Usually, passed on to you as a tax-saving instrument, you must have given term insurance a thought at some point of life wondering whether it is just an investment or a need. What if it is just a waste of money? What if it is a saviour? Again, so many questions! Not anymore, as here is everything that you need to know about term insurance and solve this dilemma forever- do we really need it? What is term insurance? Term insurance offers you coverage against unforeseen events of future in case of an unexpected event. While we can’t do much to avoid what the future holds, we can at least make sure that the impact is reduced and the family doesn’t have to suffer financially. A term insurance policy lets you cover your life for three eventualities of life: death, disability and disease. How affordable is term insurance? It is the most economical and most affordable form of life insurance. When you decide to be financially responsible and take the right term insurance plan for you, you do not feel the premium pinching your pocket at all. Most of the policies have the premium payment starting with as less as Rs. 492 per month! To ensure the financial security of your loved ones, this is reasonable, feasible and practical! Besides, you have the flexibility to opt for a yearly or monthly premium payment mode. Why do you need term insurance? Because protecting your family against future uncertainties is not a choice in the first place. If you are a sole earner, it becomes all the more important that you ascertain that your family is a happy one, even when you aren’t around. The term insurance plans can’t revert the mishaps; however, having a term insurance in place can ensure that your family doesn’t have to immediately start thinking about ‘what next?’ Similarly, it addresses the financial concern that happens due to your absence. Your home EMIs, your kids’ education and their marriage, the health of your parents- everything is taken care of if you have the right term insurance plan working for you. Based on your needs, you can opt for an income replacement term plan (also known as monthly income term plan) or a lumpsum payout. You also have the benefits of added riders, which make term plans highly customizable and beneficial for people from all walks of life. When should you start? The right time to buy a term insurance plan is NOW! As the famous adage goes, you can’t buy a policy when you need it but when you don’t. Additionally, if you take the term insurance plan when you are young and healthy, you pay lesser premiums and save more. Ideally, you should choose for a flexible plan that accommodates your needs of the family with time through a top-up option. Special premium rates for female lives How to calculate the premium for the desired sum insured? It is as easy as 1- 2- 3! A term plan premium calculator helps you calculate the monthly premium for the sum insured you want. Extremely easy to use and completely free to use, a term plan premium calculator is highly customizable and based on your age, marital status, desired sum insured and annual income, it derives the premium amount you should be paying every month or annually. Why does your family need it? Insurance is a safety net for your family. Life insurance policies save the insured from the day 1. A few hundred bucks every month for your peace of mind and your family’s secured future is not at all a big deal! Besides securing the future, the benefits of a term insurance plan is covered under Section 80 C and Section 80 D for tax-saving. Can smokers buy term insurance plans? It is important that you reveal your health ailments, smoking habits or liquor consumption before taking the insurance policy. This will help the provider to provide you with proper coverage. Smokers can definitely buy life insurance, though the premium rates are a bit on a higher range for them. Before buying any term plan, take a note of your needs, future financial goals and your family’s lifestyle. You don’t have to go anywhere to get insurance. You can buy term insurance online or schedule an appointment with an insurance advisor online from the comforts of your office or home.