COVID-19 has certainly turned the world upside down. The worst part of it has been the thousands of people losing their lives and the financial constraints their families had to go through. The second wave has especially taken so many lives that we can hardly imagine. Well, COVID-19 is still there and people are still getting infected by the virus. This is why one of the most important things that we all must do in a situation like this is taking term insurance. It is something that will not give return to the insured himself but to the family on his sudden demise within the tenure. Apart from this, there are so many reasons why you should buy term insurance. Here are some of them discussed below:
- Easily understandable: Term plans come with easy-to-understand terms and conditions. Therefore, it would be very easy for you to read out the policy papers and comprehend the several benefits that you can get. You can check the term insurance policies online and find out the one that you would like to take.
- Effective: The term insurance plans are effective, in terms that it comes as a great help for the family that has lost their only earning member. And it is also quite easier to claim the amount of money from the insurer.
- Low premium can buy high sum assured: As you buy a term insurance plan, you can pay a low premium, while the sum assured is high as compared to many other types of insurance policies. This is one of the many reasons why a term insurance plan is a great choice.
- Securing future of family: Those who are the sole breadwinner of the family and have a spouse, children, elderly parents who are dependent on them, must go for this plan. And if on top of that they any kind of debt, buying one such insurance can be a lot of help. The amount that the family gets from the term insurance policy can be used for recovering all kinds of debts. This insurance plan provides financial security to the families.
- Better coverage: Apart from term insurance plans, the other life insurance plans that offer high coverage charge a high premium. However, as you purchase a term plan, you do not need to pay high premiums and still get high coverage. The plans also cover death due to COVID 19.
- Adding riders: When you purchase a term plan, you also get the option to add riders. The riders are basically the add-on benefits that make the scope of the base policy coverage better. Some term plans come with options for riders by default, while some may charge extra money if you buy the riders. However, taking a rider is purely optional. Therefore, you would be required to pay an added premium only if you wish to get riders. You also get the option to choose the type of riders as well as the number of riders for your respective term plan.
- Competitive pricing: A term plan is a kind of life insurance plan that is offered by many companies. Therefore, the prices are competitive. This in a way helps the buyers to compare and then make the decision of finalizing the kind of term plan that they want.
There are many benefits of purchasing a term insurance plan. However, before you make the final call, make sure you check the Claim Settlement Ratio of the company that you intend to buy term insurance plan from. Apart from this, you also need to check the kind of riders that the company is offering with the term plan that you want to purchase. Apart from these, you also must be sure of the kind of coverage your family will need in your absence to pay off the debts and carry on with their lifestyle. And while doing so, you must think about the times after 20 years from now, the inflation also plays a vital role in determining the real value of your coverage amount.
If you are looking forward to comparing the several term plans offered by various companies, you can take a look at the website of IIFL. You will find some of the best companies offering term insurance. You can choose the one right for you and go ahead with purchasing it.