Let’s hear the story of Raghav, who expired 6 months ago in a road accident. He was the only breadwinner for his family, (spouse and three children). His spouse is a homemaker and children are still studying in school. The unexpected death of Raghav impacted the finances of the family.
Raghav could have availed a term life insurance policy. Term insurance is a type of life insurance plan in India. People buy term plan to offer financial protection to loved ones.
If Raghav had availed a term insurance plan with a sum assured of Rs 1 Crore, his wife and kids would have enjoyed a huge death benefit. This is why term insurance is highly recommended to breadwinners and those who have dependents.
Here is the story of Rakesh, who met with a road accident 3 months ago. He lost one of his limbs in this accident. Fortunately, he has a term insurance plan with a waiver of premium rider. If you avail the waiver of premium rider, the insurance company pays the premiums on your behalf and keeps the policy active, in case the policyholder falls critically ill, get seriously injured or disabled.
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See Also: 10 Best Things About Term Insurance
Term insurance can be availed with riders like waiver of premium rider, critical illness rider, income benefit rider, accidental death benefit rider, accelerated death benefit rider and permanent disability rider.
Term insurance with income benefit rider helps dependent members get income even after the death of the insured. Mahesh, who died recently, had term insurance with income benefit rider. His family gets additional income even after his death. This could be regular monthly income up to 1% of the sum assured for a fixed period of 10 years.
Unlike other life insurance products, term insurance is complete risk protection. Before buying term insurance, consider your family’s financial requirements and then decide how much cover you need. If you are servicing any loans, the term insurance cover you choose must be enough to clear off loans and financial obligations. Check IndianMoney.com HLV calculator to calculate the sum assured on term life plan. This makes sure you get the term life cover you need. Avail riders for additional cover. Pick only those riders you need to avoid paying excess premiums.
See Also: Death, Term Insurance and Taxes
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