Term insurance has predominantly been considered in only one avatar i.e. packaged to strengthen the financial status of your family after the demise of the breadwinner.
Naval Goel, Founder & CEO, PolicyX.com
While this stands true and correct but term insurance plans have further evolved to complement the demands and requirements of the masses. Now there are a variety of terms insurance plans to serve different purposes of life available in the market.
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However, several myths are surrounding term insurance plans that confuse or rather restrict people from buying one from themselves and their families.
The foremost myth about a term insurance plan is that only the bread-earner of the family requires it as they contribute financially to the family. Busting this myth, Naval Goel, Founder & CEO, PolicyX.com states, “Term Insurance is the basic requirement of every earning member of the family as everyone who is working and contributing financially in their homes has a kind of financial dependency on them. And the loss of even a single member can disrupt the financial well-being of the family. Thus, term insurance should be taken by every earning member of the family regardless of their age and gender”.
But in the same tone, Naval also clarifies that insurance is a highly personalized product that everyone should take based on their requirements. “People must evaluate their responsibilities, the number of dependents and future goals before buying term insurance as buying an insurance plan under the influence is never suggested. Moreover, with the development taking place in the insurance industry, there are multiple kinds of term insurance schemes available that can help people in fulfilling their financial possibilities”, he shares
The term insurance companies nowadays offer a plethora of plans that gives a variety of benefits than just a death benefit. These plans are designed to suffice the different needs of the life carried by the people. The biggest requirement is to delve deeper into term insurance plans to select the right one matching the needs and goals of an individual.
“Currently available insurance plans are designed very categorically to fulfill the variety of needs of people raised over a while by them. People have often put in their different scenarios from real life that have convinced term insurance companies to offer more than the death benefit. Now term insurance is not only a protection plan that is only valid after the demise of the policyholder rather they work like protection plus saving plans that give multiple benefits to the policyholders”, he explains.
Different variety of plans available in the markets such as Level Term Plans, Increasing & Decreasing Term Insurance Plans, Return of Premium Plans and Convertible Plans.
“Gone are the days when people used to depend on insurance experts to seek guidance on the different plans available in the market. Now in the digital era, people can easily go on the internet where complete information is given by different stakeholders of the insurance industry such as insurers, web aggregators and many more”, sum ups Naval.
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