Term insurance

Arun, a young and busy IT professional, lost his wife, Meera, to an unexpected illness. The entire family thought dealing with the grief would be the hardest challenge. A few weeks later, they realised the invisible worth of Meera, who has been the foundation of the family’s well-being. She had quietly managed everything at home while Arun was busy earning for the family’s future. Right from cooking food to everyone taking care of children, Arun’s elderly parents, to coordinating every aspect of daily life. Their world had turned upside down. It was too late to realise Meera’s real financial value. Arun wished he had taken term insurance for her.

Like Meera, many homemakers’ contributions to the family go unnoticed in the Indian household, despite their crucial role. Losing the homemaker has a huge monetary impact on the family, which cannot be overlooked. Hence, it is important to assess the term insurance coverage need for a stay-at-home partner and buy term insurance for them.

Raj, a 35-year-old freelance writer, had to recently undergo heart surgery. He had no corporate benefits like health insurance and life insurance coverage. While recovering, a constant worry about the future financial security of his wife and children gripped him. Though he is earning nearly INR 1 lakh to 1.50 lakh, he was still wondering if he should avail term life insurance with unspoken challenges like fluctuating income and unpredictable expenses. Raj’s dilemma is not unique. Many freelancers in India, who are on their unconventional career path, think that the financial safety nets are built for corporate employees.

Let us explore the importance of term insurance for freelancers, unspoken challenges in buying the cover, and strategic tips to overcome the barriers.

Being the sole breadwinner of the family can be overwhelming at times, especially in your 50s. Being strangled by worries of your family’s needs when you are not around or after your retirement can be stressful. This is why making smart financial decisions at the right time is important.

Even in your 50s, you can plan your finances to secure your family's needs while also ensuring a peaceful post-retirement life. Continue reading as we explore how purchasing family insurance, a health plan, and other essential coverage can safeguard your family’s needs.

Imagine having a strong core – that's your term insurance – and then being able to enhance it with smart “add-ons” that protect you against life’s curveballs. These are term insurance riders, and they’re transforming how people safeguard their future.

When you buy a term insurance policy, you’re primarily buying peace of mind — the assurance that your loved ones will be financially protected in your absence. But what if you could enhance that peace of mind, tailor your cover, and make your term plan even more powerful — all without breaking the bank?

That’s exactly where term insurance riders come into play.

In this blog by Jio Insurance Broking, we’ll decode what riders are, why they matter, and the must-have riders that could make all the difference when life throws the unexpected your way.

A term insurance plan is essentially another type of life insurance. A simple and pure one. With a term plan, you pay premiums for a fixed period and receive life cover for the same period in return. Your loved ones will have financial security even if something happens to you during that period. However, this part of the term plan highlights its advantages only. But just like any other financial product, a term plan has pros and cons. See this.

Case A: Anamika Sharma, a 38-year-old single mother, works in a reputable IT firm. Last month, she bought a ₹1 crore term insurance plan. Her reason? To secure the financial well-being of her daughter, even if anything happened to her.

Case B: Rahul Kundra, a 30-year-old, works in the same office. However, the idea of term insurance didn't convince him much. Reason? He wanted something that offers him significant returns or payouts to feel more reassured.

Both Anamika and Rahul have valid points of view. In fact, their perspectives highlight the two sides of term insurance. Understanding both sides: the benefits and disadvantages of a plan can be helpful in understanding what is included in your plan and what isn't.