The metamorphosis of Insurance to suit evolving needs
PNB MetLife India 15-09-2016 02:23:44 PM
A term insurance plan is an insurance policy that’s valid for a pre-defined period of time. The insurer here, gets to decide how long the policy will cover him for, and he is to pay an annual premium for the said period of time. The premium paid will be lower in comparison to a life insurance plan, and the sum assured paid will be higher if the insurer passes away when the insurance policy is active. Read More
The best time to take a term insurance policy, would be as a young adult who is the breadwinner for the family. As someone who shoulders the well-being of his/her loved ones, it is important to make sure that his/her passing, if it were to ever happen, would not cripple the family’s financial well-being.
For example, a term insurance policy would be especially useful for an individual who is looking to secure his new born child’s future. He could, in this instance, take a term insurance policy that extends over a period of 25 years, after which he expects his child to be self-dependent, thereby allowing him to rest easy for the said period of time.
It would always be advisable to get yourself insured as early as possible. As most Term Insurance Policies in India cannot extend over a duration of 30 years, the earlier you purchase a term insurance plan, the lesser the premium. Moreover, with the advent of the internet, getting a term insurance policy for yourself couldn’t become any simpler with Online Term Insurance.