Throughout our life, we play different roles for our family. Your first experience with household responsibilities happens as you start your first job. As you get married, you plan for financial milestones with your spouse. As you become a parent, you try to make your child's academic and personal goals possible. Throughout these different stages in life, you need a support system to ensure that your family's financial needs are taken care of; whether your are around, or not.
Traditionally, term plans were synonymous with a one-time whole cover amount payment by the insurer company at the time of death of the insured, during the policy term. However new-age plans which offer you the flexibility of adding a monthly income option can help you beat inflation as well.
Here's how you can choose the right Term Plan basis your life-stage:
While you are young, it is important to have a life insurance to protect the needs of your parents who might be nearing retirement. You might also have loans that need to be paid. In such a scenario, you can choose a Term Plan with a lump sum pay-out.
When you get married, you have responsibilities towards your spouse. In addition, you may also take up loans as you build a new life together. In your absence, the burden of these expenses could fall on your spouse. To cover such a scenario, invest in a Term Plan with Monthly Income.
Your children's dreams are your dreams. You want to see them happy and achieving their full potential. At this stage, a term plan that offers lump sum pay-out as well as monthly income will suit you best. This will ensure that their long-term goals are secured and their day-to-day expenses are also provided for.
At this stage in your life, your children require larger funds for higher education and graduation. To secure these goals, you can choose a term plan that offers life cover and monthly income to provide financial support to the family and pay for the fees. Along with this, you can opt for a Child Plan which will provide the necessary financial support as your child finishes school.
As you move towards your retirement years, you need to make sure that you have saved enough for your golden years. You may also have a dependent spouse. In such a case, you should choose a term plan that offers life cover as well as increasing monthly income, which will shield you from the effects of inflation as well.
So go ahead and create a Term Plan Quote to start your family protection plan which will take care of your family's financial needs and dreams.
MAX LIFE ONLINE TERM PLAN PLUS (UIN - 104N078V03). A Non-Participating, Non-Linked Term Insurance Plan Life Insurance coverage is available in this product. This plan is a pure term insurance plan that provides only death benefit and no maturity or surrender benefit.