Kathmandu. The cheapest and easiest way to provide financial security to your family is through term life insurance. Such an insurance policy provides protection for a certain period of time to you and your family at a small sum insured. If the insured dies during the insurance period, the company will pay a certain amount to the family.
Term life insurance is mandatory for everyone. Because it not only helps in managing daily expenses, but also helps in maintaining the lifestyle of the family in your absence. If adequate risk bearing is included, it will also ensure critical needs for the future of the spouse, such as children’s education, marriage and retirement funds.
#inline_tags_PLACEHOLDER_5##सबैभन्दा first fixed coverage amount in term life insuranceinline_tags_PLACEHOLDER_7##
It is important to know how much your sum insured should be before purchasing term life insurance. An easy method for this is the income repayment method. This means your coverage amount should be between 10 and 15 times your annual income. According to this, you will also have to keep in mind your remaining debt, family expenses and inflation. However, this number may change according to the age of the insured. If you’re young and have the potential to earn long-term earnings, your sum assured may be higher.
In addition, your insurance may decrease due to your earning opportunities due to increasing age. When you buy term life insurance, it is important to be prepared for some unexpected risks such as accidental death, disability or serious illness such as cancer, heart disease or stroke. Here the role of ‘rider’ i.e. additional facility is important. A rider is a contract that is included in addition to any policy (original policy) for additional convenience or additional risk bearing. For the rider, a very small sum insured should be paid than what was paid for the original policy, but this can increase the sum assured to provide additional help to you or your dependent in the event of an unexpected event. Rider will make your insurance stronger and wider. You may regret it if you do not include these additional features in the policy.
म्यादी Let’s know about 3 riders to take while buying life insurance#inline_tags_PLACEHOLDER_7
दुर्घटना Death and Disability Benefit (ADB)
This additional (add-on) facility not only bears the financial loss in case of untimely death due to an accident, but also helps the insured in the case of disability due to accident. Disability due to accidents (full or partial) has a big impact on a person’s income. At such times this rider provides financial security and helps the family. One thing to note is that this rider does not cover situations such as suicide, self-injury, and death due to alcoholism.
घातक Illness #
This rider is useful when diagnosed with serious diseases such as cancer, heart disease or stroke. In case the diseases included under the policy are identified, a lump sum amount is paid for the treatment of the disease. This rider is especially beneficial for those who have a family history of serious illness or who are single-handedly supporting their families. Treatment for a serious illness can be very expensive and this rider helps secure the financial condition of the family.
बीमाशुल्क Discount Facility (Premium Weaver)
This rider proves to be beneficial when the person taking term life insurance is unable to pay the insurance fee due to disability or serious illness. If someone has a permanent disability or is diagnosed with a serious disease mentioned in the policy, they do not have to pay the insurance fee with the help of this rider, yet their insurance will continue. This rider is especially beneficial for those who carry family responsibilities or do high-risk jobs.
