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Do not delay if you want to buy a term plan, there may be an increase in premium after April 10

While purchasing Term Insurance Plan, it should be noted that the premium is low as well as the cover is maximum.

4th April, 2020

If you are thinking of getting a term insurance plan, then this news is of your use. Actually, according to insurance brokers, the premium for term insurance can increase from April 10, 2020, so if you are thinking of taking a term plan, then this is the perfect time for you. In fact, the premium for such an insurance plan was supposed to increase from April 1, 2020, but due to the coronavirus epidemic, the premium increase has been deferred. In such a situation, those who want to buy a term insurance policy should try to get it before April 10.

How much can increase in premium

According to media reports, the term insurance premium may increase from 15 percent to 40 percent. It depends on the insurance company.

Keep these things in mind while taking a term plan

While buying a term insurance plan, you should note that the premium is low, as well as the cover is high. Under the term plan, the nominee gets the coverage amount when the policyholder dies during the policy period. The premium for term insurance increases with age. Once you buy a term insurance plan, there is no change in the premium till the policy ends.
It is said about buying term insurance plan that the sooner you buy term insurance, the better. The premium increases as you get older and if you have any illness then there is a problem in taking the policy. In such a situation, if you know how long you need cover, do not delay in buying a term plan.

Experts believe that when buying a term plan one should not focus on adding too much rider. Instead you should look at the basic features of the plan.

Category: Business

Tags:
business
Term Plan Premium
Term Insurance Plan
COVID-19
Life Insurance
Coronavirus

Reported by:
Pankaj Prasad