Is focus on 3Ds available in your Term Insurance? – MoneyMindz

By | 06/09/2018

India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz

    Term Insurance in India is still not as popular as it should be. It is overlooked even now. But it is imperative too. Moneymindz, India’s First Free Online Financial Advisory

What is Term Insurance?

In simple terms, a Term Insurance is nothing but protection for your family during your absence. If you have dependents, Term Insurance takes care of your family needs immediately after you decide to leave this mortal world forever.

Term Insurance will clear any debt you held and couldn’t clear before death, provide funds for your minor children’s education till they are 18 and take care of the immediate financial stress your family would otherwise have to cope up with. Moneymindz, India’s First Free On call Financial Advisory

It is unpleasant and even frightening to think about death, but one has to plan for the future. When you can plan for your career, your kids’ education, etc. certainly you can and should plan for something in case you didn’t survive to see your kids grow up. You should ensure something to take care of your family needs in case you are no longer around. That’s why Term Insurance exists.

In case you already have Term Insurance, here is a question for you. Have you focused on the 3Ds of your Term Insurance? Do you know what 3Ds are why they are important?

We aren’t talking about 3 dimensions here. We are talking about the 3Ds of your Term Insurance. The 3Ds are Death, Disease and Disability.


1. Death

The demise of a loved one is the hardest thing in the world to accept, more so if the deceased person happens to be somebody you are dependent on. The central benefit of Term Insurance is the financial benefit received by the nominee upon the death of the insured individual. It secures your family from immediate shocks they would otherwise have to go through in the unfortunate event of your demise.

Man is mortal and nothing can be done to make man immortal, at least in the current era. But in the current era, you at least have Term Insurance to take care of your family’s immediate financial requirements as soon as your time to depart arrives. Smart Financial Advisor, Kuber Mindz

2. Disease

Those who purchase Term Insurance get Critical Illness (CI) Benefit. Various Term Plan options are available everywhere offering cash payouts to policyholders in case they are being diagnosed with a major or life-threatening illness. If you have an Emergency Fund, this fund can become almost empty due to the expenses for your treatment and hospitalization. If you don’t have an Emergency Fund, start it right away. An ideal; Emergency Fund should contain 6 to 12 months of your monthly income. Buying Term Insurance will share the burden of paying for hospitalization and leave some funds in your Emergency Fund for dealing with some other emergency.

3. Disability

In case you don’t die but face a critical injury, you can still count on Term Insurance. When you are being disabled either temporarily or permanently, Term Insurance will supplement your income for some time. Terms and Conditions do apply, so check that before settling on one Term Insurance Plan.

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