Customising Term Life Insurance: As Unique As Your Holi Celebration

Holi, a vibrant festival celebrated with joy and great enthusiasm, takes place in various regions of India, Nepal, and other parts of the globe. This lively festival commemorates the arrival of spring and the triumph of good over evil, coinciding with the last full-moon day of the lunar month.

During Holi festivities, people immerse themselves in a riot of colours, playfully adorning friends and family with bright hues. Additionally, this festive occasion involves offering prayers and igniting bonfires as a symbolic act of destroying negativity, allowing positivity to prevail. The vibrant colours symbolise the joy of life, while the bonfires represent the triumph of good over evil.

It's crucial to be cautious during Holi as exposure to harmful substances in the colours can negatively affect your skin, eyes, and respiratory system. This is especially important if you have pre-existing skin conditions or extremely dry and sensitive skin. To fully enjoy the festival without compromising your safety, it's important to take necessary precautions, as the synthetic colours used during the event may potentially trigger allergies in individuals with these conditions.

Festivals bring joy and happy memories, but they can also bring risks like diseases, infections, and skin problems. When you buy a term life insurance policy, you have the option to enhance your plan by adding riders that cover skin cancer, disability, and other related health risks. This additional coverage protects you and your family against specific risks.

Term life insurance is a type of life insurance policy that provides coverage for a specific period of time called the policy term. It offers financial protection to your loved ones in the event of your unfortunate, untimely death during the term. With affordable premiums and flexibility, term life insurance ensures peace of mind for you and your family's future. Similar to how the vibrant colours of Holi bring a personal touch to our festivities, customising your term life insurance adds a distinctive and tailored layer of financial security for you and your loved ones.

Let’s explore how you can customise your term insurance plan to make it more meaningful for yourself -
● Option To Add Riders
Just like the vibrant colours of Holi create stunning patterns of beauty, term life insurance also offers the option to add riders for extra coverage. These riders provide additional benefits and supplement your base plan, allowing you to personalise your policy and address specific concerns or enhance your coverage. By investing a little more, you can enhance your term insurance policy with these convenient, ready-made additional riders. Just like how you would add a special touch to your Holi celebrations, consider including riders for critical illness, accidental death, disability, and more.

● Flexible Premium Payment Terms
To keep your policy active, it is important for you to make timely premium payments. Just like your unique Holi experience, your premium payment options should also be tailored to suit your needs. With term life insurance, you have the flexibility to choose a payment plan that aligns with your financial rhythm. Whether it's the Regular, Single, or Limited pay option, you can select the one that suits you best. Let’s understand each one of these options as below:
➔ Regular Pay Option: You will need to continue paying the policy premiums until the end of the policy duration.
➔ Single Pay Option: When purchasing the policy, you will be required to make a single payment for the entire premium amount in one go. By doing so, you will ensure coverage throughout the entire policy term.
➔ Limited Pay Option: By choosing this option, you have the flexibility to pay off your premiums within a specific timeframe. This enables you to fulfil your premium obligations earlier, ensuring that you remain covered for the entirety of the policy period.
Moreover, you have the flexibility to select the frequency of your premium payments for your term insurance plan. Whether it's monthly, quarterly, semi-annual, or annual, you can choose what suits you best.

● Sorted Claim Payout Options
Just like the vibrant choices you make during the festival of Holi, where each colour represents a unique aspect of life, the claim payout options offer a wide range of choices. To ensure that your family doesn't mishandle the money by making poor investments, you have the power to select a claim payout option that provides them with the most beneficial amounts. There are numerous claim payout options available to choose from, with some common ones being as follows:
➔ Lump Sum Amount: This is the option where the entire claim amount is transferred to your nominee’s bank account at once.
➔ Monthly Amount: If you opt for the monthly payout option, your family will receive the claim amount in regular fixed monthly instalments for a specific duration.
➔ Lump Sum Amount With Monthly Income: This option combines both of the above choices. Your family will receive a portion of the death benefit upfront, while the remaining amount will be distributed as a monthly income to cover their daily expenses for a specified duration.
By customising the claim payout option, you can ensure that your family will receive the death benefit in a way that perfectly caters to their needs during difficult times.

● Increasing Cover Option
When you choose to customise your term life insurance with the increasing cover option, it's like adding layers of vibrant colours during Holi. This fantastic feature enables you to effortlessly adjust your coverage as you progress through different stages of life, accommodating the growing financial responsibilities that accompany these milestones. Whether you're starting a family, or making strides in your career, etc. the increasing cover option makes sure that your insurance evolves alongside your changing needs.
Please note, depending on the policy you are purchasing, there may be a limit on how much your cover can increase, for example, 2X or 2.5X the base cover, or until when it can increase, such as an increase for 10 years or 15 years.

● Decreasing Cover Option
As the vibrant hues of Holi gradually fade, your financial responsibilities similarly diminish over time. By opting for a decreasing cover option on your term life insurance, you have the ability to tailor your coverage to align with your decreasing financial obligations, such as the repayment of a mortgage or educational loans. Under this option, your sum assured will continue decreasing at a predefined rate after a specific time period until it reaches a maximum limit of a certain percentage of the base cover. This personalised approach ensures that you are not over-insured, allowing your policy to be optimised according to your changing circumstances. Furthermore, if you happen to unfortunately pass away while the plan is active, the insurer will provide your family with the reduced sum assured. This amount can then be utilised to settle any outstanding loans or liabilities.

● Flexibility To Exit Early
With this option, you have the chance to terminate your term policy while it is still active within a specified timeframe. You will receive a refund of all the premiums you have paid up until that point in the policy term. There may be situations where you no longer require a term plan, such as when you have fulfilled all your financial responsibilities or when your children have achieved financial independence, among other reasons. In such circumstances, this option will guide you towards alleviating unnecessary financial burdens.

● Option To Avail Joint Life Cover
Holi brings people together, and joint life cover in term insurance mirrors this spirit of unity. With a joint life insurance policy, both you and your partner are covered under one policy. You have the freedom to decide whether you prefer a shared or separate sum assured. If you and your partner have a shared sum assured, the death benefit will be paid out based on the first death. However, if you have separate sum assured amounts, both the surviving partner and the designated nominee will receive the assured death benefit. In essence, if the primary life assured unfortunately passes away within the term insurance policy term, their coverage amount will be given to the secondary life assured. Unfortunately, if the secondary life assured passes away during the active policy period, rest assured that the nominee will receive the full cover amount of the secondary life assured. It's like having double protection.

● TROP Option
The Return of Premium (TROP) option is a wise addition to your insurance, bringing a touch of financial brilliance just like the vibrant colours of Holi. With a term plan featuring TROP, you not only secure coverage but also enjoy a maturity benefit. In other words, even if you survive the policy term, you receive a refund of all the premiums you have paid, excluding taxes. You can enjoy the advantages of protection while also having a contingency plan for financial gain if things go well. This will make your insurance experience as exciting and fulfilling as the Holi festivities.

As you celebrate Holi in your own unique colours, you may realise that just like this vibrant festival, your needs and preferences are as unique as the colours you choose. In the same way, when it comes to protecting your loved ones, customising term life insurance can be a truly personal experience. With a range of options available, you have the power to tailor your policy to fit your and your family’s specific requirements, ensuring that your loved one’s future remains as bright and colourful as the festivities you cherish. So, as you immerse yourself in the spirit of Holi, remember that just like this celebration, your term insurance coverage can be as unique and special as you are.