Chennai: There are over 24 life insurance companies trying to sell a variety of products. With term insurance gaining focus lately, is it really a lifeline?
It is said term insurance offers the most cost-effective risk management cover, at low
premiums.
For young professionals, a term Insurance also gives the flexibility to pay premiums on a
monthly, semi-annual, or annual basis. What’s more, the product easy to understand and therefore, easy to buy. All it takes is sharing basic age and gender data and voila, we have a premium quote, says Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Ltd.
A Term Life Insurance is a great tool because unlike the traditional insurance plan, it can adjust according to the different stages of your life.
Just scale up your insurance cover as your liabilities and responsibilities get bigger over time! You can also add riders to it like accidental death rider, disability rider, critical illness rider, income benefit rider, waiver of premium rider and more.
Do take the time to consider how your family will need the money, while planning your term
insurance claim pay-outs. The good part is that you can modify the pay-outs to suit your family’s needs – be it lumpsum or staggered.