{"id":503,"date":"2013-09-16T10:23:38","date_gmt":"2013-09-16T01:23:38","guid":{"rendered":"http:\/\/trucompare.in\/blog\/?p=503"},"modified":"2015-03-17T17:33:24","modified_gmt":"2015-03-17T08:33:24","slug":"why-term-insurance-is-needed","status":"publish","type":"post","link":"https:\/\/www.trucompare.in\/blog\/why-term-insurance-is-needed\/","title":{"rendered":"Do I Need Term Insurance Plans?"},"content":{"rendered":"

\"TruCompare_head\"<\/a><\/p>\n

A reader query:<\/p>\n

I am a 32 year old person working in the IT industry. I am already having insurance from SBI ( ULIP) and LIC ( endowment plan) with total premium of about 1 lakh per annum. I am not too sure if I should buy a term insurance when I am not going to get anything in return.<\/strong><\/p>\n

– Rajeev Gupta, Bangalore<\/p>\n

Our response:<\/strong><\/p>\n

Term insurance plans are for pure protection and covering your liabilities. You might have made the mistake of buying insurance for investment purpose. Your current coverage won’t be more than 25-30 lakhs on endowment and ULIP plans.<\/p>\n

Imagine how would your family cover your liabilities of a home loan or educating your child in the unfortunate case of your death. All of us understand the uncertainty of life and buying term insurance is the only way to protect your loved ones from financial misery. In your case, you can easily get a cover of 1 cr by paying a small premium of 8000-9000 per annum, which is very much affordable and ensures that you have an adequate cover. Do not view term insurance plans as financial investment, it is an investment in the protection of your family.<\/p>\n

For exact premiums of term insurance plans and comparing between different insurers like Aviva, Aegon, SBI Life etc, please\u00a0get a quote<\/a> today and buy a policy<\/a> online.<\/p>\n

\"TruCompare_head\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A reader query: I am a 32 year old person working in the IT industry. I am already having insurance from SBI ( ULIP) and LIC ( endowment plan) with total premium of about 1 lakh per annum. I am not too sure if I should buy a term insurance when I am not going … Continue reading Do I Need Term Insurance Plans?<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,2],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","hentry","category-faq","category-term-insurance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3wDt5-87","jetpack-related-posts":[{"id":293,"url":"https:\/\/www.trucompare.in\/blog\/are-endowment-plans-any-good-for-wealth-creation\/","url_meta":{"origin":503,"position":0},"title":"Are Endowment Plans, aka Traditional Life Insurance Plans, Any Good for Wealth Creation?","author":"Trucompare","date":"May 10, 2013","format":false,"excerpt":"Since most of the life insurance policies in India are still sold as \"savings and investment\", endowment plans( also known as traditional life insurance plans) are the most popular of the products. This trend was started by LIC of India ( oldest insurer in India) whose agents goaded investors to\u2026","rel":"","context":"In "Endowment Plan"","block_context":{"text":"Endowment Plan","link":"https:\/\/www.trucompare.in\/blog\/endowment-plan\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1206,"url":"https:\/\/www.trucompare.in\/blog\/are-you-still-buying-insurance-for-investment\/","url_meta":{"origin":503,"position":1},"title":"Are you still buying traditional insurance plans for investment?","author":"Trucompare","date":"May 2, 2016","format":false,"excerpt":"I am still appalled to find many people still buying life insurance policies( especially endowment\/single premium\/money back) for the purpose of investment. When you are investing your money, you want to have returns that beat inflation\u00a0for a longer period of time. When you are buying life insurance, you are doing\u2026","rel":"","context":"In "Endowment Plan"","block_context":{"text":"Endowment Plan","link":"https:\/\/www.trucompare.in\/blog\/endowment-plan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":791,"url":"https:\/\/www.trucompare.in\/blog\/online-term-plans-in-2015\/","url_meta":{"origin":503,"position":2},"title":"Top 10 Online Term Insurance Plans in 2015 – A Detailed Comparison of features and IRDA data","author":"Trucompare","date":"November 21, 2015","format":false,"excerpt":"Compare\u00a0Term Insurance\u00a0Online You have decided to get a term insurance\u00a0cover to ensure your peace of mind and financial security for your family. Since you have already made this decision, we assume that you have conducted a detailed research on what are term insurance plans. If not, then we recommend you\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"Compare term insurance online","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=525%2C300 1.5x"},"classes":[]},{"id":641,"url":"https:\/\/www.trucompare.in\/blog\/best-term-plans-in-india\/","url_meta":{"origin":503,"position":3},"title":"Best Term Insurance Plans in India- A quick comparison","author":"Trucompare","date":"March 26, 2015","format":false,"excerpt":"\u00a0 Best Term Insurance Plan Please see an updated version of the comparison here-\u00a0IRDA Claim Settlement Ratio for 2015 - Compare best online term insurance plans As online term plans have gained popularity, almost all the life insurance companies have come up with their online term plans and claims to\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14,"url":"https:\/\/www.trucompare.in\/blog\/should-one-buy-term-plan-from-likes-of-lic-or-private-insurers\/","url_meta":{"origin":503,"position":4},"title":"Should You Buy Term Insurance from LIC of India or Private Insurance Companies?","author":"Trucompare","date":"May 3, 2013","format":false,"excerpt":"One of questions often asked by clients while buying term insurance is- Can I trust private insurance companies or should I stick to government providers like LIC of India, SBI Life etc.? LIC of India has been the pioneer in the insurance sector and for many people in India life\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1427,"url":"https:\/\/www.trucompare.in\/blog\/your-guide-to-buying-the-best-term-insurance-plan-in-2016-17\/","url_meta":{"origin":503,"position":5},"title":"Your guide to buying the best term insurance plan in 2017","author":"Trucompare","date":"June 2, 2017","format":false,"excerpt":"Term insurance is the most important life insurance policy that we recommend to our clients. If you have bought a decent term insurance, then you probably don't need any other life insurance policy. Here is a quick guide to buying the best term insurance. Find how much term insurance can\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":13,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"predecessor-version":[{"id":583,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions\/583"}],"wp:attachment":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}