How do term insurance plans help my family?

Money is important to us at every stage of life. It is idyllic to say 'Money cannot buy happiness'. But the fact of life is that money is needed to pay for necessities, contain one's hunger and also build a future on. Money may not buy happiness, but it can certainly provide the means to happiness.

This is especially true in times of financial instability brought on by loss of income. With no inflow of funds, the family cannot make its ends meet nor pay for such expense heads as children's education or urgent medical treatment. Ask yourself this: what happens if you are absent from your loved ones' lives in the future? Will your current level of savings and investments help them pay for their needs? Or do you need to do something extra to safeguard their future?

If you think you need to do something extra, let us recommend an excellent course of action: take a term plan. It will keep your family safe and protected even in your absence.

Why term insurance?

It provides a large corpus of money on the unfortunate demise of the policy holder. The biggest advantage of term insurance plans is one pays very affordable premiums on them, while the sum assured is a big amount of money. The policy is valid for the tenure of the plan, and its benefits are offered only on the unfortunate demise of the policy holder. If the policy holder survives the plan term, the policy is terminated at that point and there is no maturity benefits offered.

It is simple enough to buy an online term plan, with most insurers not insisting on a medical test before deeming the policy active. One can calculate the premium payable by using a term insurance premium calculator. The term plan calculator computes the premium to be paid vis-à-vis the desired sum assured and the tenure (term) of the plan.

If you are on the lookout for a suitable term insurance policy, we recommend considering the excellent range of term plans from Aditya Birla Sun Life Insurance (ABSLI). ABSLI has 3 term policies that cater to a range of needs – in brief, see the plans and their prime benefits:

• ABSLI Digishield Plan: This plan offers you the freedom to choose your sum assured and plan option, depending on your needs. Once you choose a sum assured, the plan option determines the enhancements to your chosen life cover over the course of your policy.

• ABSLI Income Shield Plan: Designed for salaried professionals and entrepreneurs alike, Aditya Birla Sun Life Insurance Income Shield Plan provides the financial support needed to protect your loved ones even in case of death or other unforeseen circumstances. It ensures that the family continues to earn the same monthly salary or income necessary to enjoy the same lifestyle as earlier. Give your family the shield they deserve to protect their dreams.

• ABSLI Life Shield Plan: Be it Joint life protection with your spouse, increasing or decreasing term assurance option, waiver of premium benefit in case of disability or disease or return of premium option, you need a policy that delivers future security for your family in the way you prefer. Aditya Birla Sun Life Insurance Life Shield Plan that offers you the flexibility to make a combination from amongst 8 different plan options as per your family's needs so they need not compromise on their lifestyle, even in your absence.