Life is full of uncertainties. No matter how much we try to comprehend these uncertainties, one cannot fully be prepared to tackle them. More so, death is an inevitable phase. You cannot bargain your way out of it because you have responsibilities to manage.
In such times, having a term insurance plan can help protect your loved ones financially. A term insurance plan is a type of life insurance product that safeguards your loved ones financially, even in your absence. Ideally, term insurance only offers death benefits to the beneficiaries of the policy.
However, to make the policy a little more flexible, insurers in India offer term insurance add-on covers to enhance its coverage. With the return of premium cover, you will receive the premiums paid towards the policy if you survive the tenure. Other add-ons that you should consider buying with your term insurance plans are critical illness cover, waiver of premiums cover, personal accidental cover, income benefit cover, etc.
Term insurance in India is one of the most affordable and simple life insurance plans. The add-on covers might attract extra premiums, but they are worthy. Despite this, if you still want to know a budget-friendly way to buy term insurance plans, we are here to explain just that.
Three Tips to Buy Budget-Friendly Term Insurance in India
1. Buy term insurance at an early stage in life
Buying term insurance earlier in life attracts less premiums. When you are young, the chances of your suffering from a critical health condition is less. Hence, the insurer considers you as a low-risk applicant and offers low premiums. But as you grow older, your chances of contracting a critical health condition increases as well. Because of this, the insurer considers you as a high-risk applicant and offers relatively high premiums.
2. Take good care of your health
It is imperative to take good care of your health, whether you are planning to buy a term insurance plan or not. However, some insurers request you to undergo medical checkups before buying the policy. Depending on the reports of the checkup, the insurer will charge the term plan premiums. So, taking good care of your well-being right from the beginning helps in leading a healthy life and probably pays less towards insurance.
3. Considering buying term plan online
Nowadays, anything you want is available online. The same goes for insurance products in India. Buying term insurance online is quite reliable, less time consuming, secure, and a swift process. You can buy term insurance online anytime and anywhere.
In case you are confused about the premiums to be paid on your term plan, know that many insurers offer a term insurance calculator on their website. Use this tool to calculate the premiums charged on the type of term insurance you think will fulfil your needs.
Term insurance is the most straightforward life insurance product available in the market. It helps you protect your loves financially and ensure that their life aspirations are fulfilled, even after your death.
Interesting related article: “What is Life Insurance?”