In today's day and age, not having life insurance could be the wrong decision. If you don't have it, you may leave the people you care about the most, vulnerable to hardships when you depart. Given the fact that life is full of uncertainties, there is a possibility that your loved ones may be left wanting, both financially and emotionally after your unexpected demise.

In such a situation, how will your family get through? How will your family manage their lifestyle expenses? That’s why everyone needs financial security against life’s uncertainties through term insurance.

Term insurance is an instrument that offers long-term financial security to your loved ones. It helps you provision a substantial sum of money for your family, to help them achieve their life goals and aspirations, even when you are not around.

Essentially, when you buy a term plan online, the choice of coverage is a crucial decision. If you pass away with insufficient insurance or coverage, your family may have to deal with both financial inadequacy and emotional turmoil, after you're gone.

In other words, there would be no do-over for you or your family. Therefore, you need to sure that the coverage you choose under the term plan is enough for your family. While nothing can replace you, term insurance can help preserve your legacy and support your family's lifestyle, just like you would have intended.

Term plan with Return of premium (TROP) life insurance has been around for more than a decade now. In general, term insurance plans with TROP benefit are available for either 20, 25, or 30-year tenure. The best way to understand a TROP plan is by considering the piggy bank analogy.

For instance, we tell you to put 100 every month in your piggy bank for up to 30 years, i.e., 1,200 per year. At the end of the 30 years, you open it up, and you get your 36,000.

If you are thinking, it does not make sense, let us take another scenario where we tell our children to put money in the piggy bank. Why do we tell them so? Because we want them to save for the upcoming days where they might need that money for more important things. Also, it is fun to open the piggy bank and count all the money that has been collected over the years.

This is just what happens with the TROP plan. We put aside some money regularly in a term insurance plan for a fixed number of years. If you survive the term period, you get 100% of the annualized premium back that you had invested in the plan. On the other hand, if anything ill-fated happens, your nominee receives the agreed coverage amount (sum assured).

Can you think of anything more straightforward than this? We cannot, and we are sure you can neither. If you think about it more, it is like taking out money from your one pocket and putting it in another pocket, which serves as security for emergencies.

Now that you know what term insurance is, you can buy a term plan online or offline anytime, as per your convenience. If you are anywhere between 21-55 years of age, you are eligible to buy a term plan with a return of premium option. While purchasing term insurance online has several benefits and discounts, you can choose a policy that best aligns with your requirements and needs, by comparing available plans.

Read More News :

Government's Revolutionary Mantra Promoting Economical Growth via Corporate Income Tax Slashes

15th Finance Commission to meet advisory council on GST mop-up