FAQs 347 views November 17, 2018

Who Must Not You Buy Term Insurance Plan?

The idea behind buying term insurance is to ensure a financial cover to keep loved ones protected. This means that you are paying a definite amount of premiums at regular intervals to an insurer who would hand over death benefits to your dependents as an income replacement tool in case of your sudden death during the term of the policy, which means that you must buy term insurance plan if you have nominee(s) who are financially dependent on your earnings. In addition, you must take into account any home or personal loans that you may have taken and are yet to be repaid. Having term insurance in place ensures that the burden of your loans and liabilities do not befall their shoulders as they can use the death benefits to pay off any lingering loans or debts.

Term Insurance

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While it is not possible to associate a monetary value to life, one must decide the amount of life cover equivalent to what his or her life is worth. However, if you have no financial dependents, buy term insurance will meaningless. Term insurance is not bought to earn benefits for your loved ones, but to help them with an appropriate income-replacement strategy that can help get rid of their economic woes in your absence.

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