3 Essentials for an Ideal Term Insurance Plan💰🛡️

16 Jun, 2022 2 min. read

Choosing the right term insurance becomes simpler when you focus on three essentials. The blog explains how picking the right policy duration—ideally covering your earning years—helps keep premiums low and ensures long‑term protection. It also highlights how selecting the right sum assured based on your income, loans, and future goals ensures your family can maintain their lifestyle in your absence. Finally, adding useful riders, like accidental death or critical illness cover, strengthens your plan with affordable extra protection. Together, these three steps help you build a solid, worry‑free safety net for your loved ones

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Securing your family's future is a crucial task, and term life insurance is a reliable financial protection pillar. But how do you navigate the maze of options to ensure your plan is tailored just right for you? Fear not, as we present a simple three-step guide to help you make the right moves in safeguarding your loved ones.

The Right Policy Duration 🕒

Starting your policy as soon as you commence earning is a strategic move to lock in a lower premium. Ideally covering your working years up to retirement, typically between 60 to 70 years, ensures your family is shielded against the loss of income during this crucial period. Remember, there's little sense in extending coverage beyond 70 when many responsibilities are likely fulfilled.

💡 Pro Tip: Choose your policy duration wisely from the onset, as this decision is irreversible.

The Right Sum Assured 💰

Determining the ideal sum assured involves contemplating the financial needs your family would require maintaining their lifestyle comfortably in your absence. Consider factors such as your income, anticipated expenses, loan repayments, and future major financial milestones like education and marriage to pinpoint the sum assured that aligns with your family's needs.

Explore our Sum Assured calculator here to ensure comprehensive coverage for your family.

Reinforce with Riders 🚀

Elevate your policy's effectiveness by incorporating riders or add-ons. These affordable enhancements provide additional coverage for specific situations. Examples include the Accidental Death Benefit rider, offering an extra payout in case of accidental death, and the Critical Illness rider, covering treatment expenses of 36 critical illnesses.

Your ideal term life insurance plan is just a few thoughtful decisions away. Seize the opportunity to protect your family's future—act now! 💪

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Disclaimer

The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Bandhan Life Insurance Limited is not liable for any decision arising out of the use of this information.

Annual	100% of annual income
Half-yearly	98% of annual income/2
Quarterly	97% of annual income/4
Monthly	96% of annual income/12

Annual	92.0% of annual income
Half-yearly	93.0% of annual income/2
Quarterly	94.25% of annual income/4
Monthly	94.5% of annual income/12