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Yes, you can purchase term insurance as gift this is a new gifting trend in India that is all about empowering loved ones with financial stability and security. Keep reading to know more.
Updated on: 28th August, 2023
When it comes to gifts, people often think of tangible items like gadgets, jewelry, or clothing. If you want to gift something that can actually benefit your loved ones in a true sense, then term insurance is what you need. While it might not be the first thing that comes to mind, gifting term insurance to your loved ones can profoundly express care and foresight.
Ever thought of gifting a term insurance plan to your family? Yes, this is a new gifting trend that is all about empowering loved ones with financial stability and security. You have purchased loads of gifts for your family. Unfortunately, most have either been used and exhausted or lying safely in closet drawers. Why not gift something that will secure the future of your family members? This blog will discuss how gifting a term insurance policy to a loved one or a family member can be the best idea for a present.
Gone are the days when we used to save for rainy days. In the post-pandemic world, savings must go for rejigging as a term insurance plan. The policyholder will be paying a reasonable premium for a certain sum assured that will go to his family - in case of his untimely demise. take a look at the following term insurance benefits:
One of the direct benefits of gifting a term plan is ensuring a fiscal shield for your family. In case of any unfortunate turn of events, their happiness will not be marred by loans or debts due to the absence of primary income.
The regular income of the family’s sole earner is the family’s scaffold. A term plan will diffuse the brunt of losing primary income, and there will be regular income for the decided period (under a recurring payout) or a lump sum of money. This will provide great cushioning to bear day-to-day expenses and to maintain the living standards as usual.
Most of the insurance term plans offer riders that cover the critical illnesses and disabilities of the policyholders. A small escalation in premium can protect from many critical diseases without denting the savings. The selected insurance providers are even covering covid fatalities in their term plan policies.
Whether it is your spouse, children, parents, or close friends, term insurance is a gift that will be appreciated for its thoughtfulness and lasting impact. Here are some benefits that make term insurance an ideal gift:
Unlike material gifts that can wear out or become obsolete, term insurance provides lasting value by offering financial protection for a predetermined period. It is a gift that keeps adding value and provides financial security even after other presents may have lost their allure.
Gifting term insurance demonstrates your commitment to the future well-being of your loved ones. By securing their financial future, you are offering a lifeline that can support them in times of need, such as covering mortgage payments, education expenses, or medical bills.
Term insurance is a unique and innovative gesture that showcases your consideration for the recipients’ long-term welfare. It is a testament to your desire to look out for their interests even when you are not physically present.
Choose the gift of an insurance term plan that has a well-thought cover amount. Here are a few tips to help you decide on the right cover.
By providing your family with financial security, you are giving them the tools to navigate life’s uncertainties confidently. Buying them term insurance offers assurance of a safe future, even in your absence. To gift term insurance policy, follow these steps:
Consider the individuals in your life who could benefit from term insurance – it could be your spouse, children, parents, or even close friends. Think about their current financial situation and any potential future needs.
Determine the coverage amount needed to protect your loved ones adequately. This might include expenses like debt repayment, children’s education, or daily living costs. Online insurance calculators can help you estimate an appropriate coverage amount.
Research various insurance providers and their term insurance offerings. Look for policies that align with the recipients’ needs and your budget. Compare features like coverage duration, riders (additional benefits), and premium affordability.
Once you select a policy, you must complete the application process. This typically involves providing personal and health information about insured individuals. Some insurers might require a medical examination, while others offer no-medical-exam policies.
As the gift giver, you will be responsible for paying the insurance premium. Depending on your financial situation, you can pay it as a one-time lump sum or opt for regular premium payments.
Show your financial preparedness by gifting a term plan to your family. With so many benefits available, why delay gifting a term insurance plan for whom you care? Buy a suitable term plan while you are young to avail lower premiums and higher coverage. Pray this gift never gets used by your family. If a calamity strikes, this gift will prove to be the saviour and provide a stable financial corpus.
Ref. No. KLI/22-23/E-BB/2435