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By Raj Khosla
Big Change:
The end of Five-Year Plans: All you need to know
Some lessons are learnt the hard way. This should not be the case with your insurance
policy. As discussed in the previous pages, the life cover should be big enough to encompass all outstanding liabilities and future goals.
But one also needs to tick the right boxes when it comes to the other aspects of the policy. For example, the tenure of the policy should
not end when you need it most. Also, don’t commit mistakes that can lead to the lapsation of the policy or rejection of the insurance
claim. After losing a loved one, nothing can be more devastating for a family. Here are some pivotal issues to keep in mind when you
buy a term insurance plan.
https://economictimes.indiatimes.com/wealth/insure/how-to-buy-the-right-term-insurance-plan/printarticle/65080898.cms 1/2
11/28/2018 Term Insurance: How to buy the right term insurance plan - The Economic Times
Once you have bought a term plan, don’t let it lapse by missing the renewal premium. One way to ensure against missing the premium
is to give an ECS mandate to your bank. Even if you forget, your bank will pay the premium. But it could still lapse if there are not
enough funds in your account. A better option is to give standing instructions to your credit card issuer for paying the premium when it
gets due every year. That way the premium will be paid in time and you will only have to settle the credit card bill.
Most insurers give buyers of online term plans the option to pay the premium annually, half-yearly, quarterly or monthly. The monthly
option is the costliest, but the outflow is very low and therefore very attractive for buyers. Unless cash flow is a constraint, it is best to opt
for the annual premium option. This reduces the chances of you missing a premium because instead of 12 (or 4) times a year, the
premium is due only once in a year.
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Copyright © 2018 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service
https://economictimes.indiatimes.com/wealth/insure/how-to-buy-the-right-term-insurance-plan/printarticle/65080898.cms 2/2