You must give the information about the nominee, especially when buying a Term Plan. The term plan is the right product for life insurance. It gives financial security to your family in the event of unevenness. However, the policyholder does not receive any amount on the maturity of the plan.
Investment advisors also recommend insurance and investment separately. If you keep insurance and investment separate then you will get better insurance cover and you will also earn good returns on investment.
In the Term Plan, the person purchasing the insurance continues to pay the premium for the prescribed period. If the insured dies in the meantime, his family or the nominee gets the sum insured.
The term plan actually gets you covered at very low premiums. Typically, the term plan can be taken for 10, 15, 20, 25 or 30 years.
Now, what are the four things you should take care of before buying a term insurance policy?
1. Cover the need accordingly
Financial advisors say that you should buy at least 10 times your annual income insurance. With this, you can increase your income the insurance cover with changes in life or change in life, or purchase a term plan separately.
2. Term Plan Premium
Term Plan Premium is actually dependent on three factors – your age, the amount of coverage and the term of the policy. The insurance company can charge a separate amount from a different person for the same age, term and life cover.
Before buying a term insurance policy, you can compare different features online at the online website. You should only purchase the Term Plan after this.
When comparing on the online website, you need to look at a company’s term plan. Clients close to 95% may consider you trustworthy to buy Term Plan.
3. How many types are there Term Plan?
If your age increases, then the insurance needs also increase. When you are young then there will be a need for insurance. After marriage, the insurance cover will have to be increased. Similarly, having a child, you need more cover. Many insurance companies sell plans in which you can increase or decrease the amount of insurance over time.
4. Nomination or nomination
A nomination is the most important part of any insurance policy. You take Term Plan for your family’s financial security. In an unexpected situation, the nomination ensures that the person you want only gets the amount of insurance. You must give the information on the nominee, especially when you buy a Term Plan.
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