Term insurance: Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the Life Assured during the policy term, the beneficiary receives the defined death benefit under the chosen term insurance plan.
A 24-year-old healthy, non-smoker male gets Rs. 1 crore for his dependents for the next 25 years. If he buys a term insurance policy, he will only get around Rs. 690 per month, excluding taxes (Premium for Max Life Smart Secure Plus plan).
Know why you should buy term insurance
People from all walks of life understand the importance of why one should buy the most suitable term insurance plan for their needs. Amidst the fast paced life and rising uncertainties in the form of COVID-19 disease, every family needs financial security under a term plan to deal with the financial impact after losing their loved one, especially the breadwinner . It also helps the family to repay loans like car loan and home loan, if any.
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Here are some reasons why buying term insurance is important to them:
To secure your family’s future and make life easier
As an earning member of your family, you are responsible for the overall well being of your spouse, parents and children. Buying term insurance is essential to ensure that you meet the obligations for your loved ones even when you are not with or around them.
To protect property
You must have created assets like house, office or vehicle by taking loan. With a term insurance plan by your side, you can ensure that your loved ones do not face any hardships with these borrowing burdens after you.
lifestyle to reduce the risks
The unfortunate demise of the breadwinner in a family can make the life of the family members difficult. Even though the best term plan may not bring back a late loved one, it can help in reducing the financial hardship of the family.
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To be prepared for the coming problem
Life is full of uncertainties. This is clearly understandable given the coronavirus pandemic. The best term plan can keep us financially prepared for various adversities of life.
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