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Shield your savings from mishaps Why does a term plan matter

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May 13, 2019

In this fast paced world, where every single one of your options depends on the financial capabilities that you possess, it is very important that you plan your finances in the right manner. This implies simply that the decisions that you take must be in perfect sync with the required financial goals that you and your loved ones are planning. Therefore, it is very important that you save your savings corpus at all times. A traditional term insurance plan is the one that offers lump-sum financial benefits in the form of sum assured i.e. death benefit to the nominee(s) of the policy holder in the event of the policy holder's demise during the policy term. However, a traditional term insurance plan does not entitle the policy holder to receive any maturity benefits in case she/he survives the policy term.

While purchasing a term insurance plan, there are certain things that must be ensured. For instance, choosing a term insurance plan is a very common mistake that consumers often make. Online mode of insurance has ensured that you can conveniently log on to the websites of different insurers and can compare the different plans that are on offer. This allows you to choose the features that are suited for your specific needs. Choosing a term insurance plan involves a number of factors like future inflation projections, long term goals or expenses etc. Many times the subscribers do not plan in advance and end up having an insufficient coverage than what is actually required.

While buying a term insurance plan, you must carefully fill go though the terms and conditions and must make it a point to cross check all the details that you have submitted. Check the medical details and records of the health check-ups that you have submitted. Keep in mind that in case the insurer traces any discrepancy in the given details, the policy can be terminated. Keep in mind that the longer you delay purchasing the plan, more will become the future responsibilities and this will directly impact the premiums that you can pay, thereby limiting the overall coverage.

You must bear in mind that nobody can understand your specific requirements better than you. You must consult your family and plan your future expenses. After that you can take the advice of an agent. However, an agent may pitch for a specific insurer. Therefore, you can consult an agent, but never be wholly dependent. Lastly, it must be kept in mind that term insurance plans come with many riders that seek to enhance the coverage benefits and the flexibility of the plans. However, you must never choose any rider randomly without checking your needs and necessities.

HDFC Life offers Click 2 Protect Life - an online term insurance plan that offers guaranteed financial protection against the unforeseen maladies like death, disease and disabilities. It seeks to protect your family's financial needs, even in your absence.

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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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Here's all you should know about life insurance.

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