Did you know that a surprising 998 million Indians were living without life insurance cover in 2017? This is what a survey by the IRDAI revealed.The only problem with whole life insurance policies is that they could cost a lot for the sum assured that you’d like your family to receive on your demise. This is where term insurance plans make more sense.
Unlike whole life insurance, term insurance does not have an investment component. It is a pure insurance product. This makes it much cheaper than any other type of insurance. What this means is that you can get very high cover at a fraction of the premium amount that you would need to pay for whole life insurance.
Term insurance offers protection after death, at a fixed payment rate, for a specific period of time. With the help of a term insurance calculator, you can calculate the premium to be paid to get the amount you want. Here are a few significant things to consider before buying a policy.
Term insurance can be an important part of your financial plan. Along with understanding the terms and conditions of this type of insurance, use a term insurance calculator to make an informed policy decision.
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