A term Life Insurance policy has many myths surrounding it. Read on and bust five of the myths of term Life Insurance plans!Naina Kapoor
Did you know that buying a term Life Insurance is the best Life insurance policy and the most affordable way of getting insured?
It may have some great advantages rooting for it, but people always give it a second thought when it comes to purchasing it from an insurance company in India. Why? It is due to many irrelevant myths surrounding the term life insurance policies. Let’s go ahead and bust some myths so that you are no longer confused and can find the most economical solution for grabbing a life cover.
1. An Insurance Scheme without any ROI is not worth it
Think again if you think that an insurance plan without any returns is not worth considering. Why? A term life insurance scheme offers highest life coverage at a minimal cost. Although it does not provide any return on the premium paid, it still has a massive advantage! For a very low amount, a life insurance company in India shields the security of the loved ones. If you decide to opt for the rider advantage, a policyholder can also avail the ROI of premium in the term policy.
2. All Term Insurance Policies are similar; you don’t get claims
It is another myth that needs to be busted that all term life insurances are similar and a life insurance company in India don’t provide claims. The usage of a term insurance is during the time of family crisis. It is also the time when the transparency and reliability of any insurance company in India come into the forefront. In case of any uncertainty, the insurer offers a lump sum amount to the beneficiary so that your dependents’ future could be safeguarded.
3. Purchasing Term Insurance too early and too late is not Beneficial
When it comes to a term insurance scheme, there is nothing called too early or too late. However, you should take efforts to buy a life insurance plan while you are still young because you can purchase it at a lower and claim maximum benefits over time. If you are old and think that the rate of a term insurance could still be exorbitant, think again. You can still buy it at an affordable price over the internet because there are no commission charges involved in an online purchase.
4. My Company Offers Group Life Insurance
It is a good thing that an organization offers Group Life Insurance, but you should also check and know the total coverage amount. Some companies offer their employees Group Life Insurance facility, but the assured sum is inadequate. As a result, you should not entirely rely on a company insurance plan keeping in mind the adversities of the future. Many online companies such as Max Bupa, Future Generali and more offers term insurance based on your income. Apply for one today online and be sure!
5. Online Purchase of Term Life Insurance is tricky
Many people have this wrong concept that an online purchase of a term insurance is not a good thing. It is not true and it is just opposite! Yes, you not only get to purchase the term insurance policy sitting in the comfort of your living room, you also get to compare different policies on a third-party website and apply for the best deal. Also, since there are no middlemen involved unlike in offline and agent-based purchases, the cost of the term insurance plan is comparatively less.
The Bottom Line
You just saw how a term life insurance plan is the best insurance policy that you can avail from an insurance company in India and has no myths as such as discussed.