Importance of Buying Term Insurance in 2021

The majority of us are extremely positive towards our life and never in our wildest dreams do we imagine that we may die sometime soon. Even if that thought comes to our mind, we make fun of it and move on. However, many among us pass away before even realizing what is happening to us. The ones that are left behind suffer the most including our loved ones. And if the one who died was the only breadwinner of the family, the dependents go through a rough patch for years. Discussing one such thing can scare us a bit. However, if we take the right step when we are at the pink of our health, we can at least be certain that our families are safe and financially secure when we are not around anymore. One of the steps that we can take is purchasing a term insurance plan. Here are some of the reasons for buying a term insurance plan in 2021.

Low income

2021 is not the same year as it was a couple of years ago. Due to COVID-19, many people are dealing with salary deductions. And with such a low income, you cannot choose several investment plans. In one such situation, if anything unfortunate happens to you, the term insurance plan will at least secure your family financially.

A new business venture

If you are new to a business and have already put a lot of money into it but are not sure about your success, you should purchase a term insurance plan. Even if you pass away without saving a lot of money, your family will not have to face a lot of financial challenges.

Loans and debts

If you have taken any kind of loan or are under debt, you must buy a term insurance plan with a sum assured of up to INR 1 Crore or even more. We are not certain about our life. However, having a term insurance policy with this kind of sum assured can save our family from such debts.

Riders

The majority of the term insurance policies these days offer riders. Buying the riders can increase the benefits that you will get from the term insurance plans. Some of the riders can offer you coverage for critical illnesses. This coverage can help you in the treatment of critical illness, which usually requires a good amount of money.

Some of the best term insurance plans of 2021 in India

If you are looking for term insurance plans but are a bit confused, you can go through the plans mentioned below:

LIC Tech Term

LIC Tech Term is a product offered by the LIC of India. It is a non-lined and non-participating pure risk premium plan available online. While you are buying this plan, you can choose from two benefit options, which include Increasing Sum Assured and Level Sum Assured. The plan provides financial security to the family of the policyholder on his/her untimely demise, within the tenure of the policy. As you buy this plan, you will get a free look-up period of 30 days, which starts from the receipt date. If you are not happy with the clauses of the policy, you can return it within the free-look-up period.

ICICI Prudential iProtect Smart Term Plan

This plan is one of the most sought-after plans because of its affordable premiums and 360-degree coverage.  The plan offers four payout options, which include Lump-sum Option, Income Option, Increasing Income Option, and Lump-sum Plus Income. You can choose Accelerated Critical Illness Benefit and Accidental Death Benefit while buying this plan. Under the Accelerated Critical Illness Benefit, the female policyholders will get extensive coverage on critical illnesses like cervical and breast cancer.

HDFC Click 2 Protect 3D Plus Term Plan

This policy covers three uncertainties such as disease, disability, and death. With this plan, 9 plan options come. The plan enables the customers to customize the plan as per their requirements. The plan options that you can choose from include 3D Life Option, Life Option, Extra Life Option, Income Option, Extra Life Income Option, Income Replacement Option, Return of Premium Option, Life-long protection Option, and 3D Life Long Protection Option. The plan enables non-smokers to pay a lower premium.

Just like these, there are several other term insurance plans that you can find on the IIFL website and compare. Upon comparing them, you can make a conscious decision and choose your preferred term insurance plan.

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About the Author: Abhay Choubey

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