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Add on Benefits that are a Must While Buying a Long Term Insurance Plan

Add on Benefits that are a Must While Buying a Long Term Insurance Plan

When it comes to choosing a right long term insurance plan there are so many things which a person should consider such as their finances, how long does he/she want to invest, what are the added benefits of the plan, and so much more. However, in a hurry, people often forget to ask about add on benefits and regret it later when they can make no amends.

The purpose of writing this blog for our readers is that they should not make the same mistake in a hurry and hence, be able to choose a term insurance plan which can benefit you in every possible way.

Why is it important to invest in term insurance wisely?

Being in the insurance industry for so many years, we have always seen people make foolish investment decisions and then placing the blame on the insurance provider. However, the sad reality is that people don't take enough time to read and understand the terms and conditions. Policy details and even the add on benefits that are a part of the policy they are buying.

The reason why we always insist people pay attention to the add-on benefits of term insurance plan because it is these benefits which can make a huge change in your finances as also the claim your will file in future.

Check your term insurance plans for these add-on benefits

Before you make the final decision for your term insurance plan, it is always better you check the same for the benefits mentioned-below to make the most of your investment.

You can get a high sum of money at an affordable premium

The first and the best add on the benefit you can expect from your term insurance is to get a high sum of money at a very affordable premium. The main purpose for which every person invests in such plans is so that he/she can get the best possible returns of his/her premium payment at the best affordable price.

Therefore, when you head out to find a term insurance plan for you, always make sure that the premium payment is affordable and the high sum money which you will get is also good as per your expectations.

Your term insurance policy is very easy to understand

We know that not many people see this as an added advantage but the truth is that it is one of the best advantages one should look for in the investment plan. This is simply because the easy the policy will be to understand most of the services given by the same will be enjoyed by a person.

If your term insurance is difficult to understand and is ready to pay high sums, it will be of no use as you will not know when to claim what because of the lack of understanding of the policies of investment.

Is it offering the benefit of multiple death payment options?

We don't think that any person reading this would want that after their death all their loan-related liabilities should fall on the shoulders of their family members. Therefore, we always advise our readers to settle with such term insurance which offers multiple death payment options so that you don't have to worry about your family's financial security after you.

The reason it is better to ensure the benefit of death payment, is that in case of a sudden demise your family member will get a lump sum amount from the insurance company to manage the immediate financial liabilities.

Some more added riders to strengthen your policy

In simple words, riders are the additional benefits that come along with your term insurance such as accident cover, vehicle insurance, etc. One of the best examples of add on benefit is that if a person who pays the premium installments dies suddenly or is diagnosed with some critical illness then all the future premium payments will be stopped and the claim would be given to the family of the deceased.

Coverage for critical illness

Before you sign the final papers of your term insurance don't forget to ask your policy agent whether the insurance covers the critical illness or serious accidents. WE would always recommend people to go with insurance which offers this as it is a smart and beneficial financial decision.

Income Tax benefit

When it comes to term insurance don't forget to ask about if the insurance company is paying you the Income Tax benefit or not. We would personally recommend all the readers to settle with a plan which offers this add-on benefit. In today's date, there are many best term insurance which offers this benefit of Income Tax.

Return of premium option

Most of the term insurance plans only offer the cover to the beneficiary in case of a person's death. This means a person cannot apply for the payment if the insurance gets matured. However, if you will choose term insurance which has an option for the return of premium which you made in the plan then that is the best which you should choose.

Accidental death coverage

As the list of add-on benefits, you should get in your term insurance plan is endless, we would like to conclude our list of benefits with major accidental death coverage. In case of accidental death coverage, the beneficiary is eligible for the payment and the premium payment of the insurance will also be waived off.

We hope that our readers will choose such term insurance which offers them the most of the add-on benefits mentioned above. One should always choose such a plan which can offer them the most of the benefits so that one does not have to worry about his/her financial security.

Some tips to finding a good term insurance

In today's date, it has become very challenging to find the best and affordable term insurance plan when thousands of companies in the market claim to be the best. However, if you are having a hard time finding the right plan for yourself consider these important things before you make your final decision on the term insurance.

  1. Be clear about your expectations-

    If you want to invest in the best term insurance plan then you should be very clear about your financial expectations and requirements. Also, you should make sure that you have enough funds to pay the premiums of the insurance.

  2. Communicate properly with the insurance agent-

    It is very important to have proper communication with the insurance agent so that you can know all the policies, add-on benefits, etc so that you don't have to regret afterwards.

  3. Be honest about the information you fill in the insurance form-

    Lastly one should be very much careful and honest at the time of giving information for the insurance form so that you face no problems in future at the time of filing your claim.

    If you will keep these things in your mind, we are pretty sure that you will be able to find term insurance which will be best suited according to your needs and expectations.


*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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