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Surplus funds for term insurance: your guide for right investment
A term insurance plan must be thought of as an investment for the safe and secure future of your loved ones and not as any sort of a liability in terms of the payable premiums. Therefore, as soon as you begin to have surplus funds, even if in the initial period of your career, you must duly opt for one so that in the long run, a significant corpus can be created for the betterment of your loved ones. Following are the important factors to be considered at the time of purchasing a term insurance plan:
- Take a timely decision: Time is of essence as taking a timely decision gives you the advantage of having sufficient period at hand for creating a strong fund value that can give you a stress-free present as far the financial security of your loved ones is concerned.
- Take CSR into account: While choosing a term insurance cover, one of the most important factors is to choose an insurer who has a high CSR i.e. claim settlement ration. Claim settlement ratio is the figurative average of the claims processed by an insurance company in any given financial year and of represented by a percentage value. Higher the claim settlement ration, high is the probability of getting your claim processed if need be, without any hassles and other issues. Claim settlement ratio is the ratio of the number of claims received by an insurer and the number of claims settled by the insurer.
- Consider inflation: Inflation is the general increase in prices over a period of time. Since term insurance is a futuristic platform, therefore, it is essential that you must consider the important factor of inflation. This allows you to accumulate a coverage amount that can cover all your requirements and help you fulfill your family's dreams after the period of accumulation.
HDFC Life offers HDFC Life Click 2 Protect 3D Plus an online term plan that offers due coverage benefits so that your loved ones can have a stable future, even in your absence.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: Buyonline@hdfclife.in, Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
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