Most people like to plan their life out step by step, especially when it comes to money matters. Among these essential financial decisions, life insurance stands out undoubtedly. It has become more crucial to cover your life because of the increasing threats in the environment over the years. Hence, investing in the best term insurance plan in India is a priority once you start earning.
The assurance of coverage is incredibly valuable, considering the events of 2020. The unpredictability of life became staggeringly clear due to the global Coronavirus pandemic. It is no surprise that more people want financial security with the best term insurance in such a situation.
As someone looking for the best term insurance plan in India, it is vital to understand its features and benefits. More importantly, you must know how it can be of help in the current scenario. Let’s take a closer look at how you can make the most of the best term insurance plans in India.
Term Insurance Coverage
Most people opt for the best term insurance so that the dependents can be financially secure in case of an unfortunate incident. It can act as a savior in times of an emotional and financial crisis. When you carefully purchase the best term insurance policy per your requirements, it gives you the satisfaction of protecting your loved ones, even in your absence.
However, the process of selecting the best term insurance plan in India requires attention to detail. Even though it offers untimely death coverage, insurers classify the deaths covered under the policy under different categories. It is in your best interest to understand the scope of coverage of your plan and choose accordingly.
In general, the following types of deaths are covered by the best term insurance plan in India.
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Natural or Health Condition Related Death
If the insured passes away due to a medical condition or suffers a natural death, it is covered under term insurance. The death can be due to a disease or condition, which ultimately results in the policyholder’s demise. In such a case, the specified nominee receives the death pay-out. The amount of the pay-out is the sum assured of the term plan.
For instance, if the insured passes away in their sleep, it is considered a natural death. In another case, where the insured contracts a disease or falls ill, which results in his demise within the policy term, it will be considered a health-related death. The best term insurance will offer compensation for both these instances.
Death Due to an Accident
Typically, accidental death is a sudden, unforeseen, and involuntary event caused by an external, violent, and visible force. If an individual passes away in an accident, the beneficiary is liable to a death benefit. Some of the best term insurance plans in India offer additional riders that provide an increased sum assured in the event of death.
In 2019, there were 1,51,113 accident-related deaths in India, as per the report on India’s road accidents. It is incredibly essential to secure financial coverage with the best term insurance in light of the growing casualties each year.
Death Due to COVID-19
If you are exploring the options for the best term insurance plan in India currently, the requirements have transformed due to the pandemic. We are still struggling to fight the devastating consequences across the world. Every day we hear of multiple people contracting the virus or passing away because of it.
Keeping in mind the present situation and corona effect, insurers offer a COVID rider to attach to the best term insurance policy. For instance, Max Life Insurance provides a death and diagnosis benefit with their one-year COVID rider. It is structured to meet the challenges in a time of health crisis.
The pandemic has disrupted our routine lives tremendously, adding stress and anxiety over you and your loved ones’ well-being. When you add a COVID rider to the best term insurance plan per your requirements, it ensures that you are protected against unpredictable circumstances. Furthermore, the term insurance tax benefits stated under the Income Tax Act, 1961 are a bonus that reduces the burden on your income when securing life coverage.
Select The Best Term Insurance Plan for Complete Safety
As you may be aware, the financial profile of every individual varies due to different aspects. The best term insurance for one is not necessarily adequate for another. However, the importance of a COVID rider remains the same across all profiles. We may not acknowledge it, but all of us are vulnerable to contract the deadly virus. It is also crucial to plan an unpleasant scenario as important as taking the necessary safety measures.
Take the time to put together the best term insurance plan that meets your requirements efficiently. It will reduce the chances of disappointment in the future when the need for support arises. Moreover, you must remember to select an insurance provider who is trustworthy and competent.
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