The world is grappling with the Covid-19 pandemic that has affected millions of people across the world with lockdowns and restricted economic activity. Amidst this heightened uncertainty all around, there are some key lessons that we should revisit.
The most important one being just how unpredictable life is and that we need to be ready to face the unforeseeable challenges of life head-on. This is coupled with confusion and chaos as many people are not sure how to keep themselves safe in an untimely situation. While the Government and Public health-care systems are taking several measures to tackle the challenges of these trying times, there are steps that you can take to ensure your family’s wellbeing.
This is where a term insurance plan comes in as it helps provide financial cover to secure your family from financial distress in case of an unfortunate event like your untimely demise.
Why term insurance is a must-have?
Dealing with the loss of a loved one is emotionally draining. If this is coupled with financial hardships as the loved one also happened to be the bread-winner of the family, then dealing with the loss could become more arduous. While the loss of a loved one cannot be compensated at all, the financial hardships arising out of the loss for the near and dear ones can be avoided. A term insurance is the purest form of life insurance that protects your family members from financial duress in case of an unfortunate event like your untimely demise.
If need arises, a term insurance can take care of all of your existing liabilities and also provide for the long-term financial goals that you and your family had planned together. This could mean a great deal of financial relief to the already grieving family, in case of loss of a bread-winner.
In the current age, you can assure yourself about the financial well-being of your family in your absence by getting a term insurance with an adequate cover. An added relief is that it is extremely simple these days to get a term insurance.
Buying Term Insurance Online - How is it the easiest, fastest & safest approach?
There was a time when opting for an insurance policy wasn’t as simple as it is today. It involved a lot of paperwork and several physical meetings. However, technological advancements have now completely changed the way insurance is bought or sold today. The entire process of applying for an insurance policy, it’s renewal as well as settlement of claims have now become extremely convenient these days with the use of digital mediums. This is helping both, the consumers as well as the insurance companies.
For one, there’s 100% transparency when buying an online term plan. The details of each policies are mentioned on the website. There are multiple ways of understanding the nuances of the policy. The language is simpler and easy to understand, and there are supporting videos, detailed presentations, customer care access, etc. to serve you better.
Second, since all of the information around different term plans is available and verifiable online, you can be better informed about the various options available to you. You can read the policy terms and conditions time and again, and refer to authentic sources of information as well as reviews of other customers until you are sure of your choice.
Buying a term insurance online also lets you make comparisons. The premiums can be calculated online and one can compare the same with other insurance products of same company or amongst products of different insurers, so that the customers can be sure of what they have picked is the most suitable one. There are also other aggregator websites online where one can compare multiple term insurance policies offered by different companies to get a clear understanding of what is better for you.
Another great benefit is lower premium rates. Since there is no or very low commission involved in selling the policies online, companies give discounts on the premium rates which works in the favour of both customer and insurer when purchasing a term plan online.
And lastly, buying a term insurance plan online is a big time saver! Applying term insurance online makes life simple since there’s no hassle of documentation and paperwork. All the submissions happen online, thereby, saving your time and efforts. Moreover, you can also track the approval of your term policy on the website itself, so there is no calling up the office, taking appointments, carrying files, misplacing important documents, etc.
Choose the right term insurance plan
Now that you’re aware of the benefits of buying a term insurance plan online, it’s time to choose the right company that offers an insurance plan with maximum benefits. When looking for a right term insurance plan you should focus on - high claim settlement ratio, competitive pricing, advanced customer care service and the overall benefits that it offers. The claim settlement ratio indicates how frequently an insurance company accepts or denies the claims it receives.
Take for example, Bajaj Allianz Life, one of the leading private life insurer in India, which offers a claim settlement ratio of 98.02%~ and have had a claim settlement ratio of over 90% in the last five years and ensures one of the best customer care to make your experience hassle-free. The company also provides customizable term insurance plans to help you make the most out of your policy. Its ‘Bajaj Allianz Life Smart Protect Goal Plan’ plan offers you a cover of Rs 1 crore at just Rs 18 per day* and comes with a slew of other benefits to safeguard the future of your loved ones. Its ‘return of premium’ feature gives you back the entire premium paid at the time of maturity (subject to deduction of applicable charges), if no claim has been made.
The company also offers ‘comprehensive cover’ where you can add multiple add-ons like accidental death benefit, accidental total permanent disability benefit, critical illness cover and waiver of premium benefit, among others, to enhance the protection your policy provides.
To sum it up, a mishap cannot be anticipated but one can always have a backup plan to ensure the security of their loved ones and life goals are not compromised. An all-round term insurance plan that offers comprehensive benefits to protect your loved ones in case of unforeseeable situations could serve as the much-needed financial support during unpredictable times.
Not to forget, opting for a term insurance plan is very easy today since everything can be done online! A term insurance plan like the one by Bajaj Allianz Life can be one of the preferred choice to secure your family’s financial future and help them maintain their standard of living with ease.
*~Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.
~Individual Claim Settlement Ratio FY 19-20
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