Experts say that term insurance should be made mandatory for all.
Buying a term insurance plan is like buying yourself peace of mind. A term insurance plan assures that the cover amount will take care of the family’s financial obligations and their daily needs, in absence of the chief breadwinner. It should be the foundation while building a financial roadmap. Being extremely affordable, the risk-reward for term insurance plans is fabulous.
Term insurance is absolutely essential for anyone who has dependents as it largely benefits their family in times of need. While deciding the life cover, one should ideally take a cover which is 15-20 times their annual income. Other specifics like number of family members, goals and liabilities should also be factored in.
In a society which is increasingly depending on loans due to higher aspirations and consumption, term insurance plans act as a critical support. This is more relevant today especially for millennials. They should start planning for a life cover at the beginning of their careers along with their long-term financial planning. Riders like critical illness cover should be added to enhance one’s protection and these riders are becoming more relevant in today’s society which has changing lifestyles and hence, are more prone to critical illnesses.
Taking a step forward in creating awareness on the role and relevance of term insurance, ICICI Prudential Life and CNBC-TV18 have come up with a unique initiative called ‘Mission Insure India - Life Insurance For All’.
Experts like Anup Bagchi, Executive Director, ICICI Bank and Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance, have decoded some of the crucial aspects of term insurance; the role of government, insurance companies and the common people in creating awareness about term insurance. They also discussed why the government should consider making purchase of term insurance mandatory. Experts addressed a few consumer queries around term insurance and its importance.
To know more, watch the second episode of ‘Mission Insure India- Life Insurance For All’.
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