Malfunctions of My Brain by Antony Trackfinder

The truth is bitter, and ugly when it is naked. According to our Indian customs, Family (Kutumbam) comes first.
This write-up is about a serious subject called Term Plan. You should spare sometime to read, discuss and take action on this subject if you care for your family.

Death is painful
Death comes unannounced
Death knocks us down
Death kills smiles and happiness
Death destroys the future of beloved’s.
Why should one’s death lead to one’s family members’ suffering for a long period without money and support, isn’t that more painful?

We always shy away from discussing this because we are predominantly superstitious. I want you to read what I have written with calm in your head, love in your heart and willingness in your hand.

📌 What is a Term Plan and why one should take it?
Term Plan is an insurance cover that offers financial support to the dependants of a policyholder in case of death of that earning member of the family during the policy term. Unconditional Financial Support is what it gives. Your Term Plan cover is directly proportional to the love you have for the family as a breadwinner. An adequate cover will help the family to maintain their lifestyle as you always wanted. That is the whole purpose of a Term Plan Life Insurance.

📌 Is Term Insurance better than LIC Policies, Money Back or Endowment Plans?
Yes, Term Plans provide pure life cover. It is very cheap, because, this does not have any saving or profit sharing component in it. Other plans may look attractive but are more expensive vis-à-vis this one. In simple terms, Term Plan is small payment for big coverage and others are huge payment for small cover.

📌 Who should be taking it and when?
Every earning member of the family should have a Term Plan to protect their family from all unforeseen and unfortunate mishaps. Especially if you have dependants, wealth creation goals for your family, and loan liability.
Like I said earlier, family comes first, hence the headline makes sense. Don’t let the your loved ones suffer because of your negligence.

📌 When one should take it?
Soon after your first job and your first three months’ salary. The earlier you take is the better, you pay less premium for being young and educated.

Let me give you some examples.
25-30 Yrs old.
₹750** a month for a ₹1 Crore.
35-40 Yrs old
₹2500** a month for a ₹1 Crore.

📌 What types of deaths are covered?
Natural, Accidental, death due to any illness including critical and terminal illness. Technically every kind of death is covered. Term Plan can’t talk, but it says, “Me Hoon Na!!”

📌 How much term insurance do I need?
As per the best practice, the sum assured should always be a minimum of 10 times your annual income, if you choose a higher cover, that’s even better. While this is the norm, make your own judgment, based on your needs and preferences.

📌 How is the Insurance coverage paid in the event of death of the policyholder?
On the death of the policyholder, the nominee has to scan all relevant documents and email it to the company or to their Family Financial Advisor – Trackfinder Team. Thereafter, in 10 working days, the lumpsum payout will be made to the nominee.

📌 What if you already have a Life Insurance or a Term Plan?
Most often I get replies like this – I have “enough” LIC policies, my parents bought something for me, my company covers my life, I will think about it later, I don’t want to leave anything for anyone when I am gone.
So if you fall in any of the above, review what you have, discuss what you want, allow me to handhold you and help your family.

📌 Most important question – I do not have a Term Plan and would like to buy one. Should I buy it directly online?
Tell me, when you’re away from home, would you prefer your family to run around to sort out issues that you created?
If your answer is No, then imagine what happens when they have to meet strangers to claim and receive the insurance amount when you stop existing?
You may not find Mine and my Team’s importance in your life today, but your family may find that as the best thing you did for them.

📌 Synopsis of a Term Plan

1. Buy large life cover
2. Go for cheaper premiums
3. Take tax benefit U/S 80C of IT Act
4. Use multiple payment options
5. Always opt for lumpsum payout
6. Add on riders (Accidental and Critical Illness)

Hope this article was informative and helpful for you. If this touched you, please, you may share this with your near and dear one’s.
For more details on Term Plan policy and other necessary Insurance cover, please talk to me or my team.

Warm regards,
Antony Trackfinder

Credits
Ms Roman Miranda (Co-Author/Director)
Ms Leena Antony (Editor/Director)