Updated: September 4, 2020 9:07 PM IST 
Amid the COVID-19 pandemic, which has claimed many lives people across India, it is important for us to focus on our health and adopt ingenious measures that would not only protect us but also our loved ones in case of an unforeseen and unpredictable event.
India’s tally of COVID-19 cases crossed the 24-lakh mark in the working week ending August 14, 2020 with 64,553 new cases added in 24 hours, while the death toll climbed to 48,040 with 1,007 more fatalities [1].
These testing times call for a backup plan that would secure an individual’s life and the lives of their loved ones. The best way to safeguard yourself and them is to buy a term insurance plan that enables families to meet their financial goals or pay off liabilities in case of an unfortunate event.
However, before buying term insurance, it is necessary to understand the various terms, conditions and especially, how to choose the right policy period.
What is Policy Period?
Policy period refers to the duration for which the plan provides life cover to the policyholder. It encompasses the time between the exact date of policy inception and the date of expiration.
Notably, the policy period is not the same for each individual as everyone’s financial goals, commitments, dependents, and liabilities are different. Hence, before finalizing the right policy period, it is important for the policyholder to understand the financial challenges their family members would have to bear.
How to choose the right policy period?
1. Age: One of the most important factors is the age. The earlier a person can get term insurance, the lower is the premium.
2. Responsibilities and the total number of dependents: Term insurance policy period should be gauged according to the number of dependents in your family, given you have to secure their future. Additionally, it also depends upon the burden of your liabilities such as a personal loan, home loan, car loan etc. If your liabilities do not come down with age and you have a large number of dependents, then you should opt for a whole life cover.
3. Understand your life goals: The primary aim of a term insurance policy is to make sure that your family members are financially secure and able to fulfil their life goals in a hassle-free manner, in case of your untimely demise. Term insurance, when these life goals are defined, can help you shield them. Defined life goals also help you assess the policy period of your term insurance.
4. Time left for retirement: You can also plan term insurance basis your retirement age. In this case, your policy period is dependent upon the number of years left until your retirement, early or otherwise.
Get a term life insurance, and secure the life of your loved ones. It is also advisable that you evaluate the “Claim Settlement Ratio” of the various insurance companies since it helps you establish trust that your family will be taken care of in your absence.
Take for instance, Bajaj Allianz Life Insurance, a leading private life insurance company with extensive presence across the country. It serves millions of customers through its 556 branches, 80,000+ agents (as on 31 May 2020, a comprehensive set of trusted partners and via its online sales channel. The company has a claim settlement ratio of 98.02% [2]. One can also get a claim approval in 1 day [3].
Bajaj Allianz Life has also been rated AAA (In) Rating by CARE – Highest Claim Paying ability [4]
Hence, a good term insurance plan is one, which is defined by your needs.
Insurance term plans
Bajaj Allianz Life has introduced a term insurance plan with the new-age features. Let us explore the plan below:
Bajaj Allianz Life Smart Protect Goal – A Non Linked, Non-Participating, Pure Life Term Insurance Plan
Bajaj Allianz Life’s Smart Protect Goal is a comprehensive term plan with competitive premium and yet provides you with an all-encompassing life cover. It not only offers the option to get back the entire premium at the time of maturity but also protects against financial loss from several critical illnesses.
Multiple variants of the plan have been designed to offer a customized solution to suit your unique needs. Some of the key features include:
· With Bajaj Allianz LifeSmart Protect Goal, you can get a 3% discount on online purchase^
· You can get Rs 1 Crore coverage with just Rs 18 per day~.
· Moreover, 55 critical illnesses will be covered under the package#.
· It has other benefits such as child education and the return of premium (on maturity) option#.
In all, term insurance is a plan you should not let go off. It is a safety net that not only charts out a roadmap towards your own life goals but that of your family as well. Not only that, this is also a plan that propels you towards your dreams and secures your future. The pandemic may be raging high now, but life is more than that. Even when it ends, you have unpredictability and other factors to take care of. Ensure that you insure yourself now, to get the cover you deserve.
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