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Term Insurance: In and Outs

A Term Insurance policy is one of the most inclusive form of financial security. It helps one’s family meet their financial requirements from day-to-day domestic expenditures to rent payment in your absence. When you think of purchasing a term plan, you must make a sophisticated choice about the life cover you choose to go for. There are some significant points you always need to bear in mind while finally deciding on to the term plan and life cover you go for. The cover should be able to help your family keeping up their lifestyle, inflation should also be considered while choosing a term insurance and last but not least, it should also be covering up all your current liabilities letting your family be free of apprehensions of EMI repayments. Term insurance policies are income replacement plans which offer financial security to the family members if the person who is the main source of income of the family is no more. The policyholder will not get any survival benefit if he lives longer than the policy period. Therefore, it is recommended to go for a lengthier life cover.

We spend so much on our entertainment, food, shopping habits, luxury but we never think of spending a little amount towards the better tomorrow for our loved ones, in our absence. One can always check for the premium amount by the help of term insurance premium calculator as how little it is and secures the entire family.

Useful Features of Term Insurance Plans:

  • Term Life Insurance is by all accounts the most Cost-Effective policy.
  • In this plan, pay the Policy Premium Only till Retirement
  • Select the Riders to Make Your Term Plan More Inclusive
  • One can Add to/Increase the Insurance Cover amount at Key Life-Phases

Why should you get a Term Insurance Plan?

Some of the main benefits of term insurance policies are:

  • Term Insurance Policy provides big life insurance cover at reasonable charges
  • Term Insurance policy helps to protect your loved ones from any unanticipated emergency situations
  • The policy covers one’s financial obligations
  • Term Insurances also offer tax benefits on premiums paid
  • Term Insurance policies come a lot useful all through critical illness
  • Term Insurances offer auxiliary earnings in case of loss of income due to unintended disabilities or sickness

 

Let’s help you Choose the Best Term Insurance Policy for yourself as per your Life Stage:

Life Stage Term Insurance Plan to be considered
If you’re young and single

 

Term plan with a regular monthly pay-out
If you’re married and have young children Term plan with complete payment consisting of a single sum of money pay-out and a growing monthly income
If you’re parents and have your children in senior secondary Term plan with a complete payment consisting of a single sum of money pay-out and a growing monthly income
If you’re approaching retirement Term plan with a full life cover and a growing monthly income

 

We all recognise that death is unescapable! Nevertheless, death is not the only thing that makes life miserable for loved ones. Even more troublesome is being diagnosed with some critical illness! It does not only affect a person bodily and mentally but also money-wise. The cost incurred in treating critical illnesses is enormously high and may consume a person’s all-time savings. There are wide-ranging protection policies that will safeguard your family’s prospect and provide a cover for you against several critical illnesses. Such policies offer a lump sum amount on the diagnosis of a critical illness. Contrasting to health insurance you don’t have to produce all the medical bills to claim, the definite amount will be delivered on diagnosis itself.

About Aegon Life: Launched in July 2008 with pan-India operations, Aegon Life Insurance Company Limited has a vision to be the most recommended new age life insurance company. As a joint venture between Aegon – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, Aegon Life Insurance adopts the power of global expertise to facilitate a direct to customer approach, leveraging digital platforms to bring transparent solutions, and to prioritize customer’s needs. Our product portfolio includes term life insurance plan, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more

About Vikas Agarwal

Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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