At the back of your mind is always the near-constant worry of what will happen to your loved ones if you were not there. To this end, you work as hard as you can, save as much money as possible and plan a variety of investments. But the best way to safeguard your family in your absence, is to buy a term plan.
Term insurance gives adequate protection to your family in your absence. Let’s explore the plan’s utility in the future scheme of things.
What is term insurance?
Term insurance is a life insurance product that offers a high sum assured at an affordable yearly premium. Term insurance plans in India offer some of the highest sum assured payouts across all insurance products today. However, they also have some of the most affordable premiums.
For instance, a term plan like the Aviva i-Term Smart only costs you about Rs 17 per day by way of premiums for a cover of 1 cr!
Term insurance is designed not only to benefit the policy holder, but also to their family members. There is no maturity benefit but only a death benefit ingrained in the plan. Thus, if you were unfortunately absent in the future, and if the term insurance plan was still active, then the entire pay-out would go to your family. Your loved ones could then use the money for all their needs in the face of your lost income.
Thus, term insurance safeguards your family’s savings and other income heads from dwindling away to meet household and other expenses. Since the sum assured amount is quite substantial, it can help your family meet most expenses without compromising on their way of life.
Term insurance plans help your family…
* Meet household expenses. Running the household in the face of your lost income could be a daunting task, if not for the term insurance plan money. The term plan corpus can help your loved ones run the household without a hitch, at least till an alternative source of income is found.
* Pay unpaid debts. You might have a few debts to your name, such as a home loan, personal/credit card/car loan, etc. There might even be private borrowings from certain individuals. If you unfortunately pass away while these loans are still unpaid, then creditors will come calling and harass your family.
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However, the term insurance money can repay the liabilities.
* Finance children’s education and/or wedding.
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Your children’s education is important to you, but it can be scuppered if you are absent in the future. However, your spouse can use the term plan corpus to pay for your children’s future education, or even wedding expenses.
* Offer spousal support for retirement. Your spouse will need a peaceful, worry-free retirement in your absence.
The term insurance plan money can help your spouse maintain a healthy bank balance and also run the home comfortably in the future.
There is no downside and only upsides of buying a term insurance plan. Don’t delay providing that protective cover for your family!
