New Year is around the corner and everyone is busy purchasing gifts. This time, why not gift something that will last with your loved ones forever? Buy a life insurance in the form of a Term Plan. While we all know that life insurance is important, there are many people who have a myth that purchasing it is an expensive affair. Well, the fact is, it is not. Solution is a Term Insurance or a Term Plan. This plan is especially popular owing to its cost-effectiveness and which certainly protect your family financially. So what is a Term Insurance? It is a type of life insurance policy in which the customer is required to pay a fixed nominal amount as a premium (either as monthly, Semi-annually or annual commitment) in return of a lump sum corpus which is paid by the company to his family in case of the customer’s premature death.
Why is Term Insurance such a great gifting option? Well firstly, it provides a complete financial security. Your family is used to a certain kind of lifestyle that you have always given to them. You wouldn’t want them to stop living this lifestyle when you are not around. This plan makes it possible for them to live the same way as they used to before. However, it is important that your insurance cover is revised on a timely basis because needs and prices undergo a consistent change. Therefore, you have to consider economic changes as well as the growing age of your family members. The other benefit is that it does not pinch your pocket much, as it requires you to pay a nominal amount as premium, which also depends on your age. So earlier you purchase it, more affordable it will be.
You can always have complete peace of mind as company does a comprehensive medical check-up at the time of inception (which is at company’s cost). Only thing to remember is to make proper disclosure about all your habits, health status as well as financial records. Protecting your family can be just a click away i.e. you can purchase it online or you can also purchase it offline through distributors. Additional riders provides enhanced protection at a nominal cost. A few examples are Accidental Death Rider, Disability Rider, Critical Illness Rider, and Waiver Of Premium on Critical Illness Rider and Women Critical Illness Rider.
Aegon Life iTerm Insurance Plan offers protection till 80 years at a very nominal cost.
So Before 2017 rings in, take a resolution to secure your family!