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Best Term Insurance
You do not need term insurance for your 60s, 70s, 80s, and beyond.
The inflation-adjusted purchasing power of ₹1 Crore after 40 years is approximately 9.72 lakhs.
- Suicide within the first year is not covered, but death due to any other reason, in any geography, is covered.
- There are no maturity benefits; if you survive the policy term, there are no benefits.
Some articles on social media talk ignorantly about other causes of death not being covered. This is slightly controversial, but term insurance is a must if you have dependents who are financially dependent on you. Term insurance can and must also be used to secure future earning potential and ensure that the family reaches the expected net worth in the future. When comparing pure-term insurance plans from different companies, they only vary in terms of premium and customer service. The pure term plan is the same for all insurance companies, so there is no “best” term plan, but I still recommend going with bigger brands.
Cost
of Work
No, return of premium life insurance can cost two or three times what a typical term life insurance policy would.
The tenure of the policy depends on how early you purchase your term insurance policy. The earlier you buy one, the longer you can be covered. The rule of thumb is to buy a policy for the maximum tenure possible and drop it when it is no longer required. This is especially useful if your policy is meant to pay off a loan in your absence. You can tailor your policy according to the number of years you have left to pay your premiums. Additionally, it is prudent to ensure that you’re covered throughout your working life.
At the end of the policy term, the insurance plan will terminate. Any survival benefits, if available, will be provided. Based on the provisions offered by the insurance company, you can also renew the policy to continue life protection.
So, research well and consider these questions while choosing a term plan to find the best one for you.
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