Insurance is designed to protect the financial well-being of an individual, company or other entity in the
case of unexpected loss.
Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. In simple words it’s a kind of insurance which pays to the nominee/beneficiary only if the person insured dies between the tenure. You don’t get returns if nothing unfortunate happens to you during the policy term.
Term Insurance is better called a Protection plan as it protects the family of the insured person financially. With term insurance plan, you are investing for the future of your family and not investing for you.
A person should get term insurance if he has any dependents, it could be children, wife, parents. Term plan also protects your dependents against any loan payments or liabilities you might have. With a nominal premium, you can get excellent coverage. Term plan is certainly the best means to financially shield your family.
These days the trend of buying insurance online is picking up. Recently Aviva India launched an online term insurance plan i-Life. I-Life has lowest premium rates if you compare it with other online term plans.
You can know more about Aviva’s i-Life on the official website
Author – Chirag Jethmalani is associated with website Squamble which has a very good audience in webworld. If you wish to write for BelltheBull contact us.Google+