When it comes to life insurance plans, we all want to secure the best term life insurance in India for our loved ones. However, it is important to understand that since our needs are unique, the best term life insurance for each of us is also different. Depending on our life stage, different term life insurance plans may turn to the best for securing our family’s future. Let us look at some of the most common life stages when we consider buying the best term life insurance plans out there in the Indian market.
This is one of the most popular life stages in India when people choose to compare best term life insurance plans and invest in a cover for their spouse. This is because marriage remains a commitment to protect each other to the best of one’s abilities. While buying a life insurance plan at this stage, the best plans are those that offer maximum tenure cover (since you are only starting on a path filled with responsibilities), as well as dual life cover (this way you can save on both of you spending on individual term plan premiums) since risk is quite low if you are in your 20s or early 30s.
Having a baby
This is another major milestone when most Indians consider purchasing life insurance plans and compare to arrive at the best term insurance plans in India. Once you have a baby (and perhaps even intend to have a second one in the near future), the best life insurance plans are one that support you in your parenting goals, even in case of an unfortunate event. For instance, comprehensive term plans such as Total Protect Plus offer additional child cover until they turn 25 years of age. This can be an extremely comforting feature for a young parent who is saving up for their children’s future over the course of years and is worried about that corpus continuing to grow in case of his or her absence. A word of advice here – remember to opt for coverage that considers inflation costs, education expenses, as well as cost of extra-curricular activities, and lodging and boarding expenses in case of foreign education. Often, the hidden expenses associated with education outweigh tuition fees at top institutions.
Developing lifestyle diseases
You aren’t alone if you are looking to buy life insurance owing to a health scare or concern. Optimism bias is one of the biggest factors that keeps people from opting for life insurance early on, despite lower premiums. In any case, if you are contemplating buying life insurance owing to threat of potential health risk, the best term life insurance plan is one that offers premium waiver in case of critical illness. This ensures that though you will not receive any maturity benefits to support your medical bills, you won’t have to shell out on premium expenses while you are paying through the roof for medical treatments.
It is possible that you are looking at life insurance to address part of your retirement planning concerns. Well, that isn’t a bad idea at all and there are a host of term life insurance plans in India that address this life stage’s insurance cover needs. In this scenario, the best plans are those that demand less health-related exemptions, and offer guaranteed, non-market linked returns. This is because it is likely that you are eligible for shorter tenure, and therefore, could experience greater risk from market exposure and cycles.
Be clear about financial security and insurance needs at your current life stage. Make a decision accordingly and purchase more policies as you go along, to address your newer insurance needs. This way, you will always be adequately covered with the best term insurance plans in the Indian market.