Rupee Depreciation and Their Impact on Your Term Insurance
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Table of Contents
Effects of rupee depreciation
Effect of inflation on term insurance
Ensuring the adequacy of your term cover
Since inflation, due to rupee depreciation, might render your term cover insufficient, you need to take steps to ensure its adequacy. Here are some tips on how you can do that –
For instance, say you buy three-term plans with coverage of Rs.30 lakhs, Rs.40 lakhs and Rs.50 lakhs respectively. In the case of premature death, your family would receive Rs.1.2 crores which is the aggregate of all plans put together. This pay-out would help your family meet their financial needs and goals easily.
As the sum assured is increased, your family will be able to meet the inflated expenses in the future if you are not around.
Rupee depreciation vis-à-vis term insurance
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for Salaried Individuals¹
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/10/22-23/1923
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