As a human being, what does a normal person love the most? One might say car, house, but the most precious thing for a person is his family. A family consists of a person who works for the family and other members who are dependent on him for their survival. He is the only means for earning money.
Being the earner it becomes his responsibility to secure the future of his family in case of any unexpected event. There are different ways to protect the future of your family. Undoubtedly, Life Insurance tops the list. Term Plan is one of the most efficient products of Life insurance.
This plan provides entire life coverage for a short period of time until the insurance premium is not paid. If the insured person dissolves during this tenure period, the sum assured is given to the candidate.
Most of the term plans have their fixed premium rates. This term depends upon health factors include the age of the insured person, gender, and factors like alcohol and smoking.
The most important plan, Term Plan provides maximum coverage for the least premium loan amount. It can be used effectively if its uses are well understood. This plan is based upon the requirement and circumstances of a person.
There are various reasons that make the term plan the most useful:
- The individual must choose the term plan in such a way that its insurance cover can be either increased or decreased at any time. An individual is recommended to go for a term plan without any premium return. It is one of the most economical options for insurance cover.
- One should apply for a term plan at different financial circumstances like marriage, newborn baby so that all of the family members are included in the insurance coverage.
- The term plan can be bought for a tenure of a maximum of up to thirty years. One should apply for this insurance policy when he is too young as the premium in this cover is quite low.
- The term plan also helps in making payments to the home loan scheme. It is the single earner who refunds the whole loan amount. In the case of his death, the family members will not need to bother about Home Loan payment. They can make payment through the insurance cover.
- It can also be used for taking care of the short term loans. One can easily arrange a loan like a car loan, and a person can stop term plan when the tenure period of a short term loan gets elapsed.
- One can easily buy a term plan from any company or by applying online. It will be a better option to consider and compare different insurance cover available.
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Thus, it is a better plan for those people who do not want to mingle their investments with risk factors.
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