September 30, 2022

Everything You Need to Know About Term Insurance Riders             

Feb 26, 2021

A term insurance plan is an indispensable part of any effective investment portfolio. If you are searching for the term plan meaning, then read on.

A term plan is a pure life insurance policy that secures the economic future of the policyholder’s family in the case of his or her death. It provides life insurance cover for a specific duration and at a fixed premium throughout the policy tenure. Another highlight of a term plan is that you can purchase riders at a nominal cost, which is beside the basic premium. Riders can widen the scope of your coverage by providing you with extra protection.

Types of term insurance riders and their benefits

Here is a list of some well-known riders that you should know about:

  • Accidental death rider

If the policyholder loses his life due to an accident within the tenure of the policy, then this rider ensures that his or her nominees get an additional sum assured over and above the life cover. For instance, if you have a term plan with a life cover of INR 1 crore and have taken an accidental death rider worth INR 20 lakh, your nominees with receive INR 1.20 crore (INR 1 crore + INR 20 lakh) if the unfortunate event happens due to an accident. It is advisable to invest in this rider, if you travel a lot due to work or if your job demands working in dangerous conditions.

  • Terminal illness rider

Terminal illness rider, which is also known as accelerated death benefit rider, can be beneficial for policyholder’s family if he or she is suffering from any terminal illness. In this rider, if the policyholder is diagnosed with any terminal illness within the policy period, the nominees receive a part of the life cover in advance to meet the medical costs. As the cost of hospitalization and medication is increasing day-by-day, such an amount can come in handy for the family. With this rider in place, there is no need to worry about arranging finances from other sources or taking a loan to meet the expenses related to medical treatment.

  • Income benefit rider

The primary role of this rider is to help your family generate income during your untimely absence. In the case of the policyholder’s demise within the plan’s duration, the nominees will receive a supplementary sum for five to ten years along with the pre-decided sum assured.

  • Waiver of premium rider

This rider protects you from paying the insurance premium if you lose your source of livelihood or are not in the position to earn due to a disability. With this rider, you can get value for money, as you remain insured without paying a premium until the policy expires.

  • Critical illness rider

If the policyholder is diagnosed with a critical ailment, which is already specified in the terms of the policy, then he or she receives a substantial lump sum for the treatment. This rider covers illnesses like stroke, cancer, heart attack, and kidney failure among others. It is recommended that you check with your insurer about the list of illnesses covered before buying this rider.

It is essential to invest in term insurance and the riders needed as per your requirements. It will prove useful, as you and your family can remain protected from financial uncertainties that can arise due to an illness or an untoward incident.

You can buy term plan online to get the best deals on the premium. If you wish to ease the daunting task of selecting an ideal plan, you can use a term plan calculator. It will assist you in determining the premium needed for a particular sum assured in quick time. This makes a term plan calculator a time-saving tool. Riders come with many benefits. So, it is necessary to know about their various aspects before applying for one.

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How to Go About the Process of Applying For a Business Loan

Feb 24, 2021

If you are a business owner, then you may be experiencing a difficult period due to the global situation. Indeed, if you are looking for a short-term injection of finance for your business, you should consider the various options that are available. You could choose to apply for a loan from a more traditional type of lender while you may have to provide some form of collateral against a particular loan. However, you should also be aware of a variety of other solutions if you require a short-term injection of cash for your business. Furthermore, if you are looking for an unsecured business loan, you should consider a number of online providers as they may be able to give you the finance that you need without having to provide a considerable amount of collateral. For more information about online providers that can give you an unsecured business loan, you should think about consulting an online business directory as you can identify a variety of providers that you can contact.

  1. Take your time to choose the right lender

If you want to go about the process of applying for an unsecured business loan, you should think about the various options that are available. Indeed, by taking your time to find the right provider for your requirements, you can ensure you are able to meet the repayment terms. Furthermore, you should also understand that an unsecured business loan will not require you to put up a considerable amount of collateral against the amount of the loan.

  1. Choose the best type of loan for your financial situation

In addition, you should also be aware that a number of unsecured loan providers are available on the Internet while you should take your time to choose the best type of loan for your financial situation. This is especially pertinent if you are looking for a short-term injection of cash for your business as you may not have to provide collateral to the lender.

  1. Compare a variety of potential lenders

Lastly, it is important to understand that you should take your time to compare a variety of different companies so you can understand the interest rates that are available as well as the repayment terms that are on offer from the different lenders. By taking your time, you can make an informed choice about which particular loan would be appropriate for your needs.

  • Take your time to choose a lender
  • Choose the right type of loan
  • Compare several options

Therefore, in conclusion, if you will be applying for a business loan in the future, you should take your time to consider which particular option would be appropriate for you, while you should also think about the best type of loan for your financial situation.

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4 Ways to Receive Emergency Financial Assistance

Feb 15, 2021

Emergencies know neither time nor day to come. Anyone can find himself in an emergency situation that needs immediate financial assistance. Maybe you get into an accident and need immediate medical help, you need to pay school fees, or you’re being evacuated from your apartment.

Things can worsen if you have no reliable source of income and cannot apply for an emergency loan from any financial institution. And now you need a huge amount of money to sort out of your emergencies.

Finding emergency financial assistance at such time is an uphill task, but not impossible. There are various ways to find emergency financial assistance listed in this article.

Government Intervention through Individual Cash Grants

The U.S government can provide you with grants in case you need emergency financial assistance. Various government programs are set aside to offer this service when hardship knocks on your door.

They’re not some form of an emergency loan, so you don’t have to pay them back. The government provides it to any individual who requires financial aid.

But before receiving these government goodies, there are requirements to fulfill. Such conditions include your unemployment file if you’re not employed and your welfare file. These documents will prove that indeed you deserve financial support.

Turn To Non-Profitable Financial Institutions

Don’t get stranded if you can’t meet government requirements to receive emergency funding. There are still numerous nonprofit programs that are within your reach for the needed assistance. These nonprofit organizations aim to help people with different things ranging from financial support, food, housing, and medical aid.

The organizations not only help with the programs, but they can also link you to government funding. They help people in need of long-term assistance from government programs by facilitating their application process.

You’ll be able to get financial or any other support you need from the government after they’ve helped you in the application process.

Look for Religious Agencies

Many religious agencies, such as churches, provide food and clothes to the less privileged. Many of them can also come in your aid for financial support when you’re stuck in an emergency need.

Others support people within their faith or denomination while others are willing to assist anyone who needs their help.

In case you need an emergency loan, you can approach them. Others may require you to join their agencies as a requirement which is not hard if you need the assistance.

You might also be lucky enough to find those who don’t need any complicated requirements. This is because they’ve mandated themselves to assist society no matter your religion. As long as you can prove that you’re in need, then you’re good to go.

Go for Emergency Assistance Options like Crowd Funding

Emergency financial assistance options like Crowd funding have helped many people who need loans in tough times.

They carry out emergency fundraising to help people struck by disasters, pandemic, or chronic illnesses. Reach out to these people for loans or any kind of financial support whenever you need help.

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