Do you think only working hard now can secure the financial future of your family and loved ones? What if something unexpected happens and you lose your life? Who do you think will take care of the financial needs of your family then? We cannot predict the future and hence, it’s imperative to try and secure the lives of our loved ones the way we could. And a term plan can do just that.
Online term insurance policies are getting quite famous amongst the new-age Indians. More than ever, the young Indians are now more inclined to monetary investments and secure a wealthy life for their families. Hence, the term policy is one of the top-selling insurance products in the country. So, if you are earning a regular income every month, it’s probably the right time to invest in an insurance plan.
But first, let’s get a little deeper into what a term plan is all about.
What is Term Insurance?
Term insurance is the easiest way to secure funds for your and your family’s future. These are also the simplest forms of life insurance that will offer you monetary coverage for a defined period of time. In case you die before the end of the policy tenure, your nominee will receive a lump sum amount equivalent to the sum assured.
A term plan is a very unique proposition to secure your future financially. And now, you’ll know how you can strengthen your term policy cover in just three easy steps.
3 Ways to Strengthen Your Life Insurance Term Plan Coverage
- Upgrade Your Term Plan with Life Stage Increment
Along with your term insurance policy, you can always apply for additional covers or features. This way, you will be able to upgrade your term policy and strengthen the coverage spectrum. For instance, Tata AIA online insurance offers Life Stage Benefit with their term plans. You can go for a term policy with a life-stage increment. In such cases, you will be able to ask your insurer to increase the sum assured at a certain pre-decided point in life. This parameter will enhance the protection of your family at specific life junctures like marriage, the birth of children, buying a home, etc.
- Choose an Annually Increasing Policy Cover
In such cases, your sum assured amount will increase automatically on a yearly basis. The best part is, to get this benefit, you will not have to buy an additional plan, or go through a medical examination or even request for an increment. The term plan will get updated automatically and you’ll not even have to interrupt the insurer time and again. For this, you will either have to pay some extra premium amount, talk to your insurance provider, submit a few documents and get it done.
- Cover Unexpected Situations with Riders
Does your term insurance provide a cover for disability? If not, then you might think about getting rider coverage for disability as it might become useful in future. Suppose you live till 60 years or more and suffer an accident where you become disabled. In such cases, this disability rider will prove to be beneficial for you to fulfil every related financial responsibility.
If you are looking for a term plan online, always calculate your premium through a term insurance premium calculator to be aware of the amount that you’d have to pay at a regular interval. And once you are absolutely sure about a term plan, go ahead and make your and your family’s financial future safe by opting for the same.