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Seven Smarts Steps to Invest in Life Insurance Plans

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Seven Smarts Steps to Invest in Life Insurance Plans
March 18, 2023
Life insurance these days has emerged as a credible financial decision that has a long-term impact on the overall financial portfolio that a person has in the long run. Although there are opinions that state that insurance is a liability in terms of the payable premiums; however the matter of the fact s that the kind of a financial coverage and security offered by a standard life insurance policy is unparalleled in terms of futuristic projections that it offers. A traditional life insurance policy is rather different from a traditional term insurance plan.  A term insurance plan offers the benefit of providing the nominee(s) of the policy holder with the sum assured under the main corpus in the event of the policy holder’s demise within the term of the policy. Although there are no maturity benefits if the subscriber survives the policy term, yet there are certain return-of-premium policies that entitle the subscriber to receive the benefits in the shape of paid premiums when the term matures. However, a standard life insurance plan entitles a policy holder to receive the maturity benefits in the event of the policy-holder surviving the plan term. Moreover, there are standard death benefits in place, which entitle the policy holder’s nominee(s) to receive the main sum assured in the event of her/demise during the plan term.

When it comes to choosing a term insurance plan, there are certain factors which must be taken into consideration. Following are the seven basic steps to be taken while choosing a term insurance plan:

  1. Always compare before choosing:

    These days, the online mode has given much required freedom of choice and has simplified things to a large extent. You must visit the official portals of different insurers and compare the specific features of different plans being offered to know what best suits your interests.

  2. Keep future in mind:

    Term insurance basically serves as a future guarantee. It acts as a safeguard for the finances of your dependent relatives or family members. Therefore, any decision regarding insurance must be futuristic and must be made with an eye on the factors like inflation, projected cost fluctuations, future goals etc.

  3. Match your goals with the plan features:

    You must always think futuristically and never make short term attractions affect the long term gains. This makes it very essential that you must match your specific goals in a futuristic sense with the features of the plan under consideration.

  4. Consider the premiums:

    This is very important. You must choose a plan that allows you to pay the premiums regularly with the equally matching benefits. The payable premium amount must be coherently proportional to the volume of coverage that the plan offers.

  5. Keep your medical history and overall health in mind:

    While choosing a term insurance plan, it is very important for you to keep your current health conditions in mind as these impact your options directly. The presence of any pre-existing health conditions etc. has to be documented while purchasing the plan and you must choose a term plan accordingly.

HDFC Life offers term insurance plans that offer multiple coverage benefits for the future financial needs of your family. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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