Term insurance guide for disabled persons
Term insurance is one of the most basic ways in which financial inclusion can be ensured for the eligible persons. Unlike a traditional life insurance plan, a term insurance plan entitles the policy holder's nominee(s) to receive the main plan benefit (i.e. sum assured) in the event of her/his demise during the policy term without any maturity proceeds or benefits if the policy holder survives the plan term. A term insurance plan is a very critical component of any successful financial portfolio and as such, it is very important for every person to purchase it. For disabled or differently-abled persons, the need for financial inclusion and coverage is as important as it is for any other person. The needs and requirements of a disabled person are far more extensive than those of others. This is because there is a required corpus for coverage against medical bills, check-ups, therapies etc. and therefore, the insurance requirement also gets extended.
When it comes to purchasing a term insurance plan for a disabled person, there are certain things that must be kept in mind. Following is a list of important parameters that must be considered while purchasing a term insurance plan for a disabled person:
- Coverage scope and sum assured: Term insurance plans come with the clause that entitles the policy subscriber's nominee(s) to receive the sum assured in the event of the subscriber's unfortunate demise during the plan term. Therefore, while choosing a term insurance plan, it is very important that the sum assured i.e. the scope of coverage must match your specific needs and requirements.
- Payable premiums: Unlike general life insurance plans, term plans do not have any maturity benefits. This, in essence, means that if the policy subscriber survives the term of the plan, no additional benefits are payable to her/him. While on one hand, this may seem a little bit limiting as far the additional benefits are concerned but at the same time, term plans come at very economical prices. In fact, among the various types of basic insurance plans, term insurance plans are rated among the most economical ones. While choosing a particular policy, it is important that the payable premiums must be kept in mind so that the coverage offered is proportional to the premium-rates.
- Take inflation into account: By its very nature, a traditional term insurance plan is futuristic in nature. The kind of coverage that a term insurance plan has to suit the particular needs and timely requirements of a disabled person. Therefore, it is important that the policy must be chosen after considering the factor of inflation as this will ensure that there is proper coverage and that sufficient funds are in place at the time of need.
HDFC Life offers term insurance plans that offer diverse and extensive benefits for securing the financial strength of your family. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.
Income Tax Slab 2021-22
February 17, 2020
Income Tax Return Guide - Details You Should Know
November 07, 2016
Best Tax Saving Investment Options in 2022 (FY 2022-2023)
November 08, 2016
Subscribe to get the latest articles directly in your inbox
14 Best Investment Options In India
October 30, 2018
Short Term Investments: Top 11 Short Term Investment Options For 2022
November 08, 2016
Insurance vs Investment - Did You Get the Right Financial Plan?
November 05, 2018
Popular & Recent Articles
How to Plan for Retirement as Per your Age
"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
|BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration