by Jenny Dsouza
Published Tue, Dec 13th 2016, 09:06 | Business
Term insurances are protective plan under which the insurance holder pays regular premium during the term of his or her insurance policy. If the insurance holder dies during the term, death benefits are directly given to the beneficiary. Most of the life insurance policies offer variety of options but term policies offers the best protection during the major working phase of your life. Term policies can be renewed from time-on-time basis.
The option of term insurance plan is more readily available with other insurance solutions. Despite simplicity and limitations, term plan is still sensible among many customers. Most people, especially the middle class section of the society cannot invest in high premium policies, or financial tools. Therefore, term policies come as the best helping hand for them with lower premium and best coverage facilities. A term plan can fill the gap, protect the financial interests of their family. If you also need life insurance cover for a short period, term plans can come into picture.
Term insurance provides protection for a predetermined period of time between 5-20 years or until a certain age depending at what age you pick one from the basket. With men and women living considerably past their age, if you’re looking for longer-term and better protection plans, term policy is the security you should bank upon.
It is advised that these term insurance plan should be built in such a way that it gives the coverage till your family clears the pending debt and capable to stand on its feet incase anything uncertain happens to you. Ideally it should be purchased keeping in mind an average of around 60-65 year of age so that your family gets sufficient corpse amount to build their future.
Initially, the insurance was a costly affair. Till some years back a term insurance plan cover of Rs 1 crore from the big companies used to cost Rs 20,000 annually. People avoided such costly insurance plan because it didn’t give any return as well. It made no relevance in paying such hefty amounts with no returns. But online term plans have changed the insurance market dynamics. You can easily get an online term plan of around Rs 1 crore cover, at a mere premium of just Rs 10,000-12,000. Because of the affordable rate of online term plan, more and more people have started taken adequate insurance cover for their family. Indeed, the affordable premium amount has become a critical factor in the selection of more term plans for family’s financial stability in future.
It is mostly meant for young working people with families. You can quickly find the best term insurance plan online. A couple of years ago, term insurances were purchased by calling up customer service agents, brokers or visiting the branch itself. But a big thanks to internet based facilities that has made our lives easy and sorted. With the help of online facilities you can buy from pin to pyramids at the comfort of your home or offices. With easy online purchase, people are awakening to the need and importance of having a term plan in their investment kitty. You can choose the best term life insurance quote using Internet. While searching for online term insurance quotes keep some points in mind like the premium to be paid, term period, insurance rate, authenticity of the company, risk appetite, financial goals, inflation till the term ends, etc. You can find affordable term life insurance by searching online life insurance companies. By comparing insurance policies of different companies you can find the best term life insurance policy suitable for you.