Why do you need term Insurance?
One cannot foresee unfortunate events and emergencies because they can occur at any time. But unfortunate incidents like the loss of a loved one can push the family into deep financial troubles and risk their future.
Therefore, it is essential that you stay prepared and make arrangements for your dear ones in advance. A term insurance plan ensures that your family can continue to live a decent life and can pursue their goals even when you’re no longer there to support them. This plan takes care of your loved one’s financial needs as they grapple with the emotional loss.

What are the Types of Term Insurance Plans?

1. Basic Life cover
   This is the most basic cover which offers your family sum assured (lump sum amount of money) upon your demise. This amount serves as a death benefit to your loved ones to help them meet with any direct expenses related to a funeral or to cope up with the repayment of any debt taken by you.  Moreover, if you pay an additional premium, then you can also avail coverage against life-threatening illnesses and disabilities.
2. Basic Life cover + Monthly income
   If you wish to support your family furthermore, you can buy a plan which also provides your family with a monthly income in addition to the death benefit amount. The fixed monthly income is up to 0.4% of the sum assured and is paid for about ten years.  This plan ensures that your family has a fixed source of income for at least a certain period, after the loss of their breadwinner. This regular amount can help them meet daily life expenditures in a much easier manner, without compromising on their needs.
3. Basic Life Cover+ Increasing Monthly Income
   Another comprehensive cover for your family can be the one that provides them with not just the sum assured, but also increasing monthly income.  As years pass on, the cost of living also increases. So, in your absence, this insurance plan ensures that your family can continue to maintain their standard of living despite inflation. This plan also pays regular income for about ten years. The income increases by 10% every year and ensures that your family lives a decent life.

Insure your family’s happiness even in your absence
When it comes to your family’s happiness and security, we know you don’t want to compromise. Therefore, it is advisable that you buy term insurance to take care of their financial needs even after you are no longer there to support them yourself.
When you buy term insurance, you will be assured in the present and can continue to live without any sense of insecurity or worry. However, to buy the best plan, you should check a company’s claim settlement ratio, its persistency ratio, benefits offered, and so forth. Max Life Insurance, a leading insurer, has recorded a claim settlement ratio as high as 98.26%, enabling customers to maintain their trust in its products and services.

If you also want to leave more financial resources for your loved ones, you can find out which are the best short term investment options in India and can invest accordingly. Some of the short-term investment options that you can explore are Equity Linked Saving Scheme(ELSS), debt-based mutual funds, and health insurance, among others. These will not just help safeguard your savings but will also enable you to save tax. So, buy the best short-term investment options in India and have the right mix of conservative, balanced, and aggressive investments in your portfolio.

Secure your family and stay happy and relieved!