Affordable, simple, essential: Insurance for the future

Term insurance offers the kind of future security that you would be hard-pressed to find in other investment options.

Is there anybody today who can live life without some form of insurance? Responding to the growing demand for life insurance, leading insurers have created an array of term insurance options for various needs. But the sheer variety of term insurance plans on offer may overwhelm and confuse you. So, how do you choose the best term plans in India?

Let’s take a look at why it makes fiscal sense to buy an affordable term insurance plan.

* Most Basic Form of Insurance

The best term plans in India offer the most basic form of life insurance Like a regular policy, term insurance assures life cover against premiums over a fixed term. But unlike other life insurance policies, you do not receive a maturity benefit in the plan. This lowers the premium and makes term insurance affordable.

* Low premium

As mentioned above, term plans in India charge a lower premium compared to other insurance policies. Term insurance is a better bet when you’re looking for maximum coverage at a low cost. This is an important factor to consider when you want life coverage but not an expensive plan.

At the very best, you pay just a small percentage of your income towards the premium for the best term plans in India.

* More reliable than risky investments

Life often throws curveballs at you. You have several financial goals and even more investment avenues to meet them. Often, we look at options like mutual funds, equity shares etc. to be assured of high returns in the long term.

Whether an insurance policy or an equity investment, you will be invested in the option for a long period of time. However, the latter is subject to market risks and the returns are not guaranteed.

Choosing one of the best term plans in India, you are assured that in the unfortunate event of your demise, your dependents will receive financial protection.

* No brokerage

When you buy a life insurance policy, every premium instalment has a certain portion marked as brokerage fee. While this reduces with time, eventually around 5 to 6% of the total premium paid ends up as brokerage charges. Compared to this, when you buy the best term plans in India directly from the insurance provider, you are not charged any brokerage fee.

* Flexibility

Term plans in India offer more flexibility over other insurance policies. Some might not even require you to go through a medical test. There are also affordable term insurance plans that allow you to customise them as and when you need to.

Over the years, you will be expected to take up more responsibilities for your family. Financial protection is one of the most essential assurances you owe your loved ones. And when you’re looking for guaranteed financial security for your family, there are few options better than affordable term insurance plans.