As a stark reality, the COVID-19 pandemic has made people across the globe fear losing their lives. Although the rate of infection spread is lower these days, the fact that the virus has not gone anywhere is enough to be cautious. Many individuals who fail to follow the basic precautions to prevent Coronavirus spread are at higher risk of contracting the disease.

While living with the family closely for so many months, most people have realised how important it is to safeguard the well-being of their family members. The loss of income and financial instability have made many realize the importance of buying the best term insurance plan. 

If you are responsible to take care of dependents in your family financially, there are many reasons you should explore the various types of life insurance plans available and their benefits. Based on your personal preferences and requirements, you can choose the best term insurance plan during this pandemic.

1. To Keep Your Family Financially Strong

   While going through the daily chores, you must be wearing a mask while going outside, sanitizing your hands more often, and maintaining social distancing norms. Still, you never know if you would come home safe and virus-free. Such has been the risk to everyone’s life. If you know someone who contracted this virus and suffered severely in many terms, you could realise the risk to your life as well.

   With the best term insurance plan by your side, you can avoid worrying about your family’s future in case uncertainty came knocking on your door. The plan benefits will ensure your loved ones need not depend on others for their monetary needs. Think of buying the best term insurance plan in India as a shield against the financial risk of contracting the virus. The earlier you buy a suitable plan for yourself, the better.

2. To Plan for a Secondary Income

   During the lockdown phase in India, layoffs have been among the many news coming up every day. Different industries laid off hundreds or thousands of employees to deal with the impact of COVID-19 disease. With some sectors being adversely impacted due to the complete shutdown, many individuals had to rely on their savings to make ends meet. The scenario was even worse for families who lost the breadwinner during this tough time.

   With the best term insurance plan, you can plan to help your family avoid such a financial crisis. Instead of a lump sum pay-out of the sum assured, you can select monthly income benefits for the family. In case of your demise, the beneficiary will receive a monthly income as defined under the terms of the plan. It will act as a secondary income source for them to live their lives happily.

3. To Stay Prepared for a Health Crisis

   If there is something that the mighty Coronavirus has moved our attention to, it is our immunity to fight against various diseases. You might have seen people doing all that they can to make their health immune to the virus. On the other side, there is a high risk of facing various health problems, including Coronavirus contraction. Getting the best quality treatment for any critical disease requires a considerable amount.

   You can plan for a possible health crisis by buying the best term insurance plan in India. Most term plans offer critical illness coverage through riders. The benefit of these riders is above the base plan and is payable on diagnosis of any of the listed critical illnesses. The current pandemic situation, paired with the rising lifestyle-related diseases, is crucial when selecting the additional critical illness benefit with the term plan.

   Know the Right Way to Buy Term Insurance During Pandemic

   Deciding to buy the best term insurance plan is the first step towards ensuring financial security. The next one is about finding the right way to get the best possible insurance coverage. Keep in mind these three things when you purchase a term plan in the current times:

   • Buy It Online

     During the lockdown phase and even afterward, more people prefer buying things online. The same goes for term insurance. This is a significant change in the policy buyers’ outlook towards getting a life cover, which was more inclined towards the offline mode previously. It would be best if you buy online term insurance from the comfort and safety of your home.

   • Get the Nomination Done Right

     While buying the best term insurance plan, make sure you select one of your family members as the nominee. In your absence, the selected nominee will receive the proceeds from the plan. The nominee should also be aware of the right course of action to file a claim under the chosen plan.

   • Check Benefits Before Buying Any Plan

     Just because there is a pressing need to buy different types of life insurance plans does not mean you should go for a random pick. Not every term plan available is the best one for you. It is thus crucial that you check the benefits of a term plan before buying it.