How Can Term Insurance Help Your Family?

Term insurance is pure risk cover. It serves as a financial safety net for your family in the event of your untimely demise. If you are the primary earning member of your family and pass away unexpectedly, term insurance can help cover your loss of income. The term insurance payouts your family will receive in case of your untimely demise can help cover regular expenses like grocery bills, electricity bills, etc.

You and your family are likely to be accustomed to a certain standard of living. In your absence, a term insurance policy will ensure that your family doesn’t compromise on their standard of living. The term insurance claim amount your family will receive will help your family maintain the same lifestyle after you are not around anymore.

If you have kids, they may have certain dreams and aspirations - they may want to become a doctor or a cricketer when they grow up or go abroad to receive education in a renowned university, etc. If you pass away unexpectedly, they would be left without a source of income to support their dreams. This is when term insurance can come in handy. It can help ensure that your children don’t give up on their dreams in your absence.

You may have taken loans such as a home loan to buy a home, an education loan for your child, etc. These loans can become a huge burden for your family if you pass away before settling them. A term insurance policy can protect your family financially in your absence by covering these loans.

The ABSLI DigiShield Plan (UIN: 109N108V10) provides your loved ones with financial protection in the event of your unexpected death. This plan offers several features - sum assured reduction option, increasing cover, whole life coverage (covering up to 100 years of age), maturity benefit with a return of premium option, and riders (accelerated critical illness rider, accidental death benefit rider, accidental disability rider, etc.).