People across society are slowly realizing the necessity of having a life insurance cover. With life increasing its pace and uncertainties rising by the day, every family needs a life cover that allows them to deal with the loss of a loved one, at least financially. To meet this increasing demand of life insurance, providers are coming up with plans that cater to varying needs of different individuals. This is the reason why sometimes it might appear difficult to choose the right plan in such a complex marketplace. In order to keep things simple, a term life insurance plan is the most apt product for the masses.
A Term Life Insurance Plan is the simplest of all life insurance policies that provides death benefits if the insured passes away during the term of the plan. If you want to live peacefully without worrying about the future and financial stability of your family (in your absence), a term life plan is what you must buy.
Here are the top 5 benefits offered by term life plans.
This is the basic reason why people opt for any kind of insurance and rightfully so. The death of the bread winner of the family or any other earning member can turn the life of the remaining family members upside down. In such a situation, managing household expenses and taking care of the basic needs of the family becomes an extremely difficult task. Term life insurance provides complete sum assured at the time of death and can make life of the remaining family members easier, albeit financially.
Every earning member of the family has some responsibilities and obligations towards his/her spouse, children and parents. Death can effectively stop you from meeting those obligations. With term life insurance plans, you can plan your future accordingly. In the event of your death, the payment from the insurance company will ensure that your children will a get good education and have funds for their marriage. Similarly, with the right term insurance plan, your spouse and parents can also have a comfortable life without facing any financial hardships.
Almost every individual has some or the other loan. It can be an auto loan, home loan, personal loan or education loan. The proceeds from the insurance pay off your loans along with interest and ensure that the burden of these borrowings doesnât fall upon your family.
Due to the absence of maturity benefits and other complexities, the term insurance plans offer high coverage at premiums which are affordable to the majority. Cost of If you buy these plans online, the premium rate are even lower due to the absence of agents and middlemen.
Most term life insurance plans offer some additional benefits, known as riders, along with death cover to the insured. You can choose riders like accidental coverage, critical illness coverage, return of premium etc. at a little extra premium cost. These riders ensure that you get the maximum benefits of life cover without burning a hole in your pocket.
The best way to find a suitable term life plan is to go online, enter your relevant details and see the options offered by various insurance companies. You can check out the term life insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance here.