Strategies for getting the most out of a term plan at a very low cost

While it doesn't offer any returns, it helps you cut down outgo to a great extent while offering a much higher cover than any other life insurance plan

Recently, two life insurers – Max Life Insurance and Aditya Birla Sun Life Insurance (ABSIL) – conducted surveys to find out the financial preparedness of Indians. While the numbers differed, both companies have common findings. Individuals don’t prefer term plans though they are the cheapest product to provide security to their families.

The Max Life survey says that a third (33.3 per cent) of the respondents had life insurance policies, but only a fifth (20 per cent) had a term plan. The ABSIL survey shows that 83 per cent of the respondents were aware of the amount they needed to