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Why is it important to buy term insurance plan?

Importance of term insurance is more than financial benefit. Buy term insurance, because it is no longer a choice but a necessity.

  • 5,542 Views | Updated on: Feb 26, 2024

Have you ever experienced the thrill of bungee jumping? If you have, you know the excitement and adrenaline rush that comes along with it. But, imagine jumping off a 321 meters high cliff without a harness. Sounds scary, doesn’t it?

Well, our life is just like this sport and a good insurance policy is our harness. Many people take the plunge believing that they would free-fall and rebound without a scratch. While it is good to be optimistic in life, it’s always better to be safe.

By investing in an adequate policy, like a term insurance plan, you are not only gifting yourself the freedom to fly, but also ensuring that there’s always a harness in place to protect your loved ones. While a term insurance policy offers financial coverage to the policyholder for a specified period, in case of death of the insured individual, the beneficiary is eligible to receive the death benefit paid by the insurer.

Besides this financial benefit, here are some more reasons that substantiate why investing in a term insurance is no longer a choice, but a necessity.

1. Nuclear families: More and more people have started to migrate from their native places to settle down in big cities. This is mainly because of the better work opportunities and livelihood found in these urban districts. Today, with nuclear families becoming the norm, it is important to be prepared in case of any eventuality.

2. Stress leading to chronic health issues: While urbanisation has changed our lives for better, it has also increased the amount of stress. There’s performance pressure, peer pressure and innumerable goals that eventually impacts our health, and could lead to chronic health issues. If you are the sole earning member of the family, it could result in high dependancy and financial instability.

3. Road accidents: Unfortunately, road accidents have become increasingly common in India. According to a survey conducted last year, there have been more than 1.5 lakh casualties reported due to road accidents. Therefore, it is important to be safe and prepared for the future.

With the availability of advanced information and technology it has become simpler to buy a term plan online. Buying term insurance online allows you to compare prices, check added benefits and choose from multiple plan options.

The best time to invest in a term insurance online is when you are young, healthy and have lesser responsibilities on hand. Besides, doing so, also allows you to buy the insurance at a relatively lesser price and save on taxes. However, before you make an investment it is important to do your due research - check reputation and market share, understand the claim settlement ratio and cover all bases before choosing a plan that suits your lifestyle.

A term insurance plan helps you build a steady corpus of funds that serves as a financial safety net for your loved ones in your absence. With this all-important harness in place, you can continue to lead an adventurous and stress-free life!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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