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Term Insurance Plan – Choose the Right One

You must be working very hard to fight with the rising inflation rate and meeting the financial needs of your family members. Above that there are always those aspirations that you have for your family. Your love for your family is inspirational and you would not let their aspirations die even when you are not around. Or would you?

With the growing inflation rate, expenses have increased tremendously. While you are striving hard to meet your family’s financial needs, it also important that you consider fulfilling their financial needs even in your absence.

This risk cover can be provided by Life Insurance.

Most of us are familiar with the term and know that life insurance provides one’s family with the required protection. However, many of us ignore the level of financial protection one would need. Now if you have a life insurance cover of Rs 5 lakhs or Rs 10 lakhs, do you think that Rs 10 lakhs is sufficient to meet your entire family’s financial needs in your absence? It may not be sufficient if you have dependents like aging parents, spouse or young kids or siblings.

It is important that you calculate the amount of life cover you will need based on your family’s needs and requirement. You can easily analyze your insurance needs online and understand how much life cover is needed.

Now to meet your protection needs there are various term plans available in the market. Many Life insurance companies do provide term plans online at your convenience. These term plans are cheap and have good features like multiple payout options that suits your family’s requirement. When it comes to online term plans, you can be carefree and purchase the one that provides you a longer cover at a cheaper rate because as per the new IRDAI guideline it is mandatory for insurance companies to settle all claims after 3 years of policy issuance. So you can choose a term plan based on the features and cost of premium which you will have to pay.

I have outlined two major term plans below for ready reference.

Insurance Parameter Comparison

Now that you have a ready reference available, you can compare the features, pricing and eligibility as per your needs. It’s easier for you to evaluate and make a decision. While both products offer you with the same basic benefit, a major difference comes due to added benefits and costs.

Edelweiss Tokio Life – MyLife+ gets a thumbs up when you may want to choose a online term plan with better features at a very competitive price point!

Health Insurance Claims Cartoon

• Meet the Author • Julius Rogers

Julius Rogers is a health freak and loves to pen health articles that teach, educate, and entertain. He writes health information at various health outlets. Be sure to check out his other ventures!

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