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How To Choose The Best Term Insurance?

Term insurance not only brings you money but also keeps your family safe

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Representational Image. Image source: www.lifeinsurancepolicyusa.com

Term insurance plans are deemed to be one of the best forms of life insurance because of the high cover they offer at affordable rates. For instance, a person who is 30 years old must pay just 700 or 800 bucks a month to cover one crore for 30 years. That’s like spending on watching one movie with friends. Although cost is the most important factor when considering buying insurance, it is, however, not the only factor. With that said, let’s try and go over a few other important deciding factors for buying term insurance policies.

The size of the cover

The size of the cover is one other most important deciding factor for buying insurance. If the insurance you buy does not assure sum that’s large enough to cover all expenses such as any basic expenses that you and your family may incur and other crucial expenses like those arising from your children’s education or marriage. One other thing to note here is that, not only should the term insurance policy cover your expenses, they should be able to cover your liabilities as well. Liabilities can be anything including debts and loans. Big borrowings such as home loans should also be covered.

Term Insurance
These instances include cover for the loss of employment, cover for a premium waiver, cover for permanent disability Pixabay

Cost considerations

The cost of the insurance is usually not very high, especially if you start at a very early age. In fact, for all those young buyers out there, the cost for covering an insurance of Rs. 1 Crore for themselves for 30 years from the date at which they buy will be no more than that of a soft drink. When considering the cost of insurance, one should also keep in mind their family’s and their own lifestyle and should envision how this lifestyle changes over the course of a few years.

With each different stage of life comes different responsibilities. For example, a person who is single may have very different responsibilities than the one who is married or one who has kids to care for. But most people would rather go for a vanilla term insurance which is not spiced up than one which would cover a little extra for them, such as an accidental death benefit.

This should not be the case, however. Especially if you have the means to buy that extra coverage. Many people may have heard that they could be covered by insurance for all those major, critical illnesses. This is not true. Health insurance covers only for hospitalization and doesn’t necessarily cover the medical expenses incurred for the treatment of major illnesses.

Term insurance
Your family members will be covered financially, in the case of your absence. Pixabay

Tips to choose the best term insurance plan

When buying life insurance, there are plenty to choose from. But the question is, how does one choose something that best befits his needs? It’s very simple in fact. There are some key factors you will need to consider before buying term insurance.

 

  • Value for human life

 

When you buy term insurance, you expect that you are covered for any major expenses that you tend to incur sometime in your life. Also, your family members will be covered financially, in the case of your absence. Therefore, the term insurance you choose must provide adequate cover. Else, it may not be worth your money. There is a term in insurance that’s used for this kind of thing, and it is called as value for human life.

The human life value or HLV is simply the individual’s income and his loans and liabilities put together. So, the term insurance you choose must have a high HLV, which is the basis of any term insurance.

 

  • Rider benefit

 

Those term insurances that are deemed to be the best are the ones that cover all aspects. Likewise, it would be an additional benefit for the said insured person, if the term insurance comes along with a rider. A rider is something that provides benefits in addition to the primary policy. For example, let’s say that the insured has a critical illness. Then, he can receive the sum assured, in addition to being diagnosed with the same.

Term insurance
Health insurance covers only for hospitalization and doesn’t necessarily cover the medical expenses incurred for the treatment of major illnesses. flickr

So, just as in that case, there are many such instances where riders can prove to be beneficial. These instances include cover for the loss of employment, cover for a premium waiver, cover for permanent disability, etc.

 

  • Cover enhancement

 

One of the main features that the term insurance should have is that it should be flexible for enhancement of coverage during those critical stages of the life of the policyholder. For example, the coverage could be enhanced as much as by 50 percent during the policy holder’s marriage or by 25 percent during the time the policyholder becomes a parent.

This not only allows the policyholder to start with a nominal cover but also allows them to increase the cover over time, as their responsibilities and their income increases.

 

 

  • Cover convenience

 

Among all the life insurances that are present out there, term life insurance is regarded as the best and most innovative. This is because, one, the premium extension rates have been reduced considerably. And two, buying the term insurance could have never been easier now thanks to the internet. Also, it is now possible to buy term insurance online, without having to go through various medical tests for term plan.

Also Read: Are Natural Disasters Covered Under Home Insurances?

Life is indeed very important. And if life is important to you, then ensuring your life with a term plan should be equally important. Term insurance not only brings you money but also keeps your family safe by making them stay financially afloat in case of your absence. However, you should always keep in mind that you should be extra careful when buying insurance and not succumb to peer pressure. This is because, if you are reckless in buying insurance, it could cost you big time later in your life.

Next Story

This IPL Season Enjoy Exciting Deals on Branded TVs

But before you head to the EMI Network to shop, here is a closer look at the top TV models available on the Network and their features, so that you can make the right choice.

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TV
You can also shop for a TV offline by availing in-store financing. Pixabay

With the 2019 Indian Premier League just days away, now’s the best time to make use of money-saving offers on TVs to upgrade yours. Consider shopping for a new TV from the Bajaj Finserv EMI Network and make the most of an additional cashback during the Summer Sale! When you spend a minimum of Rs.20,000 on an LED TV, you can earn a cashback of Rs.1,000.

When you buy a TV from the EMI Network, you can do so on No Cost EMI. This helps avoid the hassles of using a credit card or depleting your savings, since No Cost EMIs for LED TVs start from just Rs.1,999.

 

 

What is the Bajaj Finserv EMI Network and why should buy your TV from it?

Bajaj Finserv EMI Network is an expansive shopping network that has its presence both online and offline. With more than 60,000 vendors in over 1,300 cities offering a million products, you are spoilt for choice. Apart from best selling TVs, the EMI Network also offers a variety of electronics, appliances, clothes, furniture and fitness equipment that you can buy on No Cost EMIs.

You can shop on the EMI Network with an EMI Network Card, a digital card that has a pre-approved limit of up to Rs.4 lakh. You can use this to make any number of purchases up to the limit, without enduring the hassles of using a credit card. If you don’t have an EMI Network Card but wish to apply for one, you can also get one by visiting the Bajaj Finserv customer portal online.

When it comes to buying a TV, you can choose from the latest LED TVs and LCD TVs and buy a Sony TV, Lloyd TV, Haier TV or LG TV. Thanks to the No Cost EMI scheme, you just have to pay the purchase price and nothing more. For convenient repayment, Bajaj Finserv allows you to choose a tenor ranging from 3 to 24 months. But before you head to the EMI Network to shop, here is a closer look at the top TV models available on the Network and their features, so that you can make the right choice.

Lloyd HD Ready Smart LED L32N2S

Screen size: 80cm

Display type: OLED

Smart TV: Yes

Screen mirroring: Yes

Connectivity: Wi-Fi, HDMI, USB

Display resolution: 1366×768 pixels

Connectivity options: 2 USB, 2 HDMI

Audio output: Headphone

Key takeaways:

  • Lloyd HD Ready Smart LED L32N2S has an Any-View Cast feature that lets you mirror your smartphone on to the TV screen so you can enjoy bigger and brighter content, be it images or videos.
  • The L32N2S has a built-in Wi-Fi connection with which you can browse any content on your TV as per your preference. This allows you to set aside your mobile phone and stream varied content on the TV’s big screen.
  • This TV also has a 3D comb filter that allows you to watch everything in high definition. This is because the filter is capable of dissociating black and white from other colours. Hence, what you see is vivid and highly precise, very close to reality.

Sony HD LED KLV-32R422F

Screen size: 80cm

Display resolution: 1366×768 pixels

Display type: LCD

Backlight type: Edge LED

Backlight dimming type: Frame Dimming

Colour enhancement: Live Colour Technology

HDR: Yes

Connectivity options: 2 HDMI, 2 USB, and more

Picture modes: Vivid, standard, photo-custom, custom, photo-vivid, cinema, sports, game, photo-standard, HDR cinema, HDR game, and graphics

Speaker type: Front open baffle speaker

Subwoofer: Bass reflex speaker

Sound modes: Standard, music, cinema, sports

Dolby Digital: Yes

FM radio: Yes

TV
The powerful built-in subwoofer of this TV makes movies and sounds more life-like. Pixabay

Key takeaways:

  • This full HD TV has X-Reality PRO upscaling technology with which you can view every minute detail of the video output that you see on the screen.
  • The powerful built-in subwoofer of this TV makes movies and sounds more life-like.
  • The X-Protection PRO also protects your Sony TV in more than one way. It has no ventilation holes so dust stays away. Also, the primary capacitor safeguards the TV during sudden electrical fluctuations, and the wiring has an anti-humidity coating that prevents short circuits.
  • This TV also has a lightning protector that protects it against lightning strikes of up to 9,000V.

Samsung N4300 Smart HD TV

Screen type: LED

Screen size: 80cm

Display resolution: 1366×768 pixels

HDR: Yes

Smart: Yes

Contrast Enhancer: Yes

Film mode: Yes

Dolby Digital Plus: Yes

Speaker type: 4CH

Bluetooth audio: Yes

Wi-Fi: Yes

Sound mirroring: Yes

Analogue clean view: Yes

Connectivity: 2 HDMI, 1 USB

Processor: Quad-Core

Digital clean view: Yes

Game mode: Yes

Ultra clean view: Yes

Key takeaways:

  • With superior 40 watt sound, you can enjoy an unparalleled audio experience with this TV that is up to two times more powerful.
  • The HDR compatibility of this TV offers better clarity and accurate details for all video output. This means you will get to see bright scenes in full luminance, while darker visuals are balanced beautifully with equal precision.
  • With the Ultra Clean Analyzing advanced algorithm in place, you can view higher quality images that do not suffer from any distortion.
  • The PurColor technology embedded in this TV allows you to watch content with natural colours. This means every highlight or colour you see is as close to what you’d view in real life.

Choose from these TV models or pick any other model that suits your viewing needs. Then, follow these steps to shop for your TV online at the Bajaj Finserv EMI Network.

Also Read: Entire Hindus of a Village Barred from Voting

  • Visit a Bajaj Finserv partner website
  • Search for your preferred TV
  • Choose ‘Bajaj Finserv No Cost EMI’ as the payment option
  • Select a convenient EMI scheme
  • Confirm your order with an OTP

You can also shop for a TV offline by availing in-store financing. Visit your nearest Bajaj Finserv partner store and simply ask for the TV of your choice, and pay via easy No Cost EMIs. Most importantly, check your pre-approved offer from Bajaj Finserv before making any purchases on the EMI Network. This way you can view personalised deals and enjoy quick approval.