Firstly let us try to understand why term insurance is an ideal pick for you and your family.
The term insurance plan is a life insurance policy which comes in comparatively low premiums as compared to other plans. For example, Srinivas (who is a non-smoker) can opt for an optimum term insurance plan with a sum assured of Rs. 50 lakhs to 1 crore at the range of premium amount from Rs. 4000 to Rs. 10,000.
In addition to this, the plan offers financial coverage to the family or dependants of the insured if the insured passes away during the policy term.
One of the distinct features of the term insurance plan is that it is the most affordable life insurance plans to provide comprehensive financial protection to your loved ones in your absence. The plan offers a lump sum amount as a death benefit to the nominees of the policy if the insured loses his or her life during the tenure of the policy.
Apart from the above-mentioned benefits, the amount obtained from this plan can be used in the following ways. These include:
• Securing your child’s future by fulfilling the higher education expenses
• Monthly household expenses
• Covers the expenses involved in your child’s marriage
• Paying off your loan
Owing to the highest life coverage for the minimum premiums you pay, this plan is highly advised for the middle-class family. This plan is cost-effective as well as easy on the pocket with the maximum benefits it comes with.