One of the most imperative lifestyle choices that working professionals have to make today is choosing a life insurance policy that provides complete coverage and secures one’s future in the face of unforeseen illness or death.
In an effort to create affordable term insurance options for people across all incomes, policy providers a variety of features that can be expected within the best term insurance plan in India along with their own benefits and features. Read more to understand the ways in which a person can avail of an affordable term insurance plan according to their likes which can turn it into the best term insurance plan in India.
So, what is a term insurance plan?
A term insurance plan is made effective to cover the needs of the insured and their dependents through an assured benefit sum in the event of the policyholder’s demise. A basic term insurance plan in India is considered to be one of the most affordable means of securing one’s future where premiums are low, and one can customize their coverage and pay-out methods as per their convenience.
Let us read through five ways in which a prospective policyholder can make an affordable term insurance plan a reality:
1. Get Insured Early: One of the best ways to avail of the best term insurance plan in India at an affordable investment rate is by choosing to get insured at a young age. A detriment of buying term insurance plans at an older age is the high cost of premiums, as a person is most likely to have illnesses or ailments at this age rather than at a young age.
Buying a prolonged-term insurance plan in one’s mid-twenties is the ideal decision, as the cost of premiums is significantly less, and one can alter their terms of coverage once they have major life developments such as a marriage or a child.
2. Healthy Lifestyle Choices: Since at the time of deliberating over plans and the ideal choice of insurance, an insurance provider takes the health and lifestyle of the prospective insured person, it affects the cost of premiums that may be quoted by the provider.
Therefore, if a person hopes to have significantly affordable premiums, they must choose to live their life in the healthiest way possible. Being a non-smoker, in their mid-twenties, with no pre-existing medical ailments, or a relatively balanced lifestyle with little stress.
3. Premium Patterns: Many term insurance plans and their variations offer the options for the policyholder to pay their premiums in a staggering frequency that fits their income patterns or financial situation.
If a policyholder’s motive is to synthesize the best term insurance plan in India limited within their plans and finances, one can choose to analyze the frequency of premium payments that is the most feasible for them. It may vary from monthly, quarterly, bi-annual, or annual basis. One apart from annual payments is calculated as per multiplying with a modal value.
4. Avail Customizations: In order to find a term insurance plan that can fulfil the needs of the concerned policyholder, it often needs to be customized to fit like any other insurance plan since the financial structured and obligations of people vary from person to person.
These customizations can often lead one to the best term insurance plan in India at an affordable rate. Some customizations can range from having an increased sum assured. One can also choose their ideal frequency of premium payments from anywhere between monthly to annual payments.
The policy tenure can also be extended by a policyholder to cover them well into retirement so that the disturbance in income patterns can be easier to navigate. These customizations can amount to substantial savings across the tenure for the policyholder.
5. Revise Your Policy: A policyholder’s life is subject to many developments, such as marriage and children. One must avail of the boosting one’s coverage since a singular term plan cannot be extended out to the dependents to add more coverage and an increased pay-out sum in the event of the policyholder’s death.
The best term insurance plan in India can be expected to offer special features where there are extra benefits and coverage added to the existing plan at important dependent-oriented moments in the policyholder’s life, such as getting married or having a child. The coverage provided when the policyholder gets married is boosted by 50% and 25% on account of the birth of a child. These supplemented costs are covered by a higher premium to be paid by the policyholder’.
The best term insurance plan in India is one that is built on various factors which may be differentially important to people; hence the way to find the ideal insurance solution is to explore the means of getting to one’s ideal plan by customizations that are best suited to their respective needs.
Using the guidelines mentioned earlier, one can attain the plan of their choice in a cost-effective and seamless manner. However, it is also essential to familiarize yourself with the claim settlement guidelines and process for term life insurance as provided by the IRDAI.
In order to explore options for the best term insurance plans in India, one can head over to Max Life Insurance’s website and look through term plans fit for coverage and protection of their loved ones. For added assistance, one can also set up a consultation with a financial advisor from Max Life Insurance, who can help you navigate the nuances of availing customizations and more.