Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.
Term insurance plans offer a variety of health benefits to the insured depending on the plan. Following are the key benefits of buying a term insurance plan in India:
To Secure Your Family’s FutureBeing 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 around.
To Protect AssetsYou might have built assets like a home, office, or vehicles through loans. With a term insurance plan by your side, you can ensure that the load of these borrowings will not cause any hardship to your loved ones after you.
To Minimize Lifestyle RisksThe unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. While even the best term insurance plan cannot make up for the loss of a loved one, it can help reduce the financial strain of losing the family’s breadwinner.
To Stay Prepared for UncertaintiesUncertainties in life can affect us in unpresented ways. This can be well understood while witnessing the current global Coronavirus pandemic. The best term insurance plan should equip us to be prepared financially to overcome a wide range of life’s unavoidable adversities.
Death, disability, disease, all are realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty. Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions.
Hence, all individuals who have financial dependents should buy a term insurance policy. They can be parents, young individuals, newly married etc.
The loss of life cannot be compensated. However, a term insurance plan can help to tide over the financial requirements of a family.
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