Term Plan Life Insurance Your Replacement In Your Absence

I, Sunil Narayan Mishra, work with one of the IT startups in Gurugram. My friend Ritesh and I were born in the small town of Jharkhand. We did our schooling together and fortunately after our studies were able to get placed in the same company. It was 8 PM on the night of 31st March 2019, and we were driving back home after a tiring day yet a happier day for Ritesh as he was awarded the best employee of the year consecutively for the 4th year since we joined this company in 2015. Ritesh and I were enjoying the latest music audio of our favourite music band. We were planning for the birthday of Ritesh’s daughter, who was to turn one year old on the 5th of April, and everything was going perfectly until we had a clash with a heavily loaded truck on the highway. The following day, Ritesh was no more with us. He left behind his daughter aged one year, wife aged 28 years, and mother aged 64 years. Being the only bread earner of the family, it was a dead-end for Ritesh’s family.


In his short career of 4 years, Ritesh could hardly save Rs. 4 lac in his bank account and plan to buy his family’s dream home. This amount of Rs. 4 lac was not sufficient for the survival of his family. But a few days later, we came to know that Ritesh had taken a term plan for Rs.2 crore just seven days before him leaving all of us alone in this world. Though nothing can replace Ritesh and his family’s emotional and mental loss, his decision to buy a term plan was sufficient to provide his family with financial security. The claim of term plan paid by the insurance company ensured regular monthly income to his family and helped them buy a small house and funds for her daughter’s education.

“If you think Term Plan is expensive, you should take a look at the cost of Tea you drink every day ”

   A term plan is the purest form of insurance that all of us must have. It hardly costs you two cups of tea in a day and safety for your family in your absence. You pay a regular premium, whether monthly, quarterly, half-yearly or annually, at your convenience. It’s your risk cover amount, age, and policy tenure that primarily decide the premium amount you have to pay.

  • Term Life insurance provides coverage for a fixed time at a fixed premium rate.
  • In case of the untimely death of the life insured during the policy term, the nominee of the life insured gets the Total Payout/Benefit. The benefit is paid as a lump sum payout or a combination of Lump sum & Monthly payout or only as a monthly payout.
  • Therefore, Term Plans are said to be pure protection plans that ensure the dependants’ financial stability in case of the untimely death of the life insured.

So, What are you waiting for? Buy a Term Plan Now !!!!

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