A term life policy is as valuable for singles as for those married and with children. It will cover your liabilities, and ensure your dependents have financial protection in your absence.
The best option is always to ensure that your policy remains active and the premiums are paid on time. If, for some reason, your policy lapses, get yourself covered again as soon as possible.
The main difference is that home loan insurance covers property, while a term policy covers a person’s life
Many couples put off buying insurance, especially life insurance, considering the subject too morbid. But there are ways to bring this up by highlighting that it is actually a life-saver for your dependents.
Create an email that includes all that your family needs to know to make an insurance claim
It is important to take your nominee through the claim settlement process immediately after you purchase the term policy
Term insurance premiums are on the rise. Do not delay your decision if you have been planning to buy one, but let price not be the sole driving factor
Irrespective of the price hike, it is only prudent to revisit one’s financial portfolio and rejig it with a term plan
Increase the cover of your existing policy. Else, go ahead and buy a new term insurance plan to cover the deficit amount
The era of low term insurance premiums is now over. But the increase in awareness about the importance of life and health insurance augurs well for policyholders and the industry
As insurers tighten their underwriting norms, those who are not graduates could find it tougher to get a term life insurance policy. Similar could be the case for those who draw an annual income of less than Rs 5 lakh
Once you buy a policy, the term rates will remain the same throughout the tenure, so it makes sense to lock into lower rates now
The share of the term insurance (protection) business in total revenue declined at both HDFC Life and ICICI Pru Life last quarter due to multiple reasons
The premiums are twice or thrice those of a regular term plan
What if you end up becoming disabled at 35, but stay alive until 65? A disability rider would help in such cases.
eShield Next gives you the option to increase your sum assured as you grow older
With a severe second wave of Covid peak in India during April and May, the number of people between the age of 25 and 35 buying term insurance was 30% higher than in the previous three months combined, according to data from Policy Bazaar. According to industry insiders, enquiries about insurance plans have sky-rocketed even after infections subsided, perhaps on strong prospects of a third wave. If you plan to buy term insurance too, watch this video as Karunya Rao gets you a detailed checklist with step-by-step guidance before you finalize your insurance provider.
It is recommended that you have a coverage of 10-15 times your annual income. But your liabilities, current and future expenses, are the main factors that you must take into account while calculating the term cover amount.
Term insurance policies also come with an option to return your premiums. But they are costly. If you invest the premium difference in a mutual fund SIP, you can earn more.
An increase of 10-20 percent is expected life insurance premiums. It may be cheaper to buy a cover now.
The IRDAI-mandated standard term insurance cover’s premiums are 25-100 percent costlier than regular term policies
You can buy a new term policy or choose the increasing cover option with your existing insurer.
If you have an existing condition, it might increase your term insurance premium amounts. But go ahead and pay the price
A standardised term insurance policy ensures that policy features are the same and worded similarly, irrespective of which insurance company you buy it from