Life is full of uncertainties. The current COVID-19 pandemic situation is the most relevant scenario to explain the impact of uncertainties as a financial crisis. Include some statistics here with sources
With the changing financial circumstances in the current scenario, the importance of a life insurance policy has been instilled in the lives of many people. Pure protection plans such as a term life insurance policy are in huge demand in the current scenario.
Let us go ahead and look into the consequences of not having a life cover:
- Financial crisis - If you are the sole earning member in the family, your absence will certainly leave your leave ones stranded and introduce a financial crisis, which becomes difficult to manage suddenly. However, this is not just the case with salary-earners. Every person contributes to family life and expenses distinctly. For example, a housewife takes care of the children, household responsibilities and so on. Thus, every person needs to be insured with a life cover term plan.
Affordable plans likeSaral Jeevan Bima term insurance is a pure term plan to protect your family's financial security.
- Debt burden - With time, you might purchase a house or a car by availing of bank loans. If you meet with an unexpected death during repayment, the debt burden falls on your family members. Adequate life insurance will be a sum assured with at least ten to twenty times1 (depending on the extent of your financial liabilities) your current annual income.
- Risking your child's future - As a moral responsibility, you have to ensure a future for your child by providing the right education. You must plan for their marriage as well. A term plan such as the Saral Jeevan Bima Yojna will provide the sum assured to reduce the burden to a significant extent in your sudden demise.
- Retirement concerns - You may have financial dependents even in your post-retirement phase. In your absence, the surviving dependents will find it difficult to manage their daily expenses and utilities. A death benefit can help them better.
- Not avail tax saving options - Term plans offer tax deduction and exemption benefits. You may lose out on these opportunities if you don't purchase term insurance at the right age in your life.
Having seen the consequences, it is high time that you purchase term insurance such as Edelweiss Tokio Life – Saral Jeevan Bima for your financial needs. If you are looking to buy the plan, opt for online term policy for ease of purchase. Application, renewal premium and claim settlement – all 3 are aligned easily online.
The Edelweiss term insurance Saral Jeevan Bima plan provides reliable features for ensuring a financially independent life future for your family members.
1 - https://www.livemint.com/money/personal-finance/four-methods-to-calculate-how-much-term-insurance-you-need-11605023306997.html
Aastha Mestry - Portfolio Manager
An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.