Why Term Insurance Is a Must for Parents?

There are several ways to plan for your child's financial security. Mutual funds, Public Providence Fund (PPF), shares, bullion and real estate are some of the avenues you can consider. However, these are all self-funded and warrant regular and long-term investments.

Term plans are the simplest to understand and economical to buy. They offer a high life cover in general for a relatively smaller premium. In addition, you can opt for riders for additional benefits which are available on payment of additional premium. As a parent, term plans provide you peace of mind because you are certain that in case you are no longer there, your family’s financial needs can be protected with the Term Plan cover.

Apart from a base life cover, you can also choose from options like life cover + monthly income and life cover + increasing monthly income as well. These are new-age term plans that also provide a monthly income for your family’s living expenses apart from the lump sum cover.

You can start by reading about the Max Life Online Term Plan Plus, which is a popular online term insurance plan.

Max Life Online Term Plan Plus. A Non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03)