Are Term Insurance Plan Add-ons and Optional Features Actually Beneficial?

We all want something extra with everything that we buy, right? So, why not when you invest in a term insurance plan? Opting for add-ons and optional features in term insurance plans give you the maximum benefit and ensure that you and your family are financially covered and secure in every aspect. Moreover, opting for additional features ensures that you and your loved ones are better prepared for all the unforeseen and untimely mishaps coming on your way.

This article tells you all about whether term insurance plans add-ons and optional features are actually beneficial or not. Let us first understand what a term insurance plan is.

What is a Term Insurance Plan?

A term insurance plan is the simplest form of an insurance policy wherein the insurance company provides death benefits and financial security in exchange for the premiums paid by the policyholder. This ensures that the policyholder and his family are protected in untimely and unforeseen events and can easily survive the rising cost of inflation rates.

Below mentioned are additional benefits and optional features of term insurance plans which will help you get wider access to things and provide additional security from various things.

Additional Benefits and Optional Features of Term Insurance Plans That You Should Go For

  1. Accidental Death and Disability Add-On

Accidents can happen anytime and anywhere. The worst part of accidents is that we can never see them coming. Accidents can cause both death and a lifetime disability which can restrict you from being able to earn. They can both drain the policyholder and his family financially and emotionally. One of the additional benefits of a term insurance plan is that it covers accidents. Opting for accidental benefits lets your family deal with the financial aspect and ensures that they are able to continue with their lives even if you are not around to help them.

  1. Diagnoses of Critical Illness Add-On

We can get diagnosed with a critical illness anytime, be it cancer, brain tumour, lung problems, etc. The cost of medical treatment of such critical illnesses has risen by multiple folds in the past few years. This can also emotionally and financially drain both the policyholder and his family. Another add-on of the term insurance plan is that it covers the majority of critical illnesses. As a result, the policyholder and his family do not face any financial constraints and ensure that he or she can fully focus on recovering from the illness.

  1. Waiver of Premium Add-on

In case you meet an unforeseen accident, you might not be able to earn or may have a reduced income. In such cases, the amount of premiums that you will have to pay might worry you. The term insurance plan offers an additional benefit of waiver of the premium add-on. With this, you will not have to worry about paying the premiums for the life cover you have opted in case of accidents or disability

We often worry that going for additional benefits might make the overall cost of premiums very expensive. Well, the cost of the premiums does go up by a slight margin. However, the premiums cost still remains nominal and cheaper than other insurance plans.

Going for additional benefits for term insurance plans is definitely a yes. This ensures that you and your family are financially secure and covered in all aspects. So, suppose you have planned to invest in a term insurance and opt for add-ons. In that case, we recommend you choosing a reputed and top-rated insurance providing company with a good claim settlement ratio.