Term Life Insurance: If you are going to buy a term life insurance plan for the first time, then it is very important to keep some things in mind. With this, you will be able to give the gift of better coverage to your family.
Term Life Insurance Plan: Nowadays, uncertainty in life has increased. There are many families in the country in which only one person bears the expenses of the entire family. In such a situation, if the main earning person in the house dies untimely, then in such a situation, there is a huge financial burden on the entire family. From household expenses to loans and future, one has to face difficulties for everything. In such a situation, to secure the future of your family, you can buy a term life insurance plan.
What is a term life insurance plan?
If a person unfortunately dies, then in such a situation of uncertainty and financial crisis, a term insurance plan provides financial help to the family of the deceased. It is a lump sum amount through which you can fulfill the needs of your family. It helps in providing financial support to the family in times of trouble as well as providing them financial stability.
What should be the amount of term life insurance?
Often people have this question in their mind that if the main earning person of the family dies untimely, then in such a situation, how much amount will be sufficient to provide financial help to his family. According to experts, the life insurance cover of term insurance should be at least 10 times your current income. With this, you will be able to repay all your debts as well as easily meet the daily expenses of your family.
Understand with an example-
If your annual income is Rs 10 lakh, then you must take a term life insurance cover of up to 10 times your income. Only through this will you be able to secure your family’s daily expenses, debt and future. In such a situation, a person with an annual income of Rs 10 lakh must buy a term insurance plan of at least Rs 10 crore to provide complete security to his family.
Along with this, as the income increases from time to time, it is also necessary for a person to review his term life insurance amount. This will help you provide a better future to your family.
While buying a term insurance plan, keep these things in mind-
1. While buying term life insurance, do check your budget.
2. It is important to check the plans of different companies before buying the plan.
3. Include optional rider add-ons in the term life insurance plan. This will give your family the benefit of coverage even in case of accidental death.
4. Try to buy term insurance plan online.
5. Do review your policy after a few days.
