Rahul bought his first term insurance plan when he was 28 years old. At that point, he had bought a plan that provided coverage of Rs. 1 crore. It had seemed sufficient because at the time he had no dependents of his own, and it would be enough to cover his financial liabilities.

Now, aged 37 years, Rahul has two doting children of his own and is concerned that the Rs. 1 crore would not be enough to cover all their needs. However, looking at the plethora of options available to him in terms of insurance plans, Rahul is unsure of choosing for the right plan which fulfils his needs. Seeing his changing needs term plan is a good option.

Term insurance plans are essentially a protection plan, geared towards providing financial aid for the policyholder’s family in case of their unexpected demise. Term insurance plans are available for people of all ages. It is also possible to lock in the premium amount to stay the same over the years. Term plans provide a life cover of your choice at affordable premiums, This life cover lets your loved ones get an assured sum in case of an unwanted incident during the policy period. Read on below to learn how to opt for the ideal coverage based on individual needs.

  1. Age:

    Younger people have access to higher cover for cheaper premiums since they are less likely to contract critical diseases and disorders. It is best to get started with term insurance plans when one is younger, as there are fewer responsibilities at that age, making it ideal to invest savings into term insurance plans.

  2. Family’s Living and Lifestyle Costs:

    The costs of living and lifestyle maintenance are serious considerations when deciding on the coverage for term insurance plans. Some plans offer income protection, ensuring a monthly income to the family in case of the policyholder’s death. It is essential to calculate this amount carefully to prevent financial strain on the family.

  3. Costs of Children’s Education:

    Education costs are significant and rising. Planning for the coverage required from a term insurance plan should include the amount needed for children’s education, considering the costs of higher education and varying with the age of the children.

  4. Paying off Loans:

    Term insurance plans can protect families against financial liabilities from loans in case of the policyholder’s unexpected demise. These plans pay off the debts, providing relief to the family during a difficult time.

  5. Choose Necessary Riders:

    Some term insurance plans offer riders providing coverage for causes aside from death. It is advisable to choose riders aligned with the selected plan, offering additional benefits separate from the main coverage.

  6. Choose Suitable Premiums:

    It is essential to choose a plan with an affordable premium based on the policyholder’s income. Plans like Future Generali Care Plus offer benefits such as a monthly income for the family and a lump sum payout, providing flexibility and additional options.

Thus, it is crucial to choose term insurance plans with care, especially for families where the policyholder is the primary breadwinner. To understand which term plan works best for your needs, visit our website or consult with our trusted and experienced advisors.

Future Generali Care Plus: This is an Individual, Non-Linked, Non-Participating (without profits), Pure Risk Premium, Life Insurance Plan. UIN: 133N030V05