common thing that is often overlooked is managing the finances and preparing a resolute financial plan to live without any worries. Understanding and managing finances is especially important as increasingly complex and effective investment products are widely available. Have you prepared your financial checklist yet? More importantly, is a term insurance plan part of your checklist?

Why should you include a Term Plan in your Financial Planning Checklist?

A term insurance plan is the purest form of life insurance policy that offers financial protection to you and your loved ones, in case of an unfortunate. To deal with the challenges and overcome the financial hurdles that may crop up – you need to have a plan for contingencies. And a term plan helps you prepare for the unpredictable twists of life.

Provides Financial Security

The economic impact on life due to sudden injury causing incapacitation or death may create serious financial hardships to an individual’s immediate dependents. Over the years, term insurance has been instrumental in offering financial security by providing a host of benefits to the policyholders and their family members. The sum assured is paid out to the family members in case the policyholder passes away.

Customisable as per Life Goals

Term insurance plans are highly customizable so that you can align your life goals as per the changing life stages. Your lifestyle may change in the coming years leading to more expenses. A term plan allows you to increase the sum assured to help you keep up with the change in expenses. Moreover, it also helps in beating inflation as the sum assured increases over time.

Inclusion of Spouse in the Same Policy

There are term plans available online such as iSelect Star Term Plan that allow you to add your spouse in the same policy at discounted rates. Remember the wedding vow that you both took while getting hitched? Be partners in finances as well as in life. Adding your spouse to the same policy is beneficial as you do not have to buy a new term plan. It will save you a lot of time, effort, and money.

Enjoy Return of Premiums

Some term plans offer return of premiums as an added benefit. Under this benefit, you are entitled to receive all the premiums that you have paid throughout the policy term if you outlive the policy. This doesn’t happen if you have a standard life insurance plan. You can secure the financial future of your loved ones with the benefit of having your premium returned to you, if you choose a term plan with return of premium option.

Read more about Return of Premium.

Option to Add Riders to Maximize Benefits

You can choose to add riders to maximize the benefits that you may receive from a term insurance plan. You will get option for riders such as critical illness, accidental disability, death due to accidents, etc. Choose the riders that suit your protection needs so that it doesn’t get heavier on your wallet.

Financial Planning is All About Knowing Your Priorities

Understanding your priorities to stack up tasks that will benefit you is an important step of financial planning. Only saving money cannot be considered as financially healthy. To be fit and fine, financially, you need to consider other avenues of money. Buy a term life insurance to protect your loved ones from sudden financial shocks, invest in a savings plan to have a regular income stream during your retirement; build a strong and resilient investment portfolio to cushion the financial shocks.

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Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to Ask while Buying a Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
  9. 9. Does the term insurance plan have a cash value if you decide to cancel the policy?
  10. 10. Under what circumstances can a term insurance plan be cancelled?
  11. 11. Can I pay the premiums online or make electronic payments?
  12. 12. What will happen to the term plan if the life assured starts smoking after purchasing the policy?
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