Term Life Insurance | Mark & Glenys Sequeira

At Glenys and Mark Sequeira

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What is Term Insurance?

Term insurance is the simplest and most cost-effective form of life insurance, designed to provide financial protection to your family for a specific period of time.

Pure Protection: Term insurance is a "pure risk cover." You pay premiums for coverage with no savings or investment component.
Fixed Term: It provides coverage for a specific, pre-defined period or "term," such as 10, 20, or 30 years.
Death Benefit: If the insured person dies within the active policy term, the insurance company pays a pre-determined amount (the Sum Assured) to the appointed nominee/beneficiary. This payout is typically a tax-free lump sum.

🎯 Who Should Buy Term Insurance?

Newly Married People

If you are starting a family term insurance may help you protect your partner and children from financial troubles in your absence. Choosing the best term insurance plan in India can give them the necessary financial support in your absence.

Single Earners

If your family depends only on your income, a term life insurance policy is important. It gives a specific amount to your family in case of your unfortunate demise. Picking the best term policy in India helps ensure you get the right cover at an affordable cost.

Individuals with Existing Loans

If you have a home or personal loan, a term insurance plan helps ensure your family is not burdened with repayments.

People with Other Debts

If you have education or car loans, a term plan helps your family handle those expenses even after your absence.

🎯 How does a Term Plan work?

A term plan is a type of life insurance that may help protect your family if something happens to you during a set period. Here is how it works:

First, you choose the sum assured and the policy term, then pay regular premiums to keep the plan active. These premium amounts can be paid monthly, quarterly, yearly, or as a single payment.
If you pass away during the policy term, your nominee might receive the sum assured as a lump sum or regular income, depending on what you chose earlier. However, if you survive the term, there is no payout, unless opted for return of premium (ROP).
Moreover, the claim process is simple. Your nominee may need to submit documents such as the death certificate, claim form, KYC documents and Bank details to the insurer.
In addition, after the documents are checked, the insurer would release the funds as per the policy.
This makes a term insurance plan an affordable option that often helps your family manage their expenses if you are not there.

Starting a Family:
When you begin a family, your responsibilities increase. If something happens to you during this stage, term insurance provides a fixed amount to your nominee. This helps your family cover daily expenses.
Planning for Children’s Education:
Higher education needs good financial support. If you are not there when your child is ready for school or college, term insurance provides the assured amount to your nominee. This helps your child continue their studies without financial worries.
Children’s Wedding:
Weddings comes with heavy expenses like jewellery and celebrations. In case of your untimely death, the term insurance amount can help your family arrange for your child’s wedding without financial pressure.
Managing Liabilities:
If you have home, car, or personal loans, your family may struggle to repay the loans in your absence. If something happens to you, the insurance amount helps clear these debts. This prevents your family from dealing with unpaid EMIs.
Maintaining Lifestyle and Future Security:
Prices rise every year, making daily life more expensive. If you pass away, term insurance gives a fixed amount that helps your family keep their regular lifestyle. It also supports them in the long term, especially if you haven’t built large savings. This amount works like financial support in your absence.

What are the important life stages to buy Term Life Insurance?

Term life insurance is important if you want to protect your family from financial challenges. It is helpful when you are the only earner in your family. Here are some important stages in life where term insurance becomes very important.

Examples of how Term has worked

👨‍👩‍👧‍👦 Income Replacement for a Young Family - The Safety Net

Priya was a planner. At 35, she wasn't just managing the marketing department at her firm; she was managing the future of her two young children, five-year-old Kabir and three-year-old Leela. Her salary was the sturdy spine of their family’s budget, covering the mortgage, the monthly expenses, and, most importantly, the savings plans for their eventual university education.

Her husband, Rohan, handled the home front, but he often worried about the what-ifs.

“What if something happens to my income?” he’d asked one evening.

Priya nodded, already researching. “We cover the house, the car, the health. We need to cover the income too.”

She settled on a Term Life Insurance policy—the purest kind. It wasn't an investment; it was a promise. She chose a ₹1 Crore Sum Assured with a 25-year term, enough to cover their debt and replace her income until the children were well past college age. The premiums were small, a tiny fraction of their monthly budget, but they felt heavy with significance. It was an armor forged from paperwork.

Ten years passed in a rush of school projects, birthday parties, and promotions. Priya was 45, and the term policy had quietly hummed in the background, a silent guardian they rarely thought about.

Then, life delivered the unthinkable. A sudden illness took Priya away, leaving a chasm in the family's life.

In the immediate haze of grief, Rohan felt the crushing weight of panic. How would he manage Leela's high school fees and Kabir’s impending college applications while navigating this emotional landscape?

Then, the term policy activated. Because Priya had planned, because she had faithfully paid those affordable premiums, the promise was kept. The insurance company transferred the full ₹1 Crore payout to Rohan.

The money wasn't a remedy for the pain, but it was a shield against financial ruin. Rohan used a portion of the funds to pay off their remaining liabilities, instantly removing the stress of the monthly mortgage and car payments. The remaining capital was invested in low-risk funds designed to act as Priya’s replacement income and the children's guaranteed education fund.

Thanks to the term insurance, Rohan didn't have to scramble to find a high-paying job immediately or worry about cutting into the children’s college savings. He could afford to take the necessary time to grieve with his children, ensuring their emotional well-being came first.

Priya’s foresight meant that her love, expressed in the practical form of that annual premium, continued to provide for her family exactly when they needed it most, protecting the life they had built together.