It was a dull Sunday morning, Siddharth was sipping his masala chai while reading the newspaper. The newspaper had one article on personal finances.
Siddharth continued reading the article. It focused more on life insurance and finding the right long-term insurance plan. The article was as follows;
Investing in life insurance, term insurance, and health insurance has become a basic necessity for each and every family. If you are the breadwinner of the family then you should be investing in plans that will cover your health and any unfortunate sudden events that can occur in the future. The unpredictability of the future scares everyone but maintaining a financially secure future for your family is essential.
Term plans are the most basic form of life insurance plans which offer a high amount of coverage at a nominal premium amount. You can choose the policy term i.e. the time period you want to get covered for. You can nominate your loved-ones to receive the amount in case of your untimely demise. Here is a guide to choose the right long-term insurance plan:
The first thing to consider is the policy term which is the time period or the tenure your policy will last. Choose a time period that is suitable for you after considering various important factors like age and financial condition. Long-term insurance plans are generally better since the tenure lasts longer.
Comparison of Premiums:
There are plenty of term insurance plans available in the market but very few can provide comprehensive protection that will cover you against critical illnesses, disabilities and death. Edelweiss Tokio Life Zindagi Plus provides not only provides comprehensive cover at reasonable premium rates but it also provides multiple benefit options like the better half benefit where the surviving spouse is covered post the demise of the policyholder.
Age and Health Condition:
Consider all small yet important aspects like your current age and health. It is more beneficial when you purchase a term plan tomorrow it at a young age. It ensures that the savings will be higher. Consider your age before choosing a particular plan and also, if you have some medical conditions, consider them too.
Analyze your insurance needs with a need calculator online. Understand all pros and cons before choosing a particular term plan.
After reading the entire article, Siddharth made up his mind that he would purchase a life insurance plan immediately.