It's true. It's sad. It's eye-opening.
“Insurance first, Investment later”
The Ultimate Guide to select a Term Life Insurance plan.
My friend’s father passed away during covid.
Leaving a housewife, three kids aged 15, 18 and 24.
And with a Home loan of 1 Cr+ and Car Loan of 10L+.
This could've been avoided via Term Insurance. All you need to know about term insurance.
- Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates.
- It provides financial security to your dependants in form of lump sum money in case you pass away.
- Policy duration
Your term plan is meant to replace you financially. You only need it till your kids are financially dependent.
So, go for a plan that covers your family till your kids are well-settled. It’s much cheaper & premiums shoot up if your plan is beyond the age of 70.
- Policy Cover
Keep these things in mind:
Annual income
EMIs & loans
Daily expenses (rent, bills, other insurance premiums)
Kids’ school & college fees
Existing life insurance at 6% inflation, your 1CR cover will be equivalent to 4.5L in the next 50 years.
- Riders
You can make your term plan more comprehensive by getting these add-ons a.k.a riders:
Life Stage, Waiver of Premiums, Critical Illness etc.
- The favorable part?
Once you’ve purchased your plan, your low premium amount is locked in forever‒ safe from inflation.
- Tax-saving benefits
Our premiums and the final death benefits are exempted from being taxed under Section 80C & Section 10D of the Income Tax Act.
The right term plan depends on your needs
A few of India’s top-term insurers are about to hike their prices
So, if you’re considering getting term insurance, schedule a FREE call with Ditto Insurance to lock-in low rates now- bit.ly/3OGwwat
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