You cannot afford to NOT have a Term Insurance Plan
“Knowing what’ll happen tomorrow is difficult (if not impossible), but preparing yourself for it doesn’t have to be”
If there’s one thing common in everybody’s life, it’s the sheer unpredictability that it comes with. It surrounds everything, from your personal space to your financial space and more. While living on the edge might be something you’d hashtag with your photos on Instagram, the intelligent move (in real life) would be staying off the edge and preparing wisely for your future.
The best way out, hence, is to educate yourself on financial security. Simply planning your financials well can serve as a cushion to all your life adversities. Taking a term insurance plan is the first step towards the same. With term insurance plans, you can ensure that your loved ones are protected at all times. The term plan ensures that you, as the breadwinner of the family, are able to keep your family’s dreams and aspirations alive and protected - through thick and thin.
Added to all of that is a fact with term insurance plans, affordability is not an issue. With plans available for as little as 17 Rs. a day, there’s no reason for you to hold yourself back. Aviva’s i-Term Smart is one such plan that offers so much and costs you little.
So that you’re not at all in two minds, let's look at some definitive reasons in support of a term insurance plan and why you should not only educate yourself on it, but also take actionable steps:
A. Protection from critical illness and death benefits
Term insurance plans not only provide cover from death, but also from many critical illnesses like heart ailments etc. All term insurance plans come with rider benefits, which you can attach to your main plan to make your cover more comprehensive and better. So, in life as in death, your plan will help you ride over choppy waters.
Term insurance plans inherently come with death benefits. In essence, it means that in case of something tragic and untimely happens, your family will get a sum assured so that your family has a significant financial corpus to tide over tough times.
B. Cover your family needs
A term insurance plan ensures that your family needs are well covered. A general thumb rule states that your cover should be around 10-15 times your present annual income. So, if your term insurance plan is according to your family needs and in keeping with major financial goals of your family, you are all set!
All you need to take into account the needs of your family. If your aged mother needs surgery, or your child has just stepped in college, you need to plan your term insurance cover accordingly. Also, take into account any outstanding liabilities or loan EMI’s that you might be paying off. If you make a plan that suits all your financial requirements and also covers your family’s needs, you are all set.
C. Live stress-free, start early
The key to having a sound financial corpus is to start early. As you age, the premiums start to grow as well. If you start early, you can achieve your financial goals in the long term with relative ease and lower premiums.
Also, the earlier you start, the better off you are. Your current lifestyle patterns make to many diseases and ailments, which can haunt you for a long time. Hence, the earlier you start, the more you get an insurance cover.
D. Just the right cover
Term plans are ideal because it lets you increase the premium and cover amounts at important stages of your life, such as marriage and childbirth. You need different protection and money corpus at different stages of your life. Like, once your child is born, you need a bigger cover, so that your child’s needs are included too.
In this way, you can let go of the worry of being underinsured, as term insurance plans give you the right amount of cover at the right times.
E. Financial Security
With a term insurance plan, you can be sure that your loved ones will never have to compromise on their dreams because of a paucity of funds. Even if you’re not around, having a fixed sum assured can help them live a comfortable life and aid them in meeting their expenditures. Plus, some term insurance plans also come with the option of providing regular income, so that your family can live off easily.
Hence, with term insurance plans, you can easily lay the foundations of a better, more financially secure future for your loved ones. Realize the dreams of your loved ones today by investing in a term plan.