Your family is your greatest strength, one that helps you stay afloat even in tough times. That is why you treasure your loved ones and want the best for them, today, tomorrow and always. From taking good care of your parents, sending your kids to the best school to taking your family out for vacations, you always strive to give them the best that you can.
However, much more important than anything else that you need to provide them with is a sense of security. A crucial aspect of securing your family’s future is leaving them with a plan or policy that provides them with financial support, even in your absence.
Life is unpredictable and not taking any step towards this may mean putting your family in a significant crisis in case something unfortunate happens. For this reason, you must take enough steps to ensure your family’s security. An essential step in this direction would be to buy the right term insurance cover, early on in life. This will keep you rest assured that your family will remain secure even after you may no longer be there by their side.
What is a Term Insurance Cover?
Term Insurance is a life insurance policy that covers your loved ones for a specific term period. During this period, if you meet with an untimely demise, then, in that case, your family will receive the sum assured in the form of the death benefit. Thus, this plan ensures your family’s financial security, even in your absence.
With a term cover, you leave your family with a source of financial assistance, saving them from a situation of facing a possible crisis. That is why you should try to get the most comprehensive cover at the time of buying a term insurance policy. Few things that you should consider to purchase right term plan are as follows-
Compare Plans
There are many different plans available in the market, offering different coverage and charging different premium rates. That is why, first carefully compare and analyze each of them before you zero down on any plan.
The various factors you need to consider are the premium rates; coverage offered, the policy period, and payout options. Different insurers offer term plan at different premium rates, depending on your health status, age, risk factor, and lifestyle habits. So is the case with the coverage amount offered to you. At such a time, you too should take into consideration your age, life stage, and time left for retirement. Then aligning your needs with what is being offered, you can then buy the most suitable plan for your loved ones and yourself.
Max Life Insurance offers online term plan plus a cover of Rs. 1 crore at a premium of only Rs. 563/month*. In this, you can pay premiums up to the age of 60 and continue to enjoy benefits until the coverage term gets over.
Check for Insurer’s CSR
Another vital thing to do is to consider the insurer’s claim settlement ratio. You may buy the plan offering maximum sum assured, but unless a strong CSR also backs it, it is no surety, that your claim will get settled or not. Therefore, it is better to check for such things before itself, so that you don’t face disappointment at the crucial moment.
Claim settlement ratio of an insurer refers to the number of claims settled by the insurer, out of the total claims received. This establishes how much you can rely on an insurer for securing your family without a doubt. Max Life Insurance has a claim settlement ratio of 98.74% and has ranked among the list of top 3 insurers consecutively.
So, always pay heed to this aspect before choosing to buy a given plan from a specific insurer. This will help you feel confident in your decision.
Look Out for Additional Benefits
Once you’ve decided on which insurer to go for, it is a good idea to look for what add on benefits do they offer. Add-on benefits include a premium waiver, critical illness cover, and other such features which enhance your coverage.
A couple of add-on benefits offered by Max Life Insurance include accidental death and dismemberment cover, which provides an additional sum of money to your family in case of death due to an accident. It also offers premium waiver, and critical illness cover along with life stage benefit, in which your life cover increases on various milestones like marriage, the birth of your child, or at the time of taking a home loan.
All these add-on benefits secure your family furthermore and make the plan more beneficial for you. Also, if you wish to go a step ahead in reaping maximum benefit from such a term plan, then go for one with the return of premium feature. This type of term plan will not only provide your family with death benefit upon your death, but also return the premium paid by you if you survive the term period.
So, in line with giving your family the best of everything, don’t forget to gift them this most important cover of security. This term cover will extend its support to them when you may no longer be there for the same. Therefore, don’t put this off for another time; buy the best term cover for your loved ones today itself.