4 Things To Expect From Your Term Insurance Plan in India

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4 Things To Expect From Your Term Insurance Plan in India

Term Insurance Quote
  • 22nd Dec 2021
  • 484

4 Things To Expect From Your Term Insurance Plan in India

A term insurance policy is the simplest form of life insurance. It allows you to secure your family’s financial future even in your absence. If an unexpected event occurs during the policy period, the insurance company will pay the death benefit to your family member. While term insurance is a pure protection plan, there are certain things that you can expect from your term insurance policy.

It easily fits in your budget

One of the critical reasons many people prefer investing in term insurance over other life insurance policies is that it has the most affordable premium. A term plan is highly cost-effective, and it provides adequate financial protection to your family.

Today, with the increased competition among insurance companies, you can find a myriad of plans at competitive prices. You can purchase a policy with a sum assured as high as Rs. One crore with an affordable premium as low as Rs. 500 per month.

With such an affordable premium, you can expect your term policy to fit your monthly budget. The premium you pay every month is a worthy expense considering the protection it offers your family and the tax benefits you get.

Provide coverage to your spouse

Over the years, as the life insurance industry has evolved significantly, many insurance companies offer a variety of term plans with several unique features and benefits. One such benefit is coverage provided to your spouse.

It is easy to see the spouse’s financial contribution if they are an earning member of the family. However, a non-earning spouse would also contribute to the family immensely. While it may be challenging to put in financial terms, the absence of the non-earning spouse may lead to an increased financial burden on the family.

And, to ease such hassles, the modern term plans offer coverage to the earning member of the family and the non-earning ones. Today, many insurance companies allow you to purchase a joint term plan.

Joint term insurance implies that both partners hold the policy, and if anything happens to either of them, the family won’t suffer any financial setback.

Prompt customer service

Today, as the competition intensifies, insurance companies are focusing on offering impeccable customer services. With the online services provided by the insurers, you can now expect to get 24x7 customer support to help you with any policy-related issues you may be facing.

You can reach out to the customer support team through chat, email or phone, and the representatives will be more than willing to guide you through the issue and resolve the problem. Even when you file a claim, you can expect the customer support team to process the request fast so that you don’t face any discomfort.

Ability to upgrade the life cover

As you progress in your career, your income may also increase gradually. Today, the majority of the term insurance plans are highly flexible. Based on your changing family situation and insurance needs, you can upgrade your term insurance cover anytime you want.

For example, if you have purchased a term plan with a sum assured of Rs. 25 lakhs when you were young and unmarried, you may want to upgrade your plan after getting married. You can upgrade your life cover to Rs. 50 lakhs or a higher amount during renewal and pay the adjusted premium.

Also, you can upgrade your life cover by purchasing additional riders or add-ons like critical illness rider, accidental death benefit rider, etc. These riders provide additional financial support to your family and provide coverage against specific risks that are not covered under your regular term plan.

Final Word

Thus, apart from securing your family’s financial future, you can expect a wide range of features and benefits from your term insurance policy. A good term plan provides complete protection to your family and helps them sustain if any unfortunate incidents occur.

- A Consumer Education Initiative series by Kotak Life

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