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WHY TERM LIFE POLICY

"Life is what happens to you while you are making other plans," goes the famous quote.

We all are normally so busy in building career, marriage, raising children, fighting our way up the corporate ladder and, if time permits holidaying, that we forget that life is all about uncertainties.

One of the biggest uncertainties, which no one likes to think about, leave aside discussing it, is "what if I die today?"

Why is it important to ask this question, you may ask. It is important because your family depends upon the income you generate month-on-month for all their discretionary and non-discretionary expenses.

Once you are no more, suddenly they will have to face several questions like:
  • Will they be able to maintain same lifestyle?
  • What happens to home, car and personal loan?
  • Will your kids' be able to get same level of education you always dreamt of?
  • How long will your savings last?

These are difficult questions faced by the family of every such individual who was careless enough not to cover the above risks through an insurance policy.

An insurance cover ensures that the insurance amount is paid to the beneficiary in case of unfortunate death of the life insured.

While there are number of insurance products available in the market, the one that is known as "pure insurance" is a Term Policy-simple insurance product, with cheapest premium options.

Term insurance is slowly becoming popular in India with more and more people opting for maximum cover in minimum premium.

Let us take few examples of the premiums of term insurance policies in the market, if bought online:


Age

Cover

Policy Term

Insurance Premium/Annum




HDFC Standard

Birla Sun Life

LIC

25 Years

50 Lakh

20 Years

5281

7022

10900

35 Years

50 Lakh

20 Years

7809

11011

18150

45 Years

50 Lakh

20 Years

NA

25899

42050



When you buy insurance online, you are able to buy insurance directly from the company, which saves cost of paying commission to the agents as well as maintaining a physical infrastructure to be able to service customers.

The insurance company passes on the benefits to its customers by offering lower premiums. Buying a cover in young age is advisable because in that case you are locked on to a lower premium for the entire period.

While it may seem like a daunting task to find out, which is the best policy, out of hundreds available in the market, it actually is not so difficult.

You can log-on to any online insurance website like www.bajajcapitalinsurance.com, compare various term insurance options and buy online.

Remember to review the cover from time to time based on various stages like change in income, assets and liabilities and increase it when necessary.
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