Financial planning is a process of meeting the goals of life with the help of proper finance management techniques. This includes elements of wealth creation, planning for certain milestones in your life and the most important of them all – planning for emergencies and contingencies.
Term insurance not only offers peace of mind but also is an essential part of a robust financial plan. As you move and grow in your life, you would appreciate several benefits which term insurance offers.
The fact is, term insurance should be a crucial part of your financial plan. And as you get married, build a family and buy a home, the more crucial term insurance becomes. E.g. in case of an unexpected medical emergency or catastrophe, paying back the loan becomes a risk. It’s prudent to have a term plan to safeguard family with respect to the home loan in case of an untimely demise of the borrower, where the family could face financial crisis and might have to part with the home altogether in order to pay off the loan.
Why Term Insurance?
If you are in your twenties, early thirties, or even older, with a family to look after, then having a term insurance is a financially smart decision. The pay-outs from the term insurance plan could offer financial support which can help your dependents with the expenses like childcare, mortgage and the cost for daily upkeep.
Most of the people would agree that without a proper financial cushion from term insurance, the dependents could face a dismal financial situation in case of untimely demise of the primary earner. That’s why term plan is very significant from the financial planning perspective.
Today’s generation and the importance of Term insurance
The best time for buying one is now, before hitting your mid-thirties, when you’re healthy. The earlier you buy term insurance in your life, the lower would be the premium for your term insurance.
It is the protection which you and your loved ones require to face life’s uncertainties. Be it a road accident or a severe illness which disrupts your future plans, a customised term insurance plan will safeguard the financial independence of your loved ones. The money you receive from a term plan would enable your family in maintaining their lifestyle, paying off liabilities and meeting their financial goals in case of an unfortunate event and that is where a term insurance could be a blessing.
Hence, if you’re free of any medical conditions, you could get a term insurance plan for a few thousand bucks a month. However, in case you wait for a few years, and by then find yourself as a patient of a crucial illness or a lifestyle disease, insurers might even reject your application or charge high premiums on the grounds of a pre-existing medical condition.
ICICI Pru iProtect Smart – More than just a term life cover
ICICI Pru iProtect Smart Plan is a term insurance plan that offers different options for enhancing the protection for yourself and your loved ones with the help of affordable premiums.
The critical illness benefit provides protection against 34 types of critical illnesses. On opting for this benefit you get the claim amount immediately on detection, without any hospital bill. The company would pay critical illness (CI) benefit, as a lump sum for meeting the financial requirements such as hospital bills or medical treatments. This benefit is paid irrespective of expenses that are incurred in actual and it gives you the freedom to pick the hospital of your choice. The term policy would continue with the death benefit reduced by the amount of CI benefit paid.
Start safeguarding your family today, buy a term insurance now.
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