Common myths about Term Insurance in India

Common myths about Term Insurance in India

We are living in an era where information is available in abundance. We hear so many insurance plans almost every day. While some facts are true, some are just myths. While they may not entirely be untrue, the ideas and policies are outdated. This has given rise to a lot of misconceptions as most people don’t care about trying to conduct any in-depth research. But you don’t have to worry about all of that. In today’s post, we are going to bust some of the common myths around term insurance in India and what you need to be careful of before buying a plan. So, make sure you read the post well.

MYTH NO 1 – Term Insurance Is Only For People Who Have Dependents

Regardless of whether you are married or single, life can be unpredictable and challenging for almost everyone. If you don’t have children or a spouse, your siblings, or parents who you may consider as dependents, it doesn’t mean that you don’t need an insurance policy. You need to be financially secured in order to get coverage on unpaid medical bills, debts, funeral expenses, etc. and the Best Term Life Insurance can help you with all of that!

MYTH NO 2 – Offices Provide Enough Insurance Coverage

One of the most crucial elements of any insurance product policy is called consistency. You may have to pay premium amounts only at fixed intervals, or you will end up seeing your policy lapsed and your life will end up looking uninsured unless the payment has been made. Whenever you rely exclusively on the insurance provided by the employer, you will no longer receive coverage after retiring or changing jobs. Not just that, the amount of coverage will not be enough to meet the needs of your family.

MYTH NO 3 – Term Insurance Plans Are Extremely Expensive

One of the reasons why Group Term Life Insurance is so popular amongst students is because people belonging to all age categories can help you get a health insurance policy at a low and reasonable cost. What makes such policies appealing is that the earlier you buy, the lower premiums you pay and the more benefits you receive in the long run. This is also specifically true for online policies that give you attractive discounts while also giving you the chance to customize, compare, and such right insurance plans with enough care.

Another common myth in the earlier days was that Term insurance and health insurance are one and the same, but after multiple awareness campaigns from brands and government, people know their differences. Long gone are those days when we would visit insurance organizations and have long talks about which policy to purchase. Now there are many trustworthy sources such as One Assure, where you can rely on in order to simplify term life insurance policy. This will give you a better understanding of how the plans work. You could also use the knowledge to pick up the correct policy for your loved ones in order to meet their goals. So, make sure you do enough research and read all the terms properly before making any kind of decision about your insurance plan.

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