If you are a parent, it is extremely important for you to get a term insurance policy as you have the responsibility of providing for your child. Term covers provide coverage for financial securities arising out of the death of the primary earner.
The birth of a child, though a very joyous occasion, ushers a new set of duties and responsibilities for the new parents. Besides their moral responsibility towards proper upbringing, parents are also vested with the financial responsibility of providing for their child. When it comes to children, raising them can be an expensive affair, especially given the cost of tuition fees in schools, their lifestyle expenses, wedding expenses, etc. Regardless of whether one or both parents are income earners, having a term insurance plan is an absolute must to ensure the best future for the child, especially if one or both parents happen to suddenly pass away.
Speaking of term insurance, it is undoubtedly the most popular type of life insurance available in the market. Its popularity rests on a number of reasons, such as easy affordability, and the high degree of cover it provides. A term plan typically provides cover for a fixed amount of sum assured for a fixed time period, at nominal premiums. In case of the death of the policyholder, the nominee gets the sum assured benefit amount, which can help them take care of future needs, which includes children’s upbringing expenses.
Benefits of Term Insurance
Tax benefits – Investing in a term plan is also accompanied by attractive tax benefits. Policyholders can avail tax benefits on the premiums they pay towards the policy up to a limit of Rs.1,50,000. Nominees can also avail tax benefits on the sum assured which they receive under the policy as per the provisions of the Income Tax Act, 1961.
Affordable premiums - It is a commonly known fact that term plans are one of the cheapest forms of insurance. Also, if purchased at a young age, they can be even cheaper. This is simply because, the earlier you buy the plan, the cheaper you can get it for, considering the lower risk that is associated with young age.
Get it online – Purchasing your term insurance plan online will afford you many benefits. You can get the same plan at lower premiums, manage your policy easily, pay your premiums online, renew your policy online, and access to the policy document anytime.
Flexible premium payment – When it comes to premium payment, policyholders usually have multiple options that they can choose from, depending on their financial capability, and convenience. Insurers usually allow premium payment in a variety of modes such as single-time payment, or in regular instalments (monthly, quarterly, half-yearly, or yearly.
High amount of cover – Term plans are popular for providing a high amount of cover to your loved ones, at very reasonable premiums.
Guide To Purchasing Term Insurance
Evaluate your family’s requirement and your financial situation before deciding on the policy coverage amount.
When deciding coverage, the most recommended rule is to have a sum insured that is 15x to 20x of your yearly income.
Before you purchase a plan, go online and compare different plan to decide which one offers the best all-round deal.
Consider purchasing a plan which also offers add-on riders that you can buy to enhance the plan’s coverage.
Most importantly, make sure your nominee knows that you have purchased a term plan.
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I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed.
If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.