{"id":516,"date":"2013-09-18T21:44:43","date_gmt":"2013-09-18T12:44:43","guid":{"rendered":"http:\/\/trucompare.in\/blog\/?p=516"},"modified":"2016-01-16T17:26:09","modified_gmt":"2016-01-16T11:56:09","slug":"5-reasons-why-people-in-india-dont-buy-term-insurance","status":"publish","type":"post","link":"https:\/\/www.trucompare.in\/blog\/5-reasons-why-people-in-india-dont-buy-term-insurance\/","title":{"rendered":"5 reasons why people in India don’t buy term insurance"},"content":{"rendered":"

Being in the business of financial advisory, I find many intelligent and educated people who are without adequate insurance cover.Sometimes \u00a0one wonders why people don’t buy term insurance in India despite it being such a cheap product. Here are some of the reasons:<\/p>\n

DO NOT FEEL THE NEED TO BUY TERM INSURANCE<\/h2>\n

As term insurance is not mandatory, many people don’t see the value in it. Just because a car insurance is mandatory or a home loan company mandates that you buy term insurance, people do not see a lot of value in buying insurance.They consider it a waste as they are not going to get anything in return. As insurance is not a tangible product ( unlike a car or house) and whose benefits are usually available in the future,many people ignore it. Also unlike western world, where insurance is considered extremely important, in Indian context this is a fairly new concept and we are not used to it.<\/p>\n

DO NOT UNDERSTAND FINANCIAL RISKS<\/h2>\n

Most of us are bad at estimating probabilities, hence we many people prefer to be in denial, thinking- this won’t happen to me. Call it “bhagwan bharose”. Hence we prefer to be self insured rather than getting insured for our risks \u00a0by an insurance company. Many others are not educated about their risks and their families pay heavily in times of a sudden death in the family.<\/p>\n

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

LACK OF MONEY<\/h2>\n

Since insurance costs money, many people in the past couldn’t afford the same. With the advent of cheap online term plans, it has become easier and cheaper to buy insurance cover.<\/p>\n

LACK OF TRUST IN INSURANCE COMPANIES<\/h2>\n

Since life insurance was sold as an investment product to many uninformed people in India, many people are just wary of anything to do with life insurance. As a result, they refuse to indulge in any conversation related to life insurance. They are sometimes pleasantly surprised that they can get such higher term insurance <\/a>coverage by paying such small amounts.<\/p>\n

CONFUSED ABOUT INSURANCE PRODUCTS<\/h2>\n

Insurance companies sell so many variations of life insurance products that a customer usually feels lost and confused. As a result, he is not able to decide as to which product is suitable. Term insurance is the simplest of all insurance product, which unfortunately is never pushed by your neighborhood agent.<\/p>\n

If you also fall in any of the above categories, I’d suggest that you educate yourself by finding more about term insurance and get a premium for your age by getting a quote<\/a> at Trucompare<\/a>. Make sure you buy the best product that meets your needs.<\/p>\n

Never leave things to chance.<\/p>\n

\u00a0\"TruCompare_head\"<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Being in the business of financial advisory, I find many intelligent and educated people who are without adequate insurance cover.Sometimes \u00a0one wonders why people don’t buy term insurance in India despite it being such a cheap product. Here are some of the reasons: DO NOT FEEL THE NEED TO BUY TERM INSURANCE As term insurance … Continue reading 5 reasons why people in India don’t buy term insurance<\/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":[2],"tags":[],"class_list":["post-516","post","type-post","status-publish","format-standard","hentry","category-term-insurance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3wDt5-8k","jetpack-related-posts":[{"id":31,"url":"https:\/\/www.trucompare.in\/blog\/best-term-insurance-in-india-2013\/","url_meta":{"origin":516,"position":0},"title":"Term Insurance Comparison – Which is the Best Term Insurance Plan in India?","author":"Trucompare","date":"September 7, 2013","format":false,"excerpt":"Term Insurance Comparison In earlier posts, we have looked at various criteria that can be used for term insurance comparison. Although it is difficult to say which is the best term insurance plan in India, one can keep the following policies in mind before making a buy decision. HDFC LIFE\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":6,"url":"https:\/\/www.trucompare.in\/blog\/term-insurance-in-india\/","url_meta":{"origin":516,"position":1},"title":"Best Term Insurance Plan in India- How to Choose the Right Plan for You","author":"Trucompare","date":"May 2, 2013","format":false,"excerpt":"Choose Best Term Insurance Plan in India What is term insurance? Term insurance is the cheapest way to protect your family\u2019s finances if worst happens to you. 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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":78,"url":"https:\/\/www.trucompare.in\/blog\/product-review-bharti-axa-term-plan\/","url_meta":{"origin":516,"position":3},"title":"Bharti AXA Term Insurance Plan Life eProtect Review by TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company: Bharti AXA Life Insurance Product Name-\u00a0Life eProtect Product features: Minimum sum assured of 25 lakhs Available up to 30 years duration Maximum Age - 70 years Company's pitch: Claim settlement within 48 hours Our view: PLUS- Bharti AXA has lowest premiums in the market when compared to term insurance\u2026","rel":"","context":"In "Bharti AXA"","block_context":{"text":"Bharti AXA","link":"https:\/\/www.trucompare.in\/blog\/bharti-axa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102,"url":"https:\/\/www.trucompare.in\/blog\/product-review-lic-term-plan\/","url_meta":{"origin":516,"position":4},"title":"LIC of India Term Insurance Plan Review from TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company: LIC of India Product Name-\u00a0Amulya Jeevan \u00a0 \u00a0 \u00a0 \u00a0\u00a0 Product features: Minimum sum assured of 25 lakhs Maximum sum assured- No limit Available up to 35 years duration Maximum Age at Entry - 60 years Maximum Age at Maturity- 70 years Company's pitch: The oldest and most trusted\u2026","rel":"","context":"In "LIC"","block_context":{"text":"LIC","link":"https:\/\/www.trucompare.in\/blog\/lic\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":189,"url":"https:\/\/www.trucompare.in\/blog\/how-to-choose-health-insurance\/","url_meta":{"origin":516,"position":5},"title":"Best Health Insurance Plan – How to Select Your Health Insurance","author":"Trucompare","date":"June 13, 2013","format":false,"excerpt":"The best health insurance policy for you is the one that meets your medical needs. In this article, we will see which factors you should consider before buying a health insurance policy. 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