Life Insurances 268 views
Term life insurance offers full protection and financial stability to your family in case of any unfortunate events. This life insurance product can be availed under any unfortunate event within the time frame (term period of 10 years, 20 years, etc). It is a must have on your bucket list of required insurance policies to protect your parents, spouse, children or loved ones from any financial hardship in the future. Term life insurance would provide enough money to cover various kinds of expenses, and give your family a financial cushion that will help them regroup after your demise.
Moreover, these term policies are temporary as they provide death benefits for limited period. Yes, if something not happens to you during this period, the policy ends there only. And, if you need for the coverage still continues, you need to purchase a new policy.
The term insurance is comparatively quite inexpensive as it lasts for specific years, and it only pays benefits at your demise. However, it is generally not designed in a way to give you the benefits, when you are alive.
Benefits of Term life insurance
- Risk Cover
- Cost Effective
- Tax Benefits
- Online Buying
Features of Term life insurance
- Decreased Term
- Changes in Premium
- Rider Facilities
However, many people find that their need for life insurance may not end at the time when their term insurance expires.
Moreover, if you live past the term, but you still needs the coverage, you may have plenty of alternatives:
- You can purchase a new policy
- Convert your existing term insurance policy into a cash value policy
- Buy many term insurance policies with different expiration dates
Furthermore, one of the most important thing that you need to consider with life insurance is the fact that to purchase the full amount of coverage that you can actually afford. Every year as you get older, the cost of your new life insurance coverage will be more. More to the point, if your health changes unexpectedly, you may no longer be considered as insurable. So, its highly important to put your coverage at right place sooner, rather than later.
Few Insurers that Offer Life Insurance
|Insurer||Cover||Premium||Maximum Maturity Age|
|PNB MetLife||1 Crore||Rs.15.4 per day||75 years|
|Kotak Life Insurance||1 Crore||Rs. 13.97 per day||NA|
|Policy Bazaar||1 Crore||Rs. 17 per day||NA|
|HDFC Life||1 Crore||Rs. 535 monthly||75 years|
|Aegon Life||1 Crore||Rs. 675 monthly||75 years|
|SBI Term Insurance||1 Crore||Rs. 18 per day||NA|