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How Is a Term Insurance Policy Beneficial?

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Term insurance plans protects your family and loved one’s against any threat under one life insurance term plan. For more details visits : – PowerPoint PPT presentation

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Title: How Is a Term Insurance Policy Beneficial?


1
How Is a Term Insurance Policy Beneficial?
2
  • In order to understand how a term life insurance
    policy can be beneficial to us, we first need to
    understand, what it actually is? In simple terms,
    an insurance policy that insures you for a fixed
    term or a fixed period of time is called a term
    life insurance policy. Here, the term is your
    life and the insurer insures you with a financial
    backing against loss of life. Such an arrangement
    is necessary for people who are responsible for
    the financial needs of others and need to ensure
    that they keep them provided even when they are
    not around. Hence if you take up a term insurance
    policy and unfortunately there is loss of life,
    the sum insured would be paid to your family or
    beneficiary. This way you can ensure that you
    take care of their financial needs even after you
    are not with them. A typical term insurance is
    cheaper in comparison to other insurance products
    and hence do not even put much of a strain on
    your pockets.

3
  • Term insurance is a little different from any
    other life insurance product. Most life insurance
    products cover you financially for life as well
    as promise you a fixed sum of money at the end of
    the agreed period. In case of a term insurance
    you get the financial coverage, but no money is
    earned at the end of the insurance term. The
    benefit of a term insurance here is the fact that
    a term insurance is the cheapest form of life
    insurance. The choice here is between an
    insurance that gives you a better coverage at a
    lesser cost and a policy that costs you a lot
    more but ensures a fixed sum of money after a
    fixed period.

4
  • Term Insurance comes beneficial for
    people who don't look at insurance as an
    investment, but as a security provider. Even when
    it doesn't earn you anything at the end of the
    policy's maturity, it provides security to your
    family and loved ones. Moreover, the fact, that
    it is the cheapest form of insurance it doesn't
    strain your pocket much and leaves with more
    scope to invest into other financial products.
    With some intelligent planning, one can have a
    good mix of investments in term insurance and
    other money earning products like ULIPS, mutual
    funds etc. The benefit of such a combination of
    financial products is that one has a good income
    from investments during his/her lifetime and in
    case of loss of life, the family and dependents
    get the secured amount from the insurance
    company.

5
  • However, one needs to be extremely careful in
    investing in any policy. A thorough research on
    all plans available is mandatory. Some points to
    consider before opting for a policy includes
  • 1. Reputation of the Insurance Company - one
    should go only for a reputed and government
    recognized company to be sure of getting the
    claims settled legally
  • 2.Clams Settlement Ratio - Also ensure that the
    Company has a good track record to settling
    claims. Companies that take too long to settle
    claims or reject too many claims should be
    avoided.
  • The best policy to go for is always the one that
    gives you the maximum benefits for the least
    amount of premium. Go for a good balance between
    low premiums and required coverage amount.

6
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7
Click to know more on Term Insurance
https//www.bajajallianzlife.com/term-insurance/is
ecure-insurance-plan.jsp
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