Avail discount on higher sum assured on Term Insurance

Avail discount on higher sum assured

If funds permit, getting yourself insured for a higher sum assured has twin benefits – you get a higher coverage and discounts on the premium payable. Most insurance companies offer discounts on higher sum assured.

Buy low cost polices

A term life insurance plan is one of the cheapest and simplest plan which offers life cover at minimum premium. You can also reduce the cost of insurance by selectively choosing riders that you need and avoiding the ones that do not suit your requirements. 

Buy bundled insurance

Based on your requirements, you can secure better deals by bundling insurance policies. This is because selling two or more insurance policies to the same customer reduces the marketing costs for the insurer. For example, by opting for a family floater in a health insurance plan, you can get coverage for your family members at a cheaper rate compared to buying individual health insurance policies for each family member. 

By employing any or a combination of the above-mentioned techniques, you can make insurance more affordable and rewarding!

Life Insurance best choice for your Infant child

The ideal way to secure your infant’s future would be to insure your own life with him as the beneficiary of the policy. That is, if something were to happen to you, the life insurance proceeds would fund his future education and all the other plans that you made for him. It is the loss of your income that is being insured in this case, and rightly so.

There are numerous children’s plans available in the market with varying benefits and different investment options. Undertake careful research and select the right product that meets your desired future cash flow requirements and patterns, your risk profile, premium payment options and policy term.

But there is one feature of such policies that you just cannot and should not ignore - the premium waiver benefit. This is to ensure that if premium payment stops due to your death or disablement, future premiums on the policy would be waived off (paid by the company). This would ensure that funding for your child’s future is not interrupted or compromised even in the face of the most extreme adversity. Such a benefit could be in-built in some policies but certain other policies would offer it as a rider to be added on to the main policy. It is pertinent to ensure that this benefit is available any which way.

life insurance cover and Its importance

Securing an earnings increment

An earnings increment will lead to the availability of greater luxuries for your family, which may tomorrow become a necessity. In such a scenario, an enhanced insurance cover will ensure that your family will not have to give up on these luxuries which have become a part of their standard of living in case of an untimely demise.

Parents retiring

Once your parents retire, they may need your financial support. It is simple mathematics – additional dependents equates to a need for an additional life cover…

Availing debt

In case you have availed a home loan or any other debt, how will your family be able to repay it upon your unfortunate demise? Would the repayment burden lead to the selling of assets, depletion of savings, lower standard of living, etc? In order to provide financial comfort to your dependents, it is essential for you to enhance your life insurance cover to include all your outstanding debts.

Nearing retirement

Though you have been planning for your retirement since a few years, it is not necessary that the sum would help to financially secure your golden years. Take aid of insurance to ensure that you are able to fulfil all your unrealised dreams during your retirement.

Importance of Term life Insurance

We all would have heard it a hundred times that Life is unpredictable, but very few of us understand this. Just like our life, death is also unpredictable and we never know what will happen in the future. Therefore, it is important to be prepared for unseen events of the future and taking up a good life insurance is one of the sure fire ways to make our and our family’s future secure.

Term Life Insurance is an agreement between the insurer and policy holder that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the policy holder. Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities.

Premium table for IndiaFirst Anytime Plan

Premium table for IndiaFirst Anytime Plan:

Age and Term		5	10	15	20	25	30
30		3,472	3,472	3,675	4,012	4,416	4,888
35		4,180	4,416	4,922	5,630	6,338	7,045
40		5,832	6,405	7,416	8,529	9,675	10,787
45		8,461	9,843	11,495	13,214	15,001	-
50		13,517	15,574	18,068	20,832	-	-
55		20,562	23,967	28,147	-	-	-

                                            

The mode of premium payment and the premium payment frequency of term insurance will also impact the premium amount. Following are the premium frequency factors for monthly and six-monthly that will apply to the annual premium amount.

Premium	Factor to be applied to the
frequency	yearly insurance premium
Monthly	0.0870
Six monthly	0.5119