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Term Life Insurance Facts



Regulation: Paralysed regulators Moneylife Personal Finance site and magazine

30.08.11

And, worse, the new chairman of the Securities and Exchange Board of India (SEBI), instead of being a powerful market regulator and watchdog, is forced to write a 13-page letter to the government, explaining his every move, action and decision, just three months after taking over as head of the regulatory body. Why? Because an outgoing whole-time member (WTM) of the SEBI board, Dr KM Abraham, whose term was nearing an end, has chosen to hurl a series of allegations against the incoming chairman. Incidentally, Dr Abraham made these allegations of ‘interference’ with his work while pushing hard for a two-year extension at SEBI, or at the least, a two-year Mumbai-based sinecure at the National Institute of Securities Markets (NISM) with full perks and accommodation. CB Bhave, to whom Dr Abraham owned almost blind allegiance, is also working actively to find ways to keep him in Mumbai, after failing to clear his appointment to NISM a week before demitting office as chairman of SEBI.

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» Low Cost bTerm Life Insurance/b = Desired Life Coverage

Because of the boom in the insurance market and the increased awareness amongst people to buy term policies there has been various innovations in the policies. What becomes the center of attraction in the case of the term policies is the low cost term life insurance because this makes sure that you buy a policy even if you are not in the condition to afford the normal rates. Today because of all these factors purchasing a term life insurance policy has become so easy that people hardly bother about any other aspect. The uncertainty of life cannot be denied and because of this today everyone is looking for good life coverage and I am sure nobody would like to miss upon a chance of buying term policies.

But we fail to take a decision in this regard on many occasions when the issue of affordability comes. These minute aspects have been taken care of by insurance companies nowadays. They know that not everybody can afford to buy term policies even though their rates are low. Henceforth they have introduced an option of low cost term life insurance policies that ensures that every individual, particularly people from low income group get adequate life coverage. Introduction of low cost term life insurance is an attempt to make term policy buying an easy experience and helping societies to understand the importance of term policies.

When it comes to the choice of buying a low cost term life insurance policy then there are certain specifications upon which the choice is based. Out of the many the first one is the desired tenure of the policy. In this case the policy holder can take the policy for a particular period of time and this completely depends upon him, the tenure can start from one year and may go up to 35 or more years. When you take a whole life insurance policy then you are liable to pay the premium for the lifetime and you might feel financial overburdened but in the case of low cost term life insurance policy you do not feel a financial overburden. It also assures that your policy don’t lapse because you feel at home to pay premiums. The policy doesn’t lapse and the beneficiaries can avail the death benefit only if the policy holder expires during the tenure of the policy.

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