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The ring, the pearls, the latest perfume or tickets for a great vacation, you too would have tried out various things. But what if we tell you of an expression of love that would remain untouched by the ravages of time?
If you want to know more, read on.
Give your spouse the gift of financial security
Remember your wedding vows when you vowed to be by the side of your better half for the better, or worse. What if you could ensure that a part of you remained to take care of your spouse even in your absence? Well, you can do that if you want to secure your spouse’s financial security even in your absence.
Life insurance ensures that you continue to provide financial security to your spouse even in case of an unfortunate event. The money from a life insurance policy ensures that not only are the regular expenses of your spouse covered but major future expenses like your child’s higher education and marriage are also covered.
The gift of a Term Insurance Plan
The question then arises as to what type of life insurance to buy since there are many categories of life insurance policies offered by life insurance companies. Broadly, there are life insurance policies that only provide financial protection and those which combine financial protection with investment. To keep things simple and to ensure financial protection for your spouse, you can opt for a term plan which only provides financial protection. This will help you provide your family with maximum financial protection at a minimal cost. For instance you can buy a Rs.1 Crore life insurance cover for just Rs.690/ month(Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST and any discount) for Max Life Smart Secure Plus Plan UIN:104N118V04)
A term plan also builds a foundation for your finances. Once you have adequate protection for your family, you can focus on growing your money with investments.
How a Term Plan helps your spouse?
A term plan provides financial protection to loved ones during the period of coverage that can extend for long periods of up to 40 years. It is also a type of life insurance that typically provides the highest coverage at most affordable premiums. This means that after providing for a large amount of financial protection, you still have enough to invest in the future. What’s more, thanks to the large financial protection, even in the case of the unfortunate event, your spouse will not have to dip into your accumulated savings. This prevents the situation of premature exits from investments and in many cases, at a loss.
How to Buy the Best Term Insurance Plan?
Now that we have made a convincing case for buying a term plan, you would be wondering how to buy the best term insurance plan for yourself. While it is tempting to opt for the plan with the lowest premium, one needs to look out for other aspects as well. A little saving in premiums is not reason enough to make a compromise on the financial protection of the family.
Find out the track record of companies successfully settling the claims made by policyholders. Higher the number of claims settled to the total number of claims made, higher the company should be in your pecking order. You can get this information from the website of Insurance Regulatory and Development Authority of India (IRDAI), the insurance regulatory body.
Also, find out about the number of consumer complaints which all insurers have to publicly disclose. This will give you some idea of the consumer experience in dealing with different companies. It is worth pointing out that the interests of all policyholders, whether they are customers or private or public insurance companies, are safeguarded by IRDAI.
There are some things that are irreplaceable like the companionship of a spouse. At the same time, by buying term life insurance, you can give a great gift to your spouse and express your undying love. Or shall we say, you can try another way of saying “I Love You, Forever”.
Disclaimer: Life Insurance coverage is available in this product. Max Life Smart Secure Plus Plan is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan (UIN:104N118V04). It provides death benefit in case of any untoward incident. For more details on the risk factors, terms and conditions, please read the product sales prospectus carefully before concluding a sale.
ARN:- Bg/TI/010822