If you’re reading this, there’s a high possibility that you’re a car/bike enthusiast and you like doing road trips. Who doesn’t love road trips? Road trips allow us to have some incredible memories with our loved ones, go to amazing destinations in our own car and explore lots of cuisines and cultures too. However, do you know that more than 1.5 lakh road accidents happen in our country annually. The number is very high and there’s a high possibility that it can increase too.
Term insurance comes in to be useful in a variety of scenarios like natural death, death due to illness, death due to accident, etc. Right now, we’ll talk about deaths taking place due to increased road accidents in our country, and how term insurance can be useful in this.
What Is Term Insurance?
Term insurance is a type of insurance that offers protection to a person for a specified term, i.e. a specified number of years. If the insured person passes away in that duration, the person’s family will be paid the death benefit. Term insurance is also usually cheaper than permanent life insurance. Term insurance can be had in different duration periods like 10 years, 20 years and so on.
Importance of a Term Insurance Plan –
Term Insurance is a way of protecting your financial liabilities and future dependence. The best part about term insurance is that it gives a high cover at a low premium. If the insured person meets with a fatality, the family/nominee gets enough money to replace the person’s income. The future is completely uncertain and let’s face it, anything can happen to anyone. It is always good to stay prepared for the worst so that you never have to struggle with anything in the future. Term insurance is a very important aspect that every individual should consider irrespective of them being 25 years old or 50 years old.
Sure, you might be using a car with top-notch safety features, and of course you might be having excellent driving skills with negligible chance of error, but have you ever wondered that someone else’s mistake can also be fatal for you or your loved ones? Yes, this happens many times when someone’s error causes more grievance to you than them.
Have you not seen people jumping signals, driving rashly, overtaking from the left, using their phones while driving? Just imagine a scenario, what if a person is texting while driving, loses his concentration on the road even for a few moments and ends up crashing his car into another. The victim’s car might be driven very carefully but the other person’s wrongdoing creates new woes for the affected party.
If a person passes away in a road accident, the person’s family would have an irreparable loss but what would accentuate this would be the loss in income, difficulty in paying previous debts and managing future expenses. Term insurance comes in handy over here because a proper cover helps in taking care of debts and making you prepared to deal with future expenses.
Compared to life insurance, term insurance plans have quite a lot of pros like flexibility of choosing the duration of the term, different plan options to choose from, age of maturity, age of entry, tax benefits, death benefit and additional rider benefits.
AEGON Life Insurance offers a large variety of term insurance and life insurance plans that suit different requirements of different people. The importance of insurance policies can’t be stressed enough but more and more people have been opting for policies these days to secure their future. We have also got ourselves insured, have you?
About AEGON Life:
Launched in July 2008 with pan-India operations, AEGON Life Insurance Company Limited has a vision to be the most recommended new age life insurance Company. As a joint venture between AEGON – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, AEGON Life Insurance adopts the power of global expertise to facilitate a direct to customer approach, leveraging digital platforms to bring transparent solutions, and to prioritize customer’s needs. Our product portfolio includes term life insurance plan, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more.
This is a sponsored article.