Term insurance

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Should There Be Term Insurance for Caregivers of Elderly Parents?

When we talk about term insurance, we usually think of the breadwinners of the family, or the primary earning members. However, there are other members as well whose absence can affect the family in many ways. These silent contributors are the caregivers. Caregivers may not bring home a paycheck, yet their role is invaluable. And when it comes to elderly parents, the responsibilities of the caregivers grow manyfold. From giving the elders their medicines on time to managing their routines, from helping them in their everyday activities to keeping them company, the duties of a caregiver are many. There’s no denying that caregivers shoulder responsibilities that directly impact the well-being of the elderly. In such a situation, if the caregiver passes away unexpectedly, the absence would be felt not only emotionally but also financially. This is why securing their contribution with term insurance is definitely worth considering. Read on as we discuss why term insurance can be a good idea for caregivers of elderly parents.

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How Term Insurance Helps Women Entrepreneurs Secure Loans?

Behind every successful woman entrepreneur is great leadership, practical ideas, and smart financial planning. Businesses require constant fuel in the form of capital, and loans are a go-to option for many entrepreneurs. However, lenders do not base their decisions solely on an idea’s potential; they also look for repayment capacity and financial security. This is where term insurance can play a critical role. For entrepreneurs, term insurance not only provides protection for their families but also strengthens their position to secure a loan. Wondering how? Let's discuss this in detail!

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The Connection Between Career Risks and Term Insurance Rates

Ever since Sudheer Sisodiya was young, he liked to play it safe. For most of his life, he had a steady job, steady plans. However, his 9-5 desk job took a turn when he was posted to an offshore oil rig. While it was thrilling, it did come with a surprise. When he applied for term insurance, he realised he would have to pay a much higher premium. That’s when he realised that your job can affect more than your schedule. It can change your insurance rates, too. Now, let's understand how job risks and insurance rates are interconnected.

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Should Term Plans Cover Loan EMIs Automatically?

Mehul Kashyap, a 38-year-old bank manager in Pune, had a simple ritual every month. Once his salary was credited into this account, a third of it went straight towards the EMIs for his home loan. For both Mehul and his wife, Shreya, this wasn’t just a financial sacrifice, rather a shared dream. They wanted to raise their children in a house that they could call their own. Everything was going fine until things changed last year when Mehul passed away in a car accident. Amid the emotional grief, Shreya also faced the daunting financial stress. With her salary, it would be impossible to sustain their livelihood and also pay the EMIs. Things became worse with bank reminders, and Shreya feared losing their beloved home. This is where term insurance could have made all the difference. If Mehul had coverage linked to automatic EMIs, the loans would have been better settled, giving Shreya some peace and stability in such a tough phase of her life.

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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.

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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