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Advantages of having Multiple Term Insurance Plans | Bajaj Allianz Life

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What are the Advantages of having Multiple Term Insurance Plans?


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June 30, 2022

By : Bajaj Allianz Life

Term insurance is an insurance plan which assures that a policyholder's dependents and family members are financially secure even after the policyholder's death.

The amount insured should be adequate to meet the family's day-to-day requirements and long-term aspirations while keeping pace with future inflation. However, it is fairly common for people to underestimate the amount of money they will need 20-30 years from now and wind up buying a term life insurance plan with a sub-optimal sum assured amount.

 

Can I take Multiple Term Plans?

 

As term insurance does not have a top-up facility like health insurance, the policyholder may buy various term insurance policies to meet his or her requirements. Multiple term insurance policies are allowed since they provide varied advantages such as a higher claim amount, different perks, and future security.

While you consider purchasing another term insurance policy, you may choose your second policy after assessing the benefits available under a particular product and insurer’s reputation. Companies vary in terms of features, advantages, inclusions, and exclusions. As a result, choosing distinct companies for different plans can be advantageous. When purchasing a new term insurance policy, however, the policyholder must always reveal any current term insurance coverage.

 

What are the Advantages of having Multiple Term Insurance Plans?

 

While purchasing numerous term life insurance policies to provide a larger coverage may be costlier than purchasing a single term insurance plan, they do come with a number of benefits. When the coverage is considerable, it's also preferable to spread term insurance among many insurers. Because a claim for a greater coverage amount, like one crore, may take longer to settle at the time of claim, whilst a claim for a smaller amount may be paid quickly1. Furthermore, the permissible sum assured may vary according to each company's underwriting rules. For example, if the underwriting does not allow for a sum assured of 1 crore owing to health issues, a person might buy numerous term insurance policies to acquire the needed amount.

Furthermore, if a person with multiple insurance policies has difficulty paying premiums for term insurance or does not require a large corpus amount by the age of 50 due to the completion of family responsibilities, he or she can surrender a few of the policies without losing the entire term insurance support.

In addition, the insurance sector, as well as the products it offers, is always changing. When compared to products with new features that are now available, a term life insurance package that was created and acquired 20, 10, or even 5 years ago may be a simpler offering. This includes spouse coverage, critical illness expedited payments, conditional premium waivers, extra payouts in the event of an accident, and children benefit riders, all of which are available in term insurance policies. A term plan that complements and strengthens a current term plan might be chosen based on the progression of one's financial/personal requirements.

Another reason to consider purchasing new term insurance is to pay off debt. After the original term plan purchase, you may have accumulated home, business, or other long-term debts.

The term life insurance sum insured value cannot exceed the policyholder's Human Life Value. It is a monetary estimate of a person's worth based on their earnings, assets, and obligations. Insurance companies provide coverage based on the insured's age. For example, someone between the ages of 18 and 35 may get 25 times their yearly income, someone between the ages of 36 and 40 can receive 20 times their annual income, and someone between the ages of 40 and 50 may receive 10-15 times their annual income. To get several policies, the policyholder must present evidence of yearly income.

 

Wrapping Up

 

Multiple term insurance policies can be purchased without restriction and buying more than one is certainly advantageous. Multiple term insurance policies are necessary to effectively cover an individual's and his family's changing demands. However, paying exorbitant premiums in the name of multiple term insurance should be avoided at all costs.

Source:

1https://www.thehindubusinessline.com/pick-of-the-day/pros-and-cons-of-having-multiple-term-insurance-plans/article37985755.ece

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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.

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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. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.