Here's why you should gift term insurance policy to your parents this Diwali

Term insurance is a cost-effective plan. It provides a large cover for a comparatively low premium.

Term insurance is usually purchased by parents to protect their children's futures. This cover, however, may always be reversed. This implies you can purchase a term insurance policy to secure the financial security of your ageing parents. This is especially important if your parents are dependent on your income. The life cover amount will ensure that your parents aren’t burdened by any loans that you may have taken, they are able to pay for their day to day expenses and are also able to pay for any age related ailments/hospitalization. Buying a term insurance for parents will help ensure that they spend their later years in comfort.

Over the years, you and your parents may have taken loans for education or purchasing a house, a car, and more. In case of an unfortunate event, the onus of repaying the debts may fall on the surviving members of the family, such as your parents. In this case, a term insurance policy will prove to be beneficial. The family can use the life cover money (claim money) to pay off these unpaid debt repayment obligations and liabilities, thus, relieving the family of any financial burden.

After making so many sacrifices, your parents have earned the right to live their retirement years in a comfortable and safe atmosphere free of worrying about medical costs and living expenses.

Your parents are deserving of nothing but the finest. Even in your absence, with the life cover money, they will be able to combat health difficulties that come with ageing, assure frequent check-ups and quick diagnosis, as well as the appropriate treatment.

By calculating their current and future demands basis the above 3 points, you can determine how much coverage they'll need, allowing you to make an informed decision in their favor.

When it comes to life insurance, the main goal is to ensure financial protection for your loved ones. A term insurance plan is one of the best financial tools as one can avail a large coverage for their parents against life’s uncertainties. The premiums are low and affordable. Since term insurance is the most basic type of life insurance, it is easy to maintain.