Here's what you need to know about life insurance

Term insurance is among the simplest life insurance plans available and certainly most essential. That's why this life insurance policy is gaining popularity in recent times.

But there are still some myths and misconceptions shadowing the topic and stopping many people from buying life insurance online.

So, to shed more light on what is life insurance and how it works, we have created a list of things you should know about the term life plan.

Term insurance is for everyone:

It is a common misconception that if you are not married or don't have children, you don't need life insurance. But what if your parents are dependent on you? In case of any eventuality, you wouldn't want them to suffer financially in their old age.

Or even when you have a car loan, home loan, or student loan, you won't want your family to bear the debt in case of your untimely demise.

Provides financial security to your loved ones:

Unlike many other types of life insurance policy, term insurance can be only benefitted in case of the insurance holder's demise.

What will happen to your family in case of your untimely death? That's where the term insurance can help you. If you have calculated the coverage amount correctly, the assured sum will be an immense financial support to your family when you are not there.

You can customize your term plan:

Contrary to popular belief, you can now customize your term plan. This is among the amazing benefits of life insurance. You can add rider benefits such as critical illness or accidental death. You can also go for a return of premium option or choose from increasing or decreasing term plan, convertible term insurance, and more.

You can buy term insurance plans in a few clicks online

As most insurance providers now offer life insurance online, buying term insurance has been easier and simpler. You can easily compare and choose from different options online. This also makes it cheaper as you are directly buying a plan from an insurance provider and not through an agent.

The term plan is among the types of life insurance of India that offer high coverage at low premiums. And now, you know the major benefits of life insurance; it's time to take that step and secure your family financially when you are not around.