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Term Insurance that Cover Multiple Needs are in Demand

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January 24, 2019
There was a time when term insurance used to plain simple plans that used to provide premium payback to the family at the time of his death.

While term insurance that provides death cover have now become part of almost every insurance, with increasing buyer interest in insurance and especially term insurance products, life insurance companies have come up with some brilliant allied features which not only woo policyholders, but also provides them more than just death coverage.

Customers can now opt for offer such as premium back, protect against inflation and in few cases even maturity amount in instalments instead of one lumpsum benefit so they provide money at different points in one's life.

With these benefits increasing number of people are opting for term insurance plan that cover multiple needs and at times are at lower cost.

Further with changes in life expectancy rate, people are looking for longer coverage and also want to enhance cover through riders such as accident coverage or hospital cost coverage.

The market has also expanded, and with Internet penetration and offerings in select cities are making people more and more aware of what they are buying.

Benefits such as inflation coverage is huge as it eats up a big chunk of one's money and to protect the sum assured from proving insufficient years later due to inflation, one prefers to have such options

Few online insurance companies even offer riders which increase sum assured at various life events such as increasing the protection cover at marriage, child birth etc.

Thus, instead of getting insurance that provides just basic term insurance people are now opting for policies that might be longer but covers many factors such as inflation so money remains significant at the time of maturity, riders that cover their life's responsibility such as marriage or child birth and insurance that not only covers them in case of death of the person insured but also during disability or major diseases where a person might need that money the most.

Here are few plans that one can consider while looking for term insurance which will not only give them death coverage, but also coverage in case of disability, disease and life stage protection feature. For further details, please visit: https://www.hdfclife.com.

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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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