Term Insurance for sole earning member

My friend said it is helpful when you are the sole earning member in your family. Is it true? If yes, why is it so and how do I get started with the process?


Term insurance is one of the most popular forms of Life Insurance plans that gives basic life protection for the insurer without having to pay a hefty premium. Term insurance plans do not offer investment benefits, but offer a protective cover for the tenure period of the policy. The upside of term insurance plans are their cost effectiveness making it ideal for virtually every individual or working member of the family. Term insurance plans come with various specialized add-ons also known as riders , covering all aspects of Life Insurance from accidental death to disability or unexpected onset of a critical disease.

A 30 year old non-smoker for example can easily get a term insurance cover of up to Rs 1 Crore by paying a premium as low as Rs. 300 per month. While this may sound like a good plan but the user loses out on any protection in case he gets involved in an accident and gets partially or permanently disabled. The various riders offer additional benefits to the insurer in order to cover any accidental death, accidental disability offering a well optimized life protection plan. So, you could look at getting a term plan with additional riders.

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BB Expert