Protection Planning – Term Insurance – Part 1

What is protection Planning? Can you be greedy when you are protecting yourself and your family members? You must not….

Life Insurance is not about putting value to your life. Life is priceless

While doing our financial planning we must consider 2 aspects, what if we live longer or if our life is too short??

Life is so unpredictable and hence we must do ours and our family’s protection planning properly

First and foremost, Let us understand about the Term insurance 

What are the important features of Term Insurance?

Term Insurance is Pure Insurance: This insurance is for your protection hence you should not expect return on the investment. It is a precautionary measure.  This is to protect your family during any untoward incident happens to you. Hence only the nominee or beneficiary get the sum assured in case of death of the policy holder. This helps in supporting the survival of the family like monthly income, loan can be repaid, school fees, rent etc. can be utilized with sum assured received by the beneficiaries 

Term Insurance offers Affordable Premium: The best part of the term insurance is that it can give a huge coverage with a lower premium. For example, if you are 30 years old, you can get a sum assured of Rs. 1cr at a premium of only Rs. 40/- payable per day

Woman can and Should take Term Insurance: Its not necessary that only the male member of the family take the term plan. We suggest it should be taken also by the female member of the family. It is not restricted only to bread earner; infact it can be taken by the home maker too. Working women contributes to the family income and there can be a financial loss to the family if she is not there, hence every working women also should take a Term Insurance. 

Fastest Claim settlement: Term Insurance is known for fastest claim settlement. The beneficiary gets the claim or sum assured within 7 days of submission of the claim documents. Provided all the process is followed properly. 

Riders: Over and above all these features Term Insurance also offers riders. You can add Critical Illness and Accidental insurance as riders. It can give sum assured money in case of accident and diagnosis of critical illness. The rider can provide the benefit of waiver of premium in both the cases.

What are the BENEFITS of Term Insurance

Lump sum amount in Natural or Sudden death: It always gives shock when we hear the news of death of our loved ones and nothing can substitute the loss of the person. However, money received from the term insurance can assure that at least the same life in future. Money is extremely important in such situation to support the expenses, study, loan repayment and to fulfill financial goals if any. 

Financial Security for family – This is an important aspect of Term Insurance. Due to the sum received from the term insurance the family does not have to be dependent on anyone for any need. This keeps the dignity of the family intact and gives a sense of financial freedom as the family can live a respectful life even if you are not there physically to support them. 

Lumpsum amt in case of Accidental death – The term insurance also provides the same kind of benefit (as provided in natural or sudden death) in a situation of an accidental death. The sum assured is received by the nominee or the beneficiary in case of any untoward incident. 9032

PREMIUM CHART: 9037