Why Term Life Insurance Plans are an Essential Investment
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Do you think that your savings will be enough for your family to survive on after you are gone?
Hold on a minute; read this article to learn about a simple and very affordable option to ensure their financial security.
We are talking about term life insurance, an important investment that we need to consider making right from our early working years. The longer the period over which you invest, the greater the benefits your family would receive at the time of maturity. Besides affordable premiums, a good term life insurance policy can offer a variety of benefits. Read about some of them below.
Maximum period of investment: If you start investing in life insurance when you are young, you would need to decide the period of investment based on how long you anticipate your working life to be. In case you take a policy for a shorter period of time, say only until you turn 40, you might find it more expensive to opt for a second policy at that age.
Thankfully, term life plans like HDFC Life Click 2 Protect Plus allow you to start investing right from the age of 18until you turn 65.It enables you to choose an investment period based on when you expect to retire.
Maximum sum assured: There are many factors that go into deciding the sum assured. One is the amount that you anticipate will be sufficient for your family’s needs and another is your budget. In the case of term life insurance policies, you could invest affordable premium amounts and still receive a high sum assured at maturity. HDFC Life Click 2 Protect Plus has no maximum limit for the sum assured, and it is only subject to satisfactory underwriting.
A word of caution: When considering the future financial needs of your family, do not forget to take inflation into account.
Ease of investing: With the busy lives we lead, it may sometimes seem tough to even schedule an appointment with the insurance advisor to understand policy details before selecting your plan. Online term plans make it convenient for you invest at the click of a button. Most of the relevant information, including brochures and premium calculators, are available online as well, making it easy for you to complete your research right from the comfort of your home.
Covering financial security for important occasions: In case of the untimely demise of the primary breadwinner, expenses like weddings or higher educationcan seriously strain the family’s finances. On such events, term life insurance can come to the family's aid. Policies like the HDFC Life Click 2 Protect Plus plan offer you a Life Stage Protection feature to increase the cover at the time of key milestones like marriage or childbirth.
Moreover, flexibility is the key advantage in a term life insurance policy. This applies across aspects such as the term of investment, the sum assured and the method and time of paying premiums; you can zero in on the option that suits your specific requirement best. Choosing an online term insurance policy like HDFC Life Click 2 Protect Plus by HDFC Life offers you such flexibility along with a great set of features; it could turn out to be just the policy you were looking for!
HDFC Life, one of India's leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions. HDFC Life's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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