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What is current trend in term insurance?

March 16, 2019
Life is full of uncertainties and therefore, staying financially prepared at all times is the best course of action that you can undertake. Needless to say that it not only requires careful planning but also the right kind of balanced outreach and informed decision-taking. It must be kept in mind that the financial decisions taken by you have to be futuristic in nature with a view towards having sufficient coverage at all times. The decisions must not be taken only with an eye towards the rate of earnest returns but also towards the risks involved and the financial goals that you have set up for future. This must be done in due consultation with your partner or other dependent family members. Moreover, the returns must stay insulated from all minds of risks and this is where term insurance comes to your aid.

If you are seeking a simple and uncomplicated protection plan for your loved ones, a term insurance plan can be an ideal option.

Unlike traditional life insurance plans, a term insurance plan works differently. A traditional life insurance plan offers the complete death benefit i.e. the sum assured to the nominee(s) of the policy holder in the event of the policy holder's demise during the plan term. In addition to this, if the policy holder survives the policy term, she/he is entitled to receive maturity proceeds in the form of policy maturity benefits. However, a standard term insurance plan offers financial coverage only as sum assured to the nominee(s) of the policy holder in the event of her/his death during the policy term. There are no maturity benefits to which the policy holder is entitled. Although some insurers do have the clause of some benefits upon maturity of the plan term, yet such clauses also indicate a direct impact on the payable premiums.

In the current scenario of Indian markets, owing to the increased financial knowledge and its dissemination among the various segments of the society, many people have started opting for a multi-faceted investment portfolio. This means that instead of having a lop-sided value of funds tied in a certain type of investment, the bulk of funds are distributed and therefore, the balanced utilization of various schemes is done. What this essentially means is that term insurance forms an important part of the insurance portfolio of people these days. In addition to this, there is one more important factor to be considered. Term-insurance plans, especially the ones that come with additional riders are very famous among potential customers these days. This is because in return for a certain amount of additional premium, these riders offer coverage scopes for critical illnesses, accidental disabilities, hospitalization etc. Therefore, in proportion to the payable premium amount, one can now avail of significant coverage benefits in shape of additional riders, as an extra feature of the traditional benefits that come with a standard term insurance plan.

HDFC Life offers various term insurance plans that are directed towards safeguarding your financial future and protecting the future of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.