OneInsure Blog

July 15 Blog Post
Term Insurance

Don’t Live a Substandard Life – Get Insured before It Is Too Late

Every smart Indian realizes the crucial role a term plan plays in their financial portfolio. There is no product quite like it in the market. For a sum as low as Rs 450 a month, you can be covered for Rs 1 crore for a term of 30 years.

This term plan will pay-out the lump sum money to your family in case you meet an untimely death anytime in the term of 30 years. This Rs 1 crore will ensure your family is not thrown into the depths of poverty. This money will make sure your children are educated well and that your family does not have to make sacrifices to their lifestyle because your income has stopped.

Sounds great, right? A term plan is the perfect safety net in case the worst happens to you.

However, there is a catch. And you need to be careful you are not disallowed from buying term plan coverage. Here are some points you probably did not know and need to be careful about:

  • Once you cross 40, it becomes increasingly difficult to buy pocket-friendly term insurance
  • If you suffer from one issue in the body, like high BP or Diabetes, insurers will increase premiums quite sharply regardless of your age
  • If you suffer from two issues, you will only be eligible for "substandard" term insurance

What Is Substandard Insurance?

Due to the reasons mentioned earlier, if a policy seeker does not qualify for a standard insurance policy, the insurer could provide them a substandard insurance policy. Substandard insurance policies are to be avoided at all costs because they typically contain special or restrictive provisions that negatively affect the airtight nature of insurance. Moreover, the insured individual will have to pay higher premiums due to the higher risk associated with their life.

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