Life is unpredictable; we hear this so many times but we don’t pay any attention to take it seriously. The reason being, no one wants more negative thoughts of dying in their already busy and stressful life. Our current lifestyle is the main reason why term insurance plans have become more popular life insurance plans.
Why Should You Care About Term Insurance?
There are many reasons for you to care about getting term insurance. Some of those have been listed below:
Gives Robust Financial Security
Term insurance plans cannot be considered as an investment but they are meant to secure the livelihoods of your loved ones and help them achieve their goals even in the absence of an income-earner. Term plans are like a backbone to your investment goals.
Many people have a misconception that with the amount of cover term insurance plan provides, the premiums would be very high. It is absolutely not the case, as the premium for term insurance is very less compared to the financial security cover they provide.
Taking a quote from Coverfox.com, a 30-year-old, earning INR 50,000 per month, non-smoker can buy an INR 1 crore cover with a policy tenure of 30 years for a monthly premium of around INR 652 – easily the cheapest available option to have a large cover. The premium comes to around 1% to 2% of the monthly salary, which is very affordable for anyone.
Prompt claim settlement
Claims are usually settled promptly in term insurance policies. The only thing to remember is to be absolutely true to the application form when disclosing your habits, health and finance related information. IRDAI has also instructed that if the term insurance policy completes two years, then the insurance company has to honour the claim or give a very strong reason for rejection.
One of the best characteristics of having a term plan is that it has many options for your customization and selection. You can select what life cover you want, for how many years, attach riders and also choose from different types of term insurance plans.
Riders are those magical additions to your term insurance plan that give you extra protection for a nominal increase in the premium payable. There are many different types of riders available like critical illness rider, disability rider, accidental death rider etc. You can customize the protection from your term insurance plan based on your choice of selection of riders.
Where to Find the Right Plans for Your Term Insurance?
Term insurance plans are available to buy through traditional offline mode where an insurance agent is involved and there is a ton of paperwork. Offline mode is time-consuming and you may only get the information on term plans that your insurance agent can offer. This is done as the insurance agent would present only those plans that he gets a commission for. The agent fees, paperwork and admin work collectively swell the cost of your term insurance plan and make it expensive.
The new age mode of finding the right plans for your term insurance is undoubtedly the online mode. Today, we use internet for almost everything from buying, selling, getting information etc. Term Insurance selling is gradually going online as more and more people are enjoying the benefits of online term insurance plans. The biggest driver of online term insurance plans is the cost, which beats offline insurance hands down. Following the other advantages, you get to see all the plans on one platform and get all the knowledge about the company. The convenience of buying anytime makes it hassle-free for people with busy lives and tight schedules. The online aggregator websites make it more fun and smart buy for people. On Coverfox.com you can actually get to compare term insurance plans of top-notch life insurance companies. This way, if you ever get stuck and confused, as all term insurance plans look the best, such websites can offer much-needed assistance. Their dedicated customer support team will help you if you need more detailed information on a particular term insurance plan. Coverfox also has introduced industry’s first NASPRO program which is nominee assistance claim service that gives the policyholder more surety and ensures that their term insurance claim process will be smooth in case of an eventuality.
So, taking into consideration the above points on term insurance, you should make a decision soon, as with every passing year, your term insurance premium amount will increase. Since buying term insurance is no more a hassle, make the best decision of your life i.e. to secure your loved ones financially. Comparing term insurance plans on Coverfox can get you great discounts and free NASPRO program, so go and explore your customised term plans options today.