12 Tips to Choose the Best Term Insurance Plan

Top 12 Tips on Choosing Term Insurance Plan

Who Needs a Term Insurance Plan?

FAQs About Choosing the Best Term Insurance Plan:

Why is it important to choose a term insurance plan carefully?

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Insurance is a crucial part of financial planning as it provides monetary assistance in case of emergencies. Also, there are a variety of plans available in the market. Hence, it becomes important to ensure that you select the most appropriate among them to increase your benefits.

Can you purchase two life insurance policies?

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Yes, you can easily purchase more than one term insurance policies. However, you should read the terms and conditions of each  very carefully before proceeding with your purchase.

What is the maximum and minimum age for purchasing a term insurance policy?

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The maximum age for purchasing a term insurance policy is 65 years. Conversely, the minimum age for the same is 18 years. However, this might vary among insurers.

When should you avoid purchasing a term insurance policy?

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You do not need to purchase a term insurance policy under the following scenarios:

  • In case you do not have any dependents.
  • With the intention of getting tax benefits on premiums.
  • You have substantial assets for financial coverage during tough times.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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