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Thinking of buying Long Term Insurance? Here are 5 reasons why you should consider this!


Oct 26, 2021

By : Bajaj Allianz Life


What is a long-term insurance plan?


  • As the head of a young family, you must now view life through a different lens, one that considers your loved ones' well-being even when life throws you the sourest lemons. A long-term insurance coverage can help you thrive as a provider and caretaker of your family by relieving you of the stress that comes with life's uncertainties.
  • A term policy is a sort of life insurance policy that you should purchase based on your age and stage of life. So, even if you're 27 and married with a young child, you'll need a life insurance term plan as you navigate this exciting yet responsible phase of your life.
  • If you're not sure why a long-term policy is so important right now, these are some of the most compelling arguments to consider.


Benefits of investing in term insurance for the long term


• Aids in the realisation of your family's goals and plans.

You now have the obligation of planning and preparing not just for yourself but also for your spouse and children as the head of a small family. You must be strategic about everything, from your children’s education and future to your and your spouse's job objectives and retirement. However, planning is only the beginning of your task. In addition, you must plan for the worst-case situation.

Plans can be delicate. Life might take you by surprise at times. A person's untimely death can have an impact on his or her family's future. A long-term insurance policy might help you financially protect your loved ones' dreams. It can assist you in making your plans a reality in any situation.


• Ensures that your family is not burdened by debt.


You may have taken out loans, such as a home loan, to lay the groundwork for a successful life for you and your family, and payback may take a long time. You may also have debt in the shape of a car loan, credit card obligations, and so on. You pay these EMIs on a monthly basis because you wish to provide for your children and spouse.

Even if something bad happens, a term policy can help you protect the great life you're establishing for your family. A long-term insurance coverage would protect your family from the financial burden of debt. Dealing with financial obligations may be a stressful experience. A term policy would not only pay off the debt but may also help in ensuring that your family's existing standard of life is maintained.


• For those who are young, it provides a better value.


Age isn't merely a number! It's something you can take advantage of in your 20s and 30s if you plan beforehand. The premium for a term insurance plan usually stays the same for the duration of the policy. As a young individual, it is advisable to buy a term plan early to be able to enjoy affordable premiums. Premiums increase as one gets older. A low premium also means you won't have to put off purchasing term insurance until later. You can also take the aid of an Online Term insurance Premium Calculator.

Another advantage of purchasing a term policy when you are younger is that your chances of having your application refused are slim. Pre-existing medical issues and health complications might lead to not just a higher premium but also an insurer's denial. As a result, the earlier you purchase the policy, the more affordable and convenient it will be.


• Allows you to responsibly pursue your dreams.


While this period of your life is full of obligations, it is also a time when you can be adventurous because you are still young. As a young, energetic person, it's critical to think about the goals you want to achieve in life. However, before you pursue your aspirations and desires, you must first ensure the financial security of your family.

If you want to establish your own business, for example, you may consider purchasing a life insurance term plan before quitting your 9-to-5 work. When you don't have the same steady income, it may be more difficult to acquire a fair rate on a policy. Another advantage of long-term insurance is that it can be used as collateral for some loans depending on the terms and conditions of the policy.


• To understand and purchase, it must be simple and straightforward.


A long-term insurance policy is one of the most basic yet effective life insurance products. There isn't much you need to think about or comprehend. In the case of the policyholder's death, a term insurance policy will pay out to the policyholder's nominee. Any member of the family can be nominated, including the spouse, parents, children, and siblings.

Another key benefit of a long-term insurance policy is that it provides a significant of coverage for a very modest price. This is why, in addition to other insurance plans, most financially responsible people ensure that they have at least one term insurance policy.


Wrapping Up


Given the uncertainty of life, getting a term policy as a young parent and breadwinner is one of the finest decisions you can make. There are various compelling reasons to purchase term life insurance as a young adult, as you now know. The only thing left is to select a plan that meets your and your family's requirements.


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3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

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.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.