Financial Freedom with Life Term Insurance
The dreams of our loved ones deserve fulfillment. Be it for the short term or long term, dreams not only grow countless with time but also become impatient to taste freedom. It is thus, truly a shame that we, Indians give up dreaming due to the time factor and other related reasons that we come to call as “our immediate responsibilities”.
The pursuit of dreams requires not just passion, want and a reason but, also a fair amount of financial stability at the right time. Financial freedom is basically the biggest requirement to make all our and our loved one’s dreams, aspirations &wishes come to life irrespective of anyone’s absence. But, is it truly possible? Yes, term insurance can do just this for you.
What is Term Insurance
Term insurance in layman terms can be understood as a specific type of life cover insurance plan whose protection cover lasts for a specified time period. Under this scheme, if anything happens to the policyholder during the protection time period, a lump sum amount called a death benefit is paid out to the insured’s loved ones’.
Purpose of a Term Insurance
A term life insurance plan assures financial freedom by assuring lifelong financial security to the insured’s family. How? Well, under term life insurance scheme, the maximum protection cover which can be chosen is simply limitless along with payment of lowest premiums as compared to other insurance schemes. Furthermore, a term insurance policy is simple to understand, flexible in terms of renewability, plus, they also offer tax benefits as well.
Growth in the Term Life Insurance Sector
According to an ICRA paper analysis that studied the performance of nine life insurance companies of India as reported by the LiveMint, the Life insurance sector should witness a growth of 12-15% in the financial year 2016-17. One can hence consider that new-age India is leaning towards harnessing the power of being financially free& secure.
Hence, the empowerment and independence that term insurance plans offer make them incomparable to other modes of investment. Even the most respected freedom fighter, Mahatma Gandhi pressured on making every Indian citizen self-reliant. Thus, one must strive to plan for becoming financially free as soon as one possibly can.
Presently, in India, there are many Insurance companies that assure lifelong financial security that can tackle the absence of an earning family member irrespective of ever-rising inflation in the economy. A meeting with an insurance agent should be arranged to obtain a detailed understanding of term insurance and its functioning.
Hence, term insurance can make your life so much smoother irrespective of any circumstance whatsoever. So do purchase a life term insurance plan suitable to your needs at the earliest.