Term plans are generally affordable insurance plans, which give financial stability to your loved ones in case of any unforeseen eventuality. HDFC Term Insurance offers term insurance plans in India to best meet your needs.
What is HDFC Term Insurance?
If you are searching for term insurance plan information then you have come to the right place, in this article I will give you some accurate information about HDFC Term Insurance.
Term insurance is a life insurance product offered by a life insurance company that offers financial coverage to the policyholder for a specified period of time. In the event of the death of the insured during the policy term, the death benefit is paid by the company to the beneficiary.
In life insurance plans, term insurance provides the highest life insurance coverage at the lowest premium during the term of the plan.
In your absence, your family not only remains financially independent but can also meet your future needs like higher education of a young child.
How does HDFC Life’s term insurance plan help you?
HDFC Life’s term insurance plan gives you a large life-insurance cover at an affordable premium.
Riders covering other risks such as accident are available and can be linked to a term plan and provide even more protection to your family.
What is the best life insurance cover from HDFC Term Insurance?
The best life insurance cover should be at least 5-10 times your annual income.
Simply put, you should have enough life insurance or term insurance cover to cover the liabilities of your family and they can manage without your income for at least 5-7 years.
If you have company cover – do you need a term plan?
People have so much faith in life insurance cover that even their employers provide it to them. Our research approach tells us that the cover provided by the employer is equal to their annual income.
It is not enough. Also, this insurance lasts only as long as they are employed in the organization. If you change jobs, start your own company or become a freelancer, you will not get this insurance cover.
If these incidents happen as you get older, the cost of insurance will also be higher. In such cases, a term insurance policy is suggested.
Till what age can you take HDFC Term Insurance plan?
Your insurance policy should cover a person till the period they wish to retire.
Till a few years ago, it was 60 years. However, in our new age, at this time marriages are delayed and children are born at an older age, so it means that our responsibilities do not end at the age of 60.
Experts suggest that the life cover should be till the age of 65, though it may vary depending on the circumstances. We would not suggest you such short term cover of 15-20 years, which ends in your 40s.
The premium will be very low, as you are insuring yourself in low-risk years. Your 40s is probably the time when you should have the best possible coverage.
If you take new insurance at this age, it will be very expensive. You can also be denied a policy because of your health.