How a hyper-personalized term plan can suit every stage of life

As a young adult who has recently gained access to a regular income, you have limited liabilities. You are chasing your career milestones and learning to be an independent adult. In this case, the most responsible decision would be to invest in a term plan that secures your future and helps alleviate any potential financial burden. A term insurance plan at this stage will allow you to lock a relatively low premium for the entire duration of the policy. You can also opt for high coverage, reap its benefits, and then choose to reduce it if need be using the reduction option.

One of the major concerns of newlyweds is to provide income protection for their surviving partner. Additionally, there is an increase in the number of liabilities when a partner is a part of the equation. You might want to buy a new home, a car, plan for future milestones, and more. Investing in a term plan with an adequate joint cover for your spouse at this stage will afford financial stability for both of you. Term plans with comprehensive financial support are available for as short a period as one year or until 100 years of age. A combination of short and long-term plans could secure your now and your family’s future.

Welcoming a newborn into your family is an unmatched joy. As a parent, you are now responsible for the growth and development of your child. Therefore, it is imperative as young parents to invest in financial instruments that secure their child’s future, especially in your absence. Your child’s educational and other developmental expenses can be covered by opting for a lump sum or an income benefit cover. As someone with dependents, now is the ideal time to invest in a customizable term plan that takes care of your family.

There comes a time in your life when a pivotal incident makes you re-think your financial strategies. This incident can be in the form of a critical illness, early signs for ailments, income loss, planning for retirement, and such. In these moments, one can rely on term plans that provide terminal illness benefits, critical illness benefits, appropriate rider options, and tools to customize and secure retirement income.

No matter the nature of your financial concerns, a hyper-personalized term plan will provide an appropriate solution for you and your loved ones.