Term Insurance for Family

Term insurance plans offered by different insurance companies provide unique features to policyholders. However, there are some common features that each insurer covers in their term life insurance policies. Some of these features are listed below:

• Life Coverage: The demise of the sole breadwinner of the family can put a financial burden on their dependents. However, by purchasing a family term life insurance policy, you can ensure that your loved ones are financially protected even when you are not around them.
• Budget-Friendly: Anyone who is concerned about the future of their loved ones can buy a term insurance plan at an early age. It is one of the key features of family term insurance plans. Additionally, you can buy term plans at an economical price.
• Enhanced Coverage: Term insurance companies provide add-on benefits to policyholders. You can buy riders with your base term plans by paying an extra premium to the insurer.
• Flexible Tenure: The policyholders of term insurance plans can opt for different policy tenures. You can choose the tenure on the basis of various factors like the policyholder's age, medical history, and others.
• High Sum Assured: You can select a term life insurance policy that provides high coverage. It will ensure that your loved ones continue to get the same type of financial support even after your demise.

The table below highlights some of the best term insurance plans in which you can invest to protect your family:

Term insurance plans act as a safety net for the family of the policyholders in the event of their demise. Besides this, term plans provide many more benefits that are highlighted in the section below:

• Peace of Mind: Term life insurance plans provide peace of mind to both you and your loved ones. You can live a stress-free life knowing that there is someone who will take care of your family just like you. Additionally, your family can live a peaceful life by receiving continuous financial assistance from an insurance company.
• Comprehensive Protection: Term insurance plans provide comprehensive protection to financially secure the needs of your family.
• Hedge Against Financial Contingencies: Many insurers provide loan facilities to their term insurance policyholders. In case of an urgent need for money, the policyholder can lend a loan against their plan.
• Tax Benefits: The policyholders of term life insurance plans can claim tax benefits on the premium paid under Section 80D of the Income Tax Act.

Here’s a step-by-step guide on how to buy a family term insurance plan online:

Documents Required To Buy Term Insurance Plan

• ID proof
• Income proof
• Address proof
• Recent passport-size photographs
• Age proof

Steps You Need To Follow

• Visit the official website of InsuranceDekho.
• Go to the term insurance plans page.
• Fill in your basic information like gender, date of birth, phone number, and more.
• Provide details related to your lifestyle habits, occupation, annual income, and other information.
• A list of term life insurance plans will be displayed on your screen.
• Select a plan that best suits your needs.
• Make a premium payment online to complete the purchase of your term plan.

It is important to keep some points in mind when you purchase a term insurance plan for your family. Some of these points are highlighted below:

• Coverage Amount: It is one of the most important factors that you need to consider while purchasing a term insurance plan. While choosing the sum assured, assess your monthly expenses, annual income, and the financial needs of your family.
• Claim Settlement Ratio: The claim settlement ratio is the percentage of the number of claims settled per number of claims received by an insurance company. It is wise to buy a policy from a term insurance company that has a high claim settlement ratio.
• Riders: The insurance companies provide additional benefits to the policyholders. Check the type of term insurance riders that the insurer provides to you. It will help you in customizing term plans as per your specific needs.
• Claim Settlement Process: The primary job of term insurance plans is to provide you peace of mind. But, a lot of paperwork and documentation processes can make the term insurance claim settlement process tedious. Therefore, when purchasing a term plan, check the policy ratings and customer reviews for the company.