Kochi, a major port city on India’s Malabar Coast, is also known as the Queen of the Arabian Sea for its unmatchable beauty and serenity. It is the industrial, financial, and commercial capital of Ke…

Qutub Minar is an Indo-Islamic architectural marvel recognised as a UNESCO World Heritage Site that was built by Qutubuddin Aibak in 1193, to mark the beginning of Muslim dominance in Delhi. The mi…

Once you have a group trip in mind, then you can start all the details and planning of group travel. That is not an issue these days, but still, it is a big deal when you have to arrange for group travel that comprises many people. And many in the group would want discounts on their travel. So...

Term insurance guarantees payments to the mentioned nominee in case of the insurer’s death. Unlike other life insurance policies, a term plan becomes payable only in case of the demise of the insurer. Term plans work as a guardian for your family’s financial future in case of your sudden absence.How Does a Term Insurance Plan Work?The working of the term plan can be easily understood under 3 main pointers - Purchase, Maintain and Benefit.Purchasing the PolicyBefore you purchase a term plan, you should research the best term insurance plan that suits your needs. It is usually a contract between two parties; one who owns the policy and the one who provides the policy which is the insurance company. As per the contract, the owner agrees to pay the premiums and the insurance company agrees to pay a death benefit to the owner’s beneficiary upon the death of the owner. The benefit is usually tax free.You need to understand the requirements of your family upon your death. You must choose the right term length and the right amount of death benefit for your family under any unfortunate scenario. You must name your nominee or beneficiary. A nominee or beneficiary is someone who will be the owner of the amount received after claiming the term insurance.After all the calculations and evaluation, you fill the application form and purchase the term plan that suits your family’s needs. It should help your family maintain financial stability when you leave.Maintaining the PolicyYou have purchased the best term insurance as per your needs. Now it’s time to maintain the policy. It simply means paying your premiums of the term plan timely. You are also eligible to choose the frequency of the premiums paid. It can be monthly, quarterly, regularly or even yearly premiums. You must decide the frequency keeping in mind your current financial stability.While paying the premiums for the term plan, you can also opt for some add-on benefits or add-on riders. An add-on rider means you have added another insurance cover to your term insurance. It may include accidental insurance, accidental disability cover, serious illness covers and many more such covers can be added. Though it will slightly increase the amount of premium you pay, but it will ensure you more safety.Claiming BenefitsYou have chosen the best term insurance for yourself, and you also paid the premiums for your term plan on time. Due to any mishappening, in case of your demise, your beneficiary is now eligible to claim the insurance cover agreed between you and the insurance company. Term insurance plans do not have any maturity benefits like other plans. It can only be claimed after the death of the insurer.Though the term plan does not provide any maturity benefits to you, it is considered one of the best options to go for to secure your family. Mishaps never come informed and, in such cases, your family needs should always be your priority. Select the best term insurance for yourself and keep your family’s financial stability safe and secure in case of your absence. 

Most people want to save money, but they have nothing left when they reach the end of the month. They may spend more simply because they have funds in their

The Qutub Minar is a famed structure that stands tall in the capital city of India, Delhi. This minar is approximately 240 meters tall and has got five storeys with a staircase whi

If your idea of travelling is exploration, Kolkata will not disappoint you. Kolkata is a standing juncture of antiquity and modernity.