Life is a journey full of uncertainties, which is why it’s our responsibility to be as prepared as we can be. One of the best ways for this is to get term life insurance.

What is Term Insurance?

Term Insurance is an important tool for securing the future of your family at the most affordable rates. In case of luckless events, it provides coverage for a definite period of time for which you need to pay a specified amount as a premium. You can now get term plan details yourself by using term insurance plan calculators and also buy online term plans easily.

Untold Facts about Term Insurance

Listed below are some lesser-known facts about term insurance that you must know before signing up one for yourself:

1. Assured sum can be as high as 20 times your income

While choosing a term life insurance plan, it is important to assess the total sum needed for your family to cover their regular expenses in case you’re not around. Inflation is also a factor to consider while making your decision. Experts often recommend taking a plan that serves seven to ten times of your annual income as a life insurance policy. However, you need to access your premium paying capacity as well. Term insurance plan calculatorproves to be a good tool to reach the right decision.

2. Term Insurance is the real-life insurance in the market

Most products in the market, like endowment plans, are investment-based plans. Term insurance is the only pure life protection plan that offers coverage for your life properly and provides financial security to your family’s life.

3. All term life insurance plans are not the same

With the growing competition in the world, there’s hardly anything that stays the same. So is the case with term insurance. It’s not typical that the insurer pays you the insured sum only in case of an unfortunate event with the life of the policyholder. You can add riders to your online term plans like critical medical situations, accidental death, and more. You can also go for a return of premium option, convertible life insurance, etc.

4. Term insurance provides coverage up to 85 years

A very popular misconception runs around online term plans that you should only buy term insurance plans at a young age, i.e, in your 20s. Most of the policies provide advantages up to 85 years of age so you can take up insurance in your 50s and get the benefit till later on. In such cases, term insurance can be quite expensive, although it still covers any unforeseen risks. In India, as people generally work these days till the age of 60 years and life expectancy here is 66 years, it makes term life insurance a whole life product that gives you cover till the age of 85 years.

5. The best way to secure your family’s future

Today, there are plenty of insurance plans out there for every aspect of your life, yet term life insurance stands out to be the best one. It offers a larger amount of funds to support your loved one’s future. The amount is enough for household expenses, education expenses, weddings, medical expenditures, debts, etc. If you’re the sole bread-earner of the family, you can make the smartest choice of taking up term life insurance by paying affordable insurance premiums.

6. It’s much easier to buy an online term plan nowadays

Traditionally, there used to be lengthy processes to get life insurance, which required you to visit offices. But now, with technological advancement, things have become much easier. All information from ‘What is Term Insurance’ to ‘How to Pay Insurance Premium Online’ is available online. You can now buy an online term plan from the comfort of your home.

Bottom Line

The best way to keep your loved ones free from financial pressure after you’re not around is to get term life Insurance. It has now become a necessity. Choose your policy, read all terms & conditions, and make the right decision for your family’s future.

Having commercial general liability insurance is an important part of any company’s overall business strategy. Learn more about the importance of this strategy in terms of operating a successful company in this article. When it comes to commercial general liability insurance, what is the most important thing to remember? Lawsuits may get in the way of your company at any moment now that people are more aware of their legal rights. Long-running and complicated litigation may totally destroy your company’s operations. Maintaining an awareness of the unpredictable environment of business, being well prepared for these kinds of risks is a smart decision to make.

What is business general liability insurance, and how does it work?

Commercial general liability insurance is designed to safeguard your organization’s assets in the event that a third party files a lawsuit against your firm as a consequence of an incident that occurred as a result of non-professional behaviour. Generally speaking, commercial general liability insurance protects you against claims for bodily injury or the property damages to a third party, as well as claims for personal as well as advertising injury that is caused by your company, its products, business processes, or any other having similar with your business. If your business is sued, your CGL insurance coverage will also cover the costs of fighting the case as well as the total cost of the legal defence.

By buying this insurance coverage, you may protect your company’s assets. Here are a few of the reasons why it is so critical for businesses of all sizes.

It safeguards your company’s assets

When operating a company, you will come into touch with your clients, other businesses and organizations, suppliers, and the general public. Human mistakes do occur in the corporate world; no one is flawless. Using carelessness and making errors in your commercial operation can result in mishaps that cause harm to those with whom you are doing business (third parties). If anything goes wrong, your business will be held liable for any damages that occur. Despite the fact that you may be able to handle some minor claims, a large claim may result in a significant financial loss for your company. For example, an accident involving hazardous chemicals may cause significant damage to the environment and the people in the surrounding area, resulting in a very costly claim. If you have commercial general liability coverage, you may protect your company’s value by shifting your legal and financial obligation to the insurance company.

It safeguards your consumers

Having appropriate insurance presents your customers with an image of a well-run company. Potential consumers are more inclined to choose a firm that has liability insurance because they see it as a reliable organization in the event that anything goes wrong. Assuring your clients that they are covered with commercial general liability insurance coverage instils trust in them and puts their minds at rest.

It contributes to the expansion of the clientele

Today, there is no company that is completely risk-free. As a result, customers want the company to be adequately insured before doing business with them. Insurance, in particular, maybe a lifesaver for businesses that entail a high degree of risk, such as the construction industry, and can even help businesses beat the competition. In addition to attracting excellent consumers, being properly insured may help to expand your client base.

Traditionally, most people in India relied on their insurance agents or advisors to purchase a policy. However, over the years, the trend has changed significantly. Today, with the advent of online services, many people prefer buying things online, including life insurance policies. Purchasing a policy online has multiple benefits. Let us compare online vs offline term insurance purchase and know how both works.

• Cost

It is a known fact that a term insurance policy has the most affordable premium compared to other types of life insurance policies. But did you know that buying a term plan online is much cheaper than buying the same plan offline? Let us tell you how.

When you buy a term life insurance policy online, you directly deal with the insurance company. There are no agents or intermediaries involved. On the other hand, when you buy a policy offline, you may rely on your agent, who charges a commission for their services. This increases the overall policy cost.

• Knowing the policy-related facts

When you buy term insurance online, you would invariably do your research to find out more about the policy features and benefits. You can know all the information you want by browsing through the insurance company’s website and referring to their brochures or FAQs section. Thus, you can make an informed buying decision.

In contrast, when you buy offline, you may have to rely on your agent to provide your complete information about the policy, or you must visit different insurance companies, speak to the representatives, and get the information you need. Either way, there is a risk that the person may hold back certain critical information or forget to mention it to you. Consequently, you may end up with a coverage that you are not happy with or that does not suit your needs.

• Fraud risk

One of the most significant benefits of buying term insurance online is that it eliminates the risk of fraud. When you buy a policy online, you can go through the terms and conditions and then decide if you want to purchase the same or not. You can also document the terms and conditions for future reference. Thus, there is complete transparency in the process.

Whereas, when you purchase a term plan offline, there is a high possibility that the advisor may try to manipulate specific terms and conditions in a way that you feel is favourable to you. But you may end up in a legal hassle later when you renew the policy or file a claim.

• Information about the claim settlement ratio

The claim settlement ratio is a critical factor that all insurance buyers must consider before choosing the right insurance company. It is the ratio of the number of claims the company has successfully settled in a year against the number of claims they received in the said period. Typically, the reputed insurers have a high CSR, and you can easily find this information online on their website or the IRDA website.

When you buy a policy online, you can find out the claim settlement ratio of different insurers and choose the right insurer accordingly. When you purchase offline, you must rely on the representative or agent for this information.

Buying term insurance online vs offline – which is better?

The overall convenience in the buying process, lower cost, high transparency and easy paying and renewal makes the online mode of buying term insurance a better choice than offline purchase.

A home insurance policy is not a luxury but a necessity for homeowners, landlords, and tenants. It protects your home against the damage and loss caused by natural/human-made calamities like floods, fire, storms, earthquakes, thefts, robbery, etc. Adding to this, nearly all mortgage companies require the borrowers to have a full purchase price insurance of the residential that needs to be financed. Banks or lenders do not proceed with the real estate transaction without giving the proof.

Usually, landlords or homeowners insure the structure of a house against perils like floods, fires, etc. to secure it against damage cost. But the tenants should also get house insurance as it covers your contents against such perils. Even if your landlord doesn’t make it compulsory, it is a smart decision to buy a renter’s house insurance. This will not just secure your household contents against the damage cost but also strengthen your relationship with the landlord as there will be no clash on the recovery of losses in times of destruction.

What does the home insurance policy in India provide?

Home insuranceIndia can be personalized, depending on the riders or add-ons. Below are some of the coverage benefits of the policy.

Damage to the structure of the house – When a calamity like a hurricane, fire, lightning, or flood strikes, it can harm your entire house structure. At times, theft or robbery vandalizes your property, leaving it in an awful state. Hence, opting for house insurance can save you against the damage cost of repairing or rebuilding both the interior and exterior of the house. You can also seek an add-one cover for destructions caused due to floods and earthquakes in the same policy. Also, free-standing garage, sheds, and other such attached or part of the structure can be covered by taking additional riders.

Personal liability damage – A liability coverage protects you from any type of lawsuit filed by a guest if he/she suffers a physical injury at your residence. A home is a place where you invite your friends and family, on an off chance, if a calamity takes place causing injury to guest at your home and damage caused to your homes, this coverage will help you pay for their treatment.

Hotel or hose rent till the house is being repaired

Sometimes calamities leave your home completely damaged, which requires rebuilding or repairing the entire house. This may compel you to look for temporary accommodation at a different place. This component of a home insurance policy is known as additional living expenses. This type of cover reimburses the cost of rent you pay at a hotel room or other accommodation until your damaged residence is repaired.

Step by step guide to buying home insurance as a tenant 

1. Know your requirements for purchasing a home insurance
2. Determine the amount of coverage
3. Filter your search based on your requirements
4. Shortlist the plans and compare them
5. Choose a plan and read the details
6. Fill and submit the required documentation
7. Make online payment