Love stays even when you are gone, and so does financial security with Term Insurance!
Term insurance is the most affordable and manageable form of life insurance that you can purchase. It is the safest bet to make sure that your family is financially secured and well -taken care of, happy, and comfortable, regardless of life’s unwelcome turns.
Perks of getting a term insurance quote online:
The untimely death of a person can leave the family in financial ruins. However, a term insurance quote allows you to corroborate that your financial obligations and requirements are actually met.
Another advantage is that getting the best term insurance policy quote online in India and subsequently buying your policy is a very simple procedure that hardly takes a few minutes.
In case you are wondering why do we put so much emphasis on a quote when it comes to purchasing an online term insurance policy? The answer is simple; the amount of coverage you get guarantees as comfortable or possibly a better financial future for your family in your absence. So, it is only logical to take some time and do thorough research to get the best possible quote once you decide to buy term insurance.
All things considered, having a fair idea of term insurance quotes is just the simplest way to know the coverage and premium amount that matches your needs. It helps you secure the best possible coverage to insure your loved ones. Further, online term insurance quotes are usually 5.0 - 5.50 % cheaper than those offered offline. In addition to this, the process to get online quotes is very simple, easy to understand and less time-consuming in comparison to the traditional method.
For instance, to get a quote at 5nance, simply fill up a few parameters like:
- Age
- Gender
- Annual income
- Smoking habits
As soon as you fill in the details, you will get a list of different plan options from top insurance companies to choose from. The amount of coverage that you need will be automatically calculated as per your given parameters. All you have to do is look for the key features and benefits of these plans in terms of coverage and additional benefits as per your needs or life stage.
Ideally, on online platforms like 5nance, the sum assured is automatically calculated and the quotes are displayed based on the given parameters. You have the choice to choose your own sum assured and tenure of the policy depending on your needs.
How to know the required amount of insurance?
One of the easiest and most efficient methods to arrive at the maximum amount of insurance cover is the income multiplier method. This is the most common method used by insurers to deduce the eligibility of a person during their financial underwriting. In this method, the maximum insurance cover that you can avail is calculated basis your annual income and age.
Here is a grid of the Income multiplier for your reference:
|
Age Group |
Maximum Permissible Cover |
|
<40 |
20-25 times |
|
41-45 |
15-20 times |
|
46-50 |
12-15 times |
|
50-55 |
10-12 times |
|
>55 |
7-10 times |
(Please note: The above-mentioned Income multiplier is prepared based on industry knowledge and experience.)
Imagine, you are under the age band of <40 years and your annual income is 10 lacs. You can avail a maximum insurance cover upto 20-25 times of your annual income which would be somewhere around 2.0 to 2.5 crores.
The above-mentioned table and example is only for exemplary purposes. The exact permissible limit that you get may vary for different insurance companies.
Getting a term insurance quote online is one of the best steps forward to secure your family’s financial future in your absence. Now, you can also check term insurance quotes easily by using this simple online form. Get more affordable rates at your convenience. For any other queries or clarifications, get in touch with Team 5nance.
