When it comes to meeting our life goals through proper money management, financial planning gains utmost importance. Along these lines, building a portfolio that includes elements of wealth creation, emergency planning, and most importantly, insurance becomes vital. In this article we would see how term plan can add a feather in your financial cap.
Also Read: Checklist to buy Health Insurance Plan
What is Term Insurance Plan?
After all, insurance, especially life insurance, plays a major role in protecting you financially from the untoward incidents in your life. And ‘term Insurance’ is definitely a powerful tool that provides peace of mind to you and your loved ones.
Term insurance is payable when you pass away during the policy term. It provides your spouse, parents, and children the funds necessary to help:
1) Maintain their current lifestyle
2) Repay debt
3) Fund children’s education costs
Therefore, to ensure adequate protection for your dependents, your decision to buy a policy online should commence after considering your liabilities, your current lifestyle, and the goals of your loved ones. Generally, online term policies are cheaper, and the buying process is simple too. Another perk of buying policy online is that it offers the advantage of term insurance comparison of various policies, allowing you to choose the one that best fits your needs and suitability.
While you may be mindful of the benefits that term insurance offers, what you may not know is that there are term plans that can be customized as per your needs to offer 360-degree financial protection to your loved ones. Such plans are equipped with features that make them essential to keep within your financial portfolio.
Keeping this need in mind, Max Life Insurance has launched its new term plan called ‘Smart Term Plan’. This plan offers several term insurance benefits, helping the insured individual to create his/her personalized all-around protection.
Benefits in Smart Term Plan
Let’s understand a few benefits of this plan that makes it a “must-have plan” in your financial portfolio:
a) Choice of Death Benefit Variants
The Smart Term Plan is perfect for safeguarding the financial future of your loved ones, especially considering how it allows you to secure your family’s goals with a choice of multiple death benefit variants. Meaning, unlike basic term plans, you can choose amongst the wide range of death benefit variants (total seven) including:
i) Lump sum Life Cover
ii) Life Cover + Income
iii) Income Protector
iv) Increasing/Reducing Cover etc.
b) Option to Enhance Coverage At Important Milestones
As you progress in life, your income increases. Not only this, your responsibilities, and maybe even your outstanding liabilities can increase too, especially after marriage or having kids.
A wise option, therefore, is to increase your life cover to provide for them. This is especially important to ensure that your loved ones are not burdened to make ends meet in your absence and that they do not need to compromise their lifestyle.
For this purpose, Smart Term Plan allows you to increase your sum assured when you get married, when you have your child, or when you buy your dream home. This feature ensures that you are adequately covered at important milestones in your life and are in track with your growing needs.
c) Availability of Return of Premium Option
For those who expect returns from their term plan, the Smart Term Plan is a good option.
While most term life insurance plans do not offer any maturity benefits, the Smart Term Plan offers to pay back all the premium that you paid under the base plan if you have opted for the “Premium Return Option”. This ensures that you are not only adequately covered during your policy term, but also do not lose your premiums in case you outlive your policy.
d) Comprehensive Financial Protection Against Accidents and Critical Illnesses
The Smart Term Plan also comes with additional covers like “Accident Cover” and “Critical Illnesses Cover”.
i) The accident cover offers financial protection against accidental death by providing an additional amount
ii) The critical illness cover offers accelerated payouts in case of critical illness diagnosis
Thus, the plan not only ensures that you are financially covered against untimely death but also accidents and critical illnesses.
e) Limited Pay Option
Smart Term Plan’s “Limited Pay” option allows you to pay for a limited period, while the coverage continues for a longer duration. For instance, if you buy a policy online with coverage of 30 years and premium payment term of 12 years, you will need to pay premiums for just 12 years, and your coverage will continue for 30 years.
Conclusion: The bottom line is, Smart Term Plan comes with a whole host of benefits to help take care of your growing needs. All in all, it’s a plan that understands your needs and grows along with you. By adding this comprehensive term insurance plan in your portfolio, be rest assured that you are adding a feather in your financial cap.
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Term Insurance Plan to Add a Feather in Your Financial Cap
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