{"id":480,"date":"2019-03-11T05:10:20","date_gmt":"2019-03-11T05:10:20","guid":{"rendered":"http:\/\/blog.insurancesamadhan.com\/?p=480"},"modified":"2020-10-01T05:18:14","modified_gmt":"2020-10-01T05:18:14","slug":"5-things-one-should-know-about-term-insurance-plans","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/5-things-one-should-know-about-term-insurance-plans\/","title":{"rendered":"5 Things One should know about Term Insurance Plans"},"content":{"rendered":"\n

There are still many who refuse to get a proper term insurance plan just because they are unaware of it, or they feel they have other investments which will be enough to secure the family even in the case of a sudden demise of the breadwinner of the family. However, all these are no reasons not to get a term insurance plan as well. Your other investments, especially, mutual funds, are subject to market risks and one should get an insurance plan specifically meant to safeguard the interest of the family. <\/p>\n\n\n\n

\"Get<\/a><\/center><\/p>\n\n\n\n

Here are some things to know about Term Insurance Plans:<\/p>\n\n\n\n

  1. Low Costs, but no Returns:<\/strong> The term insurance is designed in a way that will give a payout to the family member only in case of the demise of the individual. If the tenure of the plan is over, and you are alive, there are going to be no payouts as this is not an investment. This is one of the many reasons why many refuse to get a term insurance plan, not looking into the advantages it will offer just in case something unfortunate happens. The upside is, because of this, the premium amounts are very low and it would hardly matter if one is paying a small amount each month. Moreover, the earlier one starts, the lesser the premium.<\/li>
  2. The Needs and Requirements:<\/strong> It is important to remember that the insurance would serve the members of the family in your absence and hence if they are dependent for their present lifestyle on your income, then it is your responsibility to ensure they can maintain, which will happen with the money derived from the life insurance. On the other hand, if you have a loan that has to be repaid, the liability will not fall on their shoulders either. Those who have children at home aspiring to get degrees abroad, should not have to give up on their dreams during your absence either.<\/li>
  3. The Loan Schedule:<\/strong> The best way to decide the tenure of the term insurance is to deduct the current age from the retirement age and to get a term plan for this duration. In case one also wants a term plan that could cover the loan liability, then one should take a reducing balance cover that will be at par with the loan repayment schedule, and will also prove to be cheaper.<\/li>
  4. Sum Assured and Payment of Premiums:<\/strong> Individual protection is designed in such a manner that the same premium amount will be charged throughout the duration of the plan, and there will be no changes in this amount even if one grows old and the risks increase. Hence, there is no sudden increase in premiums to contend with, but one has the opportunity to reassess the needs every 3 to 5 years and add more cover if needed.<\/li>
  5. Simplicity:<\/strong> Term Insurance is one of the easiest investment options out there and it is designed to suit everyone. The tenure is decided at the very beginning, for 15, 20 or 25 years, and the exact amount one will receive in case of death is also stated. The total sum assured and term remains constant and it is one of the most basic things you can do to protect your family in the future, even in your absence.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    There are still many who refuse to get a proper term insurance plan just because they are unaware of it, or they feel they have other investments which will be enough to secure the family even in the case of… Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nThings to know about term insurance plan<\/title>\n<meta name=\"description\" content=\"People often refuse to get a proper term insurance plan just because they are unaware of it, or they feel they have other investment to secure the family.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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