With responsibility comes the need for providing financial protection to the family. The term plan insurance provides financial protection through sum assured to the family members in case of any unfortunate event.
Features of a best term insurance plan for family.
Consider the following points when selecting a best term insurance plan for family:
1. Simple Plain Insurance
When you want a single premium plan with an assured lump sum amount after death, the sum assured must be 15-20 times the current annual income.
2. Accidental cover
Include the Accidental Death Benefit cover at a low cost to get an additional benefit of lump sum payment to your family against unforeseen events such as road accidents, etc.
3. Family history of Critical diseases
Although, health insurance only pays for hospital expenses and does not cover any expensive major illness. Therefore, it is better to take Critical Illness rider on term plan if you have any family history of critical diseases such as cancer.
4. Income Benefit
To arrange a monthly income to the family along with the sum assured, opt for tax-free income benefits.
5. Multiple pay-out
Select insurers that provide multiple flexible pay-out options such as a combination of lump-sum death benefit payment along with fixed or increasing monthly payouts.
6. Premium amount
Lowest premium does not ensure the best term plan, therefore, buy a premium plan that offers the best product with several benefits.
7. Lower premium when nearing retirement age
The best insurance plan should allow lower premium when you are attaining retirement age and the dependants are no more dependant.
8. The credibility of the Insurance company
Choose an insurance company that pays out easily, credible, have government records, solvency ratio, reliable, etc.
9. Easy to buy
The insurance company should allow the convenience of buying several options from any device, online, any time and from anywhere.
Therefore, it is suggested to select a best term insurance plan for the family that involves us a lot of money and supports the family through income in the absence of earning member. Also, a plan that allows flexible pay-out along with the benefits of covering critical illness.
