Term insurance

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The Concept of “Joint Term Insurance” for Business Partners

The story of 35-year-old Rishi Dhandania and his wife, Kritika Dhandania, didn't simply start with their marriage. It started 5 years ago when they started a business together. What started as two friends opening a bakery shop soon turned into a chain of cafes across Indore. Rishi and Kritika have been working hard and have taken their business to a highly profitable level. While Kritika manages operations, Rishi handles the creative side and finances. One morning while sipping coffee on the balcony, Kritika asked Rishi a question, “How will you manage everything alone if something happens to me one day?” Though it was tough for Rishi to answer this, both of them knew it was an important question. Their income and family responsibilities were definitely co-dependent. Loss of any one of the partners can take a toll on the emotional and financial health of the other. It was when this business couple learned about joint term insurance. The very same day, Rishi purchased the policy to secure their financial future.

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The Rise of “Lifestyle-Based” Premiums in Term Insurance

Akshay Tiwari and Aakash Sahni, both corporate lawyers based in Delhi in their early 20s, decided to purchase term insurance to build a reliable life cover. Akshay Tiwari was a fitness enthusiast who made healthy lifestyle choices every day. Aakash Sahni was a regular smoker who rarely took time for exercise. Both of them applied for a term insurance with the same insurance company. Still, Aakash Sahni was shocked to see the stark differences in premium cost and coverage that he was offered compared to his friend. While Akshay got high coverage at an affordable premium, Aakash had to compromise on the coverage and pay significantly higher premiums. But why did the insurance company discriminate between the two? The answer is simple: Their lifestyle choices. Akshay was a healthier individual, which, according to the insurance company, reduced the chances of a claim. On the other hand, Aakash Sahni had a lifestyle that exposed him to higher health risks, resulting in higher chances of claims under the term plan. The age-old adage, "health is wealth," stands true even in the case of purchasing term insurance. Let’s understand the relation between lifestyle and term insurance premium in detail so that you are in a better position to make an informed decision while purchasing a policy.

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Why Some People Outlive Their Term Policy – And What to Do Next?

Ramesh Tripathy, a 25-year-old bank employee, first purchased term insurance for 25 years. At the time of purchasing the policy, he was young, married, and had a home loan going on. He just wanted to secure the financial interest of his family in case of any unfortunate incident with him. Fast forward, 25 years later. Now, Ramesh Tripathy is 50 years old and is already planning his retirement. He is leading a peaceful life with grown-up kids, his own home, and a healthy life. His term policy has also just expired as he outlived the policy. He always thanks the almighty for life has been kind to him! However, since the past 2- 3 years, Ramesh has been thinking, “Is it too late to buy another life insurance now?”, “Do I still need a life insurance policy?” Well, Ramesh is not alone in this dilemma. There are many who come to this junction in life where they outlive their life insurance policy. Let's explore what you can do after you have outlived the term policy tenure!

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The Case for Term Insurance in Divorce Settlements

Divorce settlements can be demanding, both financially and emotionally. While you are busy handling your life and dealing with this drastic change, the last thing that might come to your mind is coverage under term insurance. Although we understand your challenges during such times, we urge you not to overlook term insurance in divorce settlements. Term insurance can be an integral part of divorce settlements, especially if children or ageing parents are involved. Ensuring the coverage under life insurance can protect the interests of divorcing parties in the most justified manner. If you are wondering what happens to your term insurance coverage in case of a divorce settlement, then keep reading to learn more.

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Why People in Creative Professions Need Special Term Coverage?

28-year-old freelance graphic designer, Akshita Jagdale, is from Mumbai. She enjoys the freedom of working that comes with being a freelancer, and thanks to her skills, she usually gets good gigs. However, for the past few months, Akshita has been facing hurdles in finding graphic design gigs due to the rise of Artificial Intelligence. Until a few years ago, Akshit rarely thought seriously about her future. But then the birth of her baby and her father’s parkinson’s diagnosis often got her worried. Being a single mom and the primary earner in the family, she worried, what would happen to her loved ones if her income stopped, or worse, if something happened to her. How would her mother, who was herself over 50, handle everything on her own! It was then that Akshita found the best way to be prepared for an unpredictable future. She opted for a term plan with decent coverage. The life insurance policy has brought a sense of financial safety and also allowed her to be less anxious.

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Should You Buy Term Insurance for Your Stay-at-Home Spouse?

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.

Jio Insurance Broking Ltd

Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

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