- 2 AUG 2017
Why Opt For A Term Plan At An Early Age
A term plan, as per the name suggests, means life insurance which provides coverage for a fixed term/ period of time. If the person dies in the policy tenure, a death benefit (or sum assured) is paid by the insurance company to the individuals nominated by the policyholder. It is advisable to purchase term plan as early as possible.
Protecting your dependents early:
As you grow up, you understand you are not alone. There are people you always need to take care of, be it your parents, your spouse, your children or other family members. You are important to them. And their protection is your responsibility. Term plan helps you in completing such responsibilities, once you take a term plan you are protecting yourself from some of the responsibilities you had on yourself.
You are young, you are healthy:
When you are young, you have the best combination of being fit and healthy. You eat well and have fewer responsibilities so less stress. This helps in making you eligible for a term plan at a cheaper rate and for a longer duration.
Constant premium throughout:
In a term plan, your premium increases with age. For young policyholders, the premium for a term plan is very less. And the bonus to start early is the premium will be same throughout the policy term.
Riders at cheap prices:
Not just the premiums but the riders also come at a very reasonable price. Riders are the optional add-ons that can be added to the policy. They add more value to the existing policy at a relatively minimal charge. This helps us in the time of emergency or at the end of the policy tenure. If you purchase a policy at a young age, these riders come at a very nominal price.
Later, they become expensive too.
Eligibility for the Riders:
As age increases, you might not be eligible for all riders. Riders such as accidental death benefit, hospital cash benefit, permanent and total disability rider, etc. may only available until a certain age. Once you cross that, you may no longer be eligible to get these add-on benefits on your cover.
The young people of a developing nation are always trying to secure their future. From a good salary to investments, we understand the value of a safe future. With high salary and other income sources, any tax benefit comes handy. Term plans act like a savior for many.
The insurance premium is tax-deductible under Section 80(C). So why not avail this benefit for a longer period of time? A term plan, being the basic life insurance policy is a ‘must have’ for everyone. We realize it either today or tomorrow that it is important for the family’s future. Since it is important for the future, why delay it?
- 5 NOV. 2018
What if Things Don’t Go As Planned?
Any human being doesn’t want to even imagine about his / her death. All of us wants to believe that we are immortals. In Mahabharata, there was a dialogue between Yudhishtira and Yaksha where Yudhishtira answered the questions asked by Yaksha. One of the questions asked by Yaksha was ‘What is the greatest wonder?’. Yudhishtira replied ‘Day after day countless people die. Yet the living wish to live forever. O Lord, what can be a greater wonder?’read more