Am sure you must have seen ads for life insurance term plan on TV, social media, road side banner. Ever wondered why all companies want to propose a 1 crore term plan? What is this fascination with 1 crore or is it us who want to see only 1 crore plans nothing more nothing less. Actually its both ways. The ads that you see everywhere are inspired by your needs and desires.
So, do we all need a 1 crore term life insurance plan? The answer is no. It’s like offering everyone a Maruti Dzire car. Some people may need it some would want a better car and still another few would want a bigger luxurious car. Similarly a term plan cannot be presented to everyone with a pre-fixed insured amount or premium.
Just like any other financial or asset management planning buying a term insurance Is also something that differs to all from person to person.
Whenever you are planning to buy life insurance never start with a random figure. Do some maths, some calculations, look at your present status in terms of earnings, age, medical conditions, etc. and then only come out with a sum assured you would want your family to get in case you are no more there to look after them.
There is no one size fits all plan when it comes to term insurance. Do not fall for 1 crore term plan advertisements. Calculate your need and then buy.read on
More than ad for 1 crore term plan for INR 500 ad you need someone who can understand your needs and come out with a sum that is more realistic and useful for you. Remember you don’t buy insurance every day. For almost all of us its once in a lifetime investment planning. So, do it properly backed by precise calculation keeping in mind your future needs.