Term Plan of 50 Lakh
Life is full of uncertainties. While this might mean a lot of opportunities for some, others might focus on the problems that might come up in the future. Another viewpoint would be, that you focus on the opportunities, while also being prepared for the worst possible outcomes. This way, you can make the most of both worlds.
When you consider life, the worst possible outcome could be the death of an individual. It not only brings a lot of pain for their loved ones but also a lot of financial challenges also. More so, if the person happens to be the only earning member of the family. To ensure that your loved ones do not have to face the wrath of financial struggles in your absence, you can opt for a term plan of 50 Lakh or more.
Term plan of 50 Lakh or more will make sure that any existing debts are cleared and that your loved ones can focus on their future as well. The term plan will enable your parents to have access to better health care, education for children or even marriage of children, apart from continuing to lead a
lifestyle that you always wanted them to
If you are planning to buy a term plan of 50 lakh, it is important that you are aware of the different available plans.
It is the most basic and popular type of term insurance. If an individual were to opt for this plan, the insurer will pay the sum assured to the nominees of the policy on the death or disability of the policyholder. However, if the policyholder outlives the term of the policy, the insurer is not liable to pay anything.
This term plan of 50 lakh resembles a standard term plan baring one major difference. As the name suggests, if you opt for this plan the sum assured of the plan increases at regular intervals. Depending on the policy documents, you can increase the sum assured to about 1.5 times to 2 times the original sum assured.
Some insurers offer you the ability to convert your term plan of 50 lakh to standard life insurance plans. You can convert the term plan into an endowment plan or a whole life insurance plan, without missing out on many benefits.
A term insurance plan is one of the smarter ways of making sure that your loved ones do not face any financial struggles in your absence. And its low premiums ensure that you do not have to compromise on your current lifestyle to secure the future of your loved ones.
When you consider life, the worst possible outcome could be the death of an individual. It not only brings a lot of pain for their loved ones but also a lot of financial challenges also. More so, if the person happens to be the only earning member of the family. To ensure that your loved ones do not have to face the wrath of financial struggles in your absence, you can opt for a term plan of 50 Lakh or more.
Term plan of 50 Lakh or more will make sure that any existing debts are cleared and that your loved ones can focus on their future as well. The term plan will enable your parents to have access to better health care, education for children or even marriage of children, apart from continuing to lead a
lifestyle that you always wanted them to
Types Of Term Plans
If you are planning to buy a term plan of 50 lakh, it is important that you are aware of the different available plans.
Level Term Insurance Plans
It is the most basic and popular type of term insurance. If an individual were to opt for this plan, the insurer will pay the sum assured to the nominees of the policy on the death or disability of the policyholder. However, if the policyholder outlives the term of the policy, the insurer is not liable to pay anything.
Increasing Term Insurance Plans
This term plan of 50 lakh resembles a standard term plan baring one major difference. As the name suggests, if you opt for this plan the sum assured of the plan increases at regular intervals. Depending on the policy documents, you can increase the sum assured to about 1.5 times to 2 times the original sum assured.
Term Plans with Return of Premium
Should you opt for the return of premium term plan of 50 Lakh, the insurer will refund all the premiums that you have paid for the policy. Provided, you outlive the policy or survive the policy term. All other clauses remain similar to the standard term insurance.Convertible Term Plans
Some insurers offer you the ability to convert your term plan of 50 lakh to standard life insurance plans. You can convert the term plan into an endowment plan or a whole life insurance plan, without missing out on many benefits.
A term insurance plan is one of the smarter ways of making sure that your loved ones do not face any financial struggles in your absence. And its low premiums ensure that you do not have to compromise on your current lifestyle to secure the future of your loved ones.
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