• 4 JUL 2016

    Buying a term plan today vs 5 years later

    A famous couplet by poet Kabir goes like this: “Do what you are going to do tomorrow, today and what you are going to do today, now. Disaster may strike in an instant and then you may repent.” This adage is very much true when it comes to life insurance, especially for a term plan. When you can buy a term plan today, do not postpone it for tomorrow.

    A term plan

    If you are in your early or mid-twenties, single or just married and wanting to start a family sometime in the not-so-distant future, buy a term plan today. Term plan is a pure protection plan that will provide your family with a payout in the event of your unfortunate demise. There are two reasons for covering yourself with term insurance as early as possible.

    Two reasons for buying term plan today

    One is that, as poet Kabir puts it, life may change in an instant. If you procrastinate buying a term plan, your family may repent it if tragedy strikes and you meet with an unfortunate and untimely demise. They will be left with a disturbed present and an uncertain future.

    Secondly, it is a good idea to buy a term plan when a person is young as life insurance premium rates are directly linked with the age of the policyholder. So the premium is lower when you are young as compared to when you grow older. These plans are cheaper when you are young and it'll give your family the security of income, especially if you are the sole breadwinner or a major income contributor in the family. With advancing age, the premium for the same sum assured increases progressively. It's highly likely that you'll get a better deal today than when you are 5 years older. Your premiums are likely to be lower and your cover that much higher.

    An example

    For instance, for a sum assured of Rs.1 crore, if the premium is say Rs.6000 for coverage till the age of 65 when you buy it at the age of 25,the same premium may go up to Rs.11000 for the same term when you are buying it at 35.

    Don't wait to buy a term plan.

    Also, with advancing age, career progression is generally the norm which will give you more disposable income at your hand with the mental security of having insured your near & dear ones against any unexpected event. So, don't wait for yourself to grow older to buy a term plan. Today, you can benefit from the low premium that you need to pay for the same sum assured as compared to 5 years down the line. Remember, life is what happens when you are busy making other plans. So, before life has other plans, secure your family today.

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  • 13 OCT. 2017

    Get a Comprehensive Life Insurance Plan for Your Family this Diwali

    While tangible gifts form an important part of the rituals between parents and children for the festive season, some intangible gifts hold a deeper value.

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