With money being such an important part of our lives, financial planning is a common point of worry for every adult and soon-to-be adult. Savings, funds, deposits, insurances – it can all get a little overwhelming without adequate support. Investing in term insurance is one of the best decisions anyone could take but owing to the various misconceptions surrounding it, many are often too scared to trust these plans. Simply put, term insurance is a type of life insurance that provides coverage for a number of years. To make term insurance plans more accessible for you, let’s bust myths regarding this type of insurance:
- You Shouldn’t Buy Term Insurance When You’re Too Young Or Too Old: This is a common misconception regarding term insurance, but it’s simply not true. One is never too old or too young to buy insurance; in fact, it is extremely beneficial when you’re young as you get to buy at better rates. While enjoying its benefits over time, you also need not worry about premiums at an older age, as term insurance is one of the most affordable insurance options.
- Online Process When Buying Term Insurance Is Complicated: Purchasing term insurance online is as convenient an option as any. It is the superior option in terms of money because of online discounts and as there is zero paperwork you also save paper. You can manage the whole affair in just a few clicks, and if you have any doubts, experts from your bank are just a call away.
- Term Insurance Coverage Cannot Be Increased: Your needs change over time at different points of your life, and you might want to increase your coverage. Many believe this is not possible when it actually is. Most banks offer customisation liberties so as to allow you the freedom to change your policy to better suit your needs at all times.
- Term Insurance Plans Are A Waste Of Money As They Only Have Death Benefits: It is true that term insurance plans do not provide a lump sum amount upon maturity, but that doesn’t discredit the many benefits. Term insurance is very important, especially if you have any financial dependents like children, partners, parents, etc. In case of situations such as your untimely death, term insurance will ensure your family is provided for as the money then passes on to your nominee. It is the best way to keep your family stable through trying times.
- Term Insurance Is Expensive: This is a major myth that’s untrue. Term insurance is one of the cheaper insurance options, with many banks charging as low as ₹450 p.m. for a coverage amount of ₹ one crore.
Term insurance is an essential step towards ensuring you, as well as your loved ones, are financially secure. Check out term insurance plans from ICICI Prudential Life, as it is one of the most trusted banks in India. Their plans have multiple advantages like tax benefit, cover against critical illness, permanent disability benefit and more that you should opt for to keep your loved ones safe.