This type of life insurance provides coverage for a certain period of time, usually 10, 15, 20, or 30 years. Coverage expires at the end of the term. However, most term life insurance policies also offer optional additional terms that could allow you to renew or convert your policy.1 If you have children, life insurance can help your family pay for future child care and education expenses, especially for college. Even if you've already started contributing to a 529 college savings plan, the death benefit of a life insurance policy can provide additional money to help cover your children's education in the event that you die.
We all have some goals in life, for which we must save money. Life insurance plans help you achieve those goals by helping you create a financial body with the protection of life coverage. Life insurance plans inculcate the habit of saving with discipline. Paying a small amount as an insurance premium each month will help you build up funds.
What's even better is that this small monthly amount keeps growing. So a few years from now, you'll have enough accumulated wealth to achieve your most important, long-term financial goals. The death benefit of a life insurance policy can help provide the funds your family may need to cover these expenses. Not only against death, but also with the appropriate additional benefits, a life insurance policy can also cover the policyholder against critical illnesses such as heart disease and cancer, should they ever occur.
Your employer may provide you with life insurance as a benefit, or you may choose to pay additional life insurance through payroll deductions. This allows the family of the deceased to maintain their current lifestyle and meet important goals even after the death of the income-generating family member. As you consider your options, you may want to consider using a life insurance calculator to help you determine how much life insurance you might need. This makes the launch of separate temporary plans for housewives earlier this year a historic change in the temporary insurance landscape.
In addition to this, factors such as changes in lifestyle, income and the inflation rate are also taken into account before determining the right amount. While the idea behind life insurance is simple: to provide risk coverage and address the family's monetary needs after the death of the policyholder, these policies come in different variants that adapt to different types of specific needs. ICICI Pru's iProtect Smart Term plan allows you to improve your life coverage at key events in your life*, such as marriage and the birth or adoption of up to two children. If you have children, life insurance can help your family pay for future child care and education expenses, especially for college.
Life is uncertain and life insurance can offer financial assistance to your family when you are no longer present. ICICI Pru iProtect Smart UIN 105N151V06 (a premium product with pure individual risk and without a par for life). But generally speaking, the more life insurance you have, the more benefits you'll provide to your family when you need them. Despite being the most permanent reality of life, death remains a difficult conversation in India.