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Term Plans For A Death With No Burdens
Total Articles: 3
We might be have witnessed personally homes in which the earning head dies suddenly without leaving enough reserves; the family condition is very pitiable. The lives of the members take a dramatic shift. The family members apart from the inevitable emotional loss have to deal with financial problems as well. We cannot do much for the emotional loss they go through from such death but things can be planned to counter the financial impact.
Life insurance is one such measure to save the family from the torrents of financial crunch and let their life sail through smoothly. These plans help recover the family from such dreaded loss. Term insurance plan is the purest form of life insurance and is a highly beneficial plan to secure families future. It is the cheapest life insurance plan and comes with attractive tax benefits.
In a term plan the premium does not get accumulated no maturity benefit is available. Only death benefit is available but that does not undermine the importance of a term plan. The amount of cover you get compared to the premium paid is nothing less than colossal. By paying same premium you can get a life cover of INR 1 crore in a term plan on one hand and a cover of INR 5 lacs in case of an endowment plan on the other . Such a huge difference is there between the life cover provided by both plans. In an endowment plan one advantage is that you get maturity benefit. Your money does not get down the drain in case you survive the term period. Moreover, you get growth on your money. An endowment plan is a good investment option but may not be good enough to secure the financial needs of the family as the cover is paltry when compared to that of a term plan.
One must compare term insurance plans properly before buying as there are more than 25 life insurance companies selling them and each product has unique features. And to us Indians it is foolish to tell us the importance of comparing things before buying. We people have been raised in an environment wherein we buy even trivial things like grocery after comparing rates and quality from at least a dozen vendors and here we are talking about a plan that is so important for our family’s future.
Considering that these plans are a little technical than buying grocery you can take help of an insurance advisor for effective comparison. You may also visit a reputed insurance web aggregator website to get the most unbiased plan comparison and guidance.
A wise person always makes plans for inherent risks and exposing your beloved family to financial risks is not that wise either. Your smart steps taken today would protect your family from major troubles and would earn you great respect and gratitude. Such effective measures taken by you would earn you a death with no burdens!!
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