Term insurance offers financial protection and security to your loved ones and yourself so that you are able to meet life goals in spite of all the uncertainties that life throws at you.
What is term insurance?
Term insurance is a pure protection plan that is valid for a term or specific period on payment of defined premium. In the unfortunate event of the insured person’s death during the term, the nominee receives death benefit, be it in the form of lump sum or instalments. This means your family can continue to lead the lifestyle they were used to, in your presence, and all their life goals would be met. Term insurance also makes sure your loved ones’ wealth is protected. In the absence of a term insurance policy, the family’s wealth and savings would have been depleted owing to the loss of income. Term insurance is important if you have loved ones dependent on your income or if your contribution to the family’s finances is significant.
If you survive the term policy, you do not receive any maturity benefits but by opting for a term insurance policy, you have ensured that your near and dear ones have a ring of protection around them.
Term insurance also comes with other benefits. It is cost-effective and necessary for people from all income brackets. It also gives you the option to increase coverage when you enter a new life stage, for example, marriage or the birth of a child, without having to undergo any additional medical check-ups as per conditions mentioned under the term plan. Then there is the added benefit of term insurance riders, which can be availed on payment of nominal extra cost. These are add-on plans or features that you can opt for in case you need extra coverage for certain illnesses, disability, accidental death or waiver of premium. These benefits ensure your life goals are met and protected in spite of the twists and turns there may be along the way.
You can make use of the term insurance calculator to calculate the insurance cover you need to help you meet the life goals of your family and to keep them secure.