Breaking 4 Myths about Term Insurance Plan


Breaking 4 Myths about Term Insurance Plan


Purchasing the term insurance plan is the best way to ensure the safety of your loved ones. However, with an extensive range of term insurance plans available in the market, people often get confused while choosing an apt plan as per their requirements. This is because of the myths that are related to the term insurance plan.


So, in order to help our customer choose the best plan, here we have busted 4 myths about the term insurance plan. Let’s take a look at it:


•    An Insurance Plan is not Worth it Without Any Returns

Well, if an individual thinks that an insurance plan is not worth it without any returns, then they are wrong. A term insurance plan provides the highest insurance coverage at a very minimum premium rate as compared to any other type of life insurance policies. Moreover, if an individual has opted for Term Return of Premium Plan (TROP) then he/she can also get the return of premium in the tenure of the policy.


•    The Term Insurance Plan Coverage Cannot Be Increased

This is one of the most common myths about the term insurance plan. However, it’s not true. If a person opts for a policy at an age of 25 based on his/her income then the person can increase the coverage amount once they reach the age of 30-40. There are many insurance companies like AEGON Religarei-Term, Bajaj Alliance iSecure; SBI Life eShield offers the option of increasing the coverage amount of the plan. However, with the increase of coverage amount of the policy, the premium rate of the policy will also increase.


•    Purchasing an Online Term Insurance Plan is Complicated

Many people still believe that purchasing an online term insurance plan is complicated. However, it is rather very easy. The online process of purchasing term insurance plans is very simple and hassle-free. Moreover, it saves the time and money of the insurance buyers. In order to purchase a term insurance plan online, one just need to fill the required details on the application form and submit it in the company’s website.


•    Buying a term Insurance Plan too early is Not Beneficial

It is never too late or too early to buy a term plan. Moreover, the early one buys a term insurance plan; the more beneficial it is for them, as the individual will need to pay a low premium rate as compared to the policy they purchase at old age. With a minimum premium amount of Rs.2000 one can get coverage up to Rs.50 lakh over long term period. So, certainly one should consider purchasing a term insurance plan at an early stage of life in order to gain maximum benefit.


Wrapping it up!

So, as we have successfully busted the myths about term insurance plan, one can easily zero in on a plan by keeping the above-mentioned points in mind.  Moreover, the individual can choose the most beneficial plan as per their requirement and suitability and secure the financial future of their loved ones.


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