Online term plans are an inexpensive way to ensure financial safety of your dependents. However, pure term plans may be incomplete, since they will only help in case of untimely demise of the insured. There are multiple other threats to life with similar consequences, talk about accidents, illnesses, disability etc.
These hazards may also lead to similar financial difficulties as an untimely death. Then why not safeguard against them along with your online term plan?
Also, few features will be helpful for your family to avoid struggles in future. You can select these benefits in the beginning while buying the policy. These features are critical too for online term plan since they cannot be added later.
Given below are the critical features and covers you should seek while buying term plan online:
Regular Income Benefit
Do you know that you have an option to disburse a fixed monthly income for your family through your same online term plan? This is in addition to the lump sum benefit. By paying a little extra premium, you can ensure a regular income for your family. Meaning they don’t have to bother with investing the lumpsum money for regular household expenses.
In this case, a pre-committed sum of monthly income is paid to your family by the insurance company, so that the income flow in the household continues even in your absence.
You also have an option to increase the income disbursement if you buy a compounded income plan. The annual income grows here at the compounded rate of 10%, for example. Now, if you wish to opt for fixed income protection or increasing income protection, you need to pay a marginal increase in the annual premium of your basic term plan. A small amount adjustment can make life after-you convenient and easier with cash-in-hand. Nothing works better than monthly income in hand.
Critical Illness Cover
A health calamity like cancer or heart ailment could make your family floater health insurance look small. Thus, a critical illness rider, which offers higher cover for a lower cost. Though you still need medical insurance, for normal hospitalisation and day care treatments, critical illness plan will cover the extraordinary cost of life threatening diseases.
After all, there are medical treatment expenses, and saving enough money to prepare for all is never possible from day one. You still need access to the best of financial resources to save your life and safeguard your financial interest.
By availing this rider option, you are safeguarding your health and wealth both. It gives you access to a pre-fixed amount of sum insured under a basic term plan, for your treatment against heart ailment, cancer or any other critical illness as specified in your policy contract. Now, this thought is not too far-fetched as we continue living in fear of life stress situations. So, to leave your biggest worry, of a medical emergency, an add-on to a term policy can be done with awareness and caution.
Personal Accident Cover
If you fear a risk to your life due to an accident, maybe because of the nature of your job, like an individual working on a construction site or somebody who is required to travel more, then, you have an option to cover the associated life-loss, financial risk.
This additional cover entitles your family to an additional sum of money in case the death happens due to an accident. It is the perfect addition to suit your job risk and financial needs arising suddenly. Moreover, it maximises returns through the same term plan.
While some of these options may not seem necessary to you, it is imperative to understand the fact that all the risks covered under the rider options are meant to secure your income and family wealth. A basic term insurance plan may cover your biggest worry of your family losing access to your income. Therefore, the need for a critical illness cover.
Similarly, going by the basic nature of a term plan, death is in inevitable, and one can only go as much to provide a hale and hearty life to their loved ones. So, are you doing enough?