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5 Mistakes To Avoid While Buying Term Insurance


October 15, 2019

By : Bajaj Allianz Life

Investment in a life insurance policy is worth all your hard-earned money as it provides for peace of mind to the policyholder. However, the numerous insurance options available in the market today could lead to confusion while finalizing the right product.

A good term life insurance will ensure you an adequate cover and protect your family’s life goals even when you are not around to fulfil them.

Before you buy term insurance, you must understand the details about term insurance plans. In this article, you’ll find everything about the term insurance policy and how you can get a good term plan for yourself. Take a look:

Why invest in a term insurance policy?

A term insurance policy is the purest and the simplest form of life insurance. It provides a fixed death benefit to the beneficiaries on the death of the policyholder during the policy term. The provision of death benefits ensures the financial security of your loved ones in your absence.

There are times when a policyholder chooses a policy and regrets it later. These bad purchase decisions are either hasty or unintentional. If these decisions are not well planned beforehand, the consequences are not only faced by the policyholder but could also affect his family. Before purchasing a term insurance policy, take a look at these mistakes that one must avoid while buying a term insurance plan:

What mistakes to avoid while buying a term insurance policy?

1. Selection of inadequate coverage

The main motive of buying a term insurance plan is for covering your entire family from unannounced emergencies. However, if you opt for insufficient coverage, the funds offered by the policy will not last long. Hence, buy adequate coverage keeping the needs of your entire family in mind. Ideally, the term plan’s coverage must be ten times more than your annual income.

2. Opting for a short-term plan

Purchasing a plan for a shorter duration is the most commonly observed mistake. In the attempt of saving money, a maximum number of policyholders make the mistake unknowingly. For instance, if a policyholder buys a 10-year plan at the age of 24, he will need a new policy once he crosses 34 years of age. After a decade, the premiums, as well as the responsibilities, increase. Therefore, opt for a term policy that covers you for a longer duration without having to worry about renewal.

3. Failure to compare multiple policies

Before purchasing a policy, every policyholder must conduct a thorough research on numerous term insurance policies available in the market. An ideal way is to compare and understand the difference between multiple term policies. Every individual must know the features, benefits, and premiums of the shortlisted term plans and make the final selection based on the needs of his family. If you’re unable to select the right term plan for your loved ones, seek professional help.

4. Non-involvement of online plans

Due to the advent of the internet, insurance companies present their policyholders online term insurance plans. When you buy term insurance online, you are not only saving your time but also putting your convenience, first. Additionally, online term plans come with better pricing than offline term policies.

5. Submission of inaccurate information

When policy duration chosen is shorter, investors fill incorrect details on their medical background. For instance, if a buyer purchases a 5-year term policy, he assumes that an adverse health condition might not manifest for a shorter period, which may lead to dishonour of death claim.

Term insurance provides a lot of benefits. It gives you peace of mind, it offers substantial coverage at comparatively low premium amounts and it provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 (subject to conditions stated therein). However, people often make mistakes while selecting and purchasing a term insurance plan for themselves. Use a term insurance premium calculator, research and look up various term insurance plans available on the market, take professional help if necessary before buying the right plan for yourself.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.