With youth comes a sense of carefree bliss accompanied by a short-term outlook towards life. However, as we age and progress in life, we begin to absorb the significance of planning for the long-term and for a time when we have long gone.
Providing financial protection to your family often forms the basis and first step of financial planning. It is in this circumstance that a simple form of insurance called a term plan becomes very crucial. A term plan is an insurance tool that offers financial protection in the form of a sum assured to your family members if something unexpected happens. Most term plans offer a variety of solutions tailored to fit a variety of situations.
Here are a few steps that one needs to bear in mind while choosing their first and accurate term plan:-
(The writer is MD & CEO, Aegon Life Insurance)