How does a term plan help to reduce the financial tensions that parents go through

"Crunch!" went the wheel wrench as he stepped on it and the rivets tightened in the grooves of the tyres."There,it is done", he said and putting his right palm forward, said " Rs.200/-". "What, are you crazy? The guy at the kerb who even fixes up the puncture does not charge that much", I said. "Dad, I am your son. If I would not have been here, you'd have to push your car to the shop or call him and wait till he reaches. I am saving you all that trouble. It's worth it. OK....give me Rs.150/-." My son had grown big, I told myself. He fixes the tyres, knows how to bargain and how much to extract from his father. By this time my wife and daughter were giggling in the car. All of us were set to go to the mall to have a quiet dinner and before that, enjoy a good movie.

We reached the mall and as usual, my daughter went and purchased the tickets. My son received a call on his cellphone, presumably from his girlfriend and slinked into a corner to make a quick conversation. Me and my wife looked at each other." The kids are growing up fast,double fast", I said. She nodded and then in a solemn tone said, "What if....?" and trailed off. I looked at her. Both of our minds went back 1 year back when suddenly, out of nowhere, I had a cardiac arrest so serious that I was bedridden for around 6 months, out of action and out of work. Both our kids were entering college then. Thankfully, things have improved a lot since then but the thought of me not being around still arouses fear.

With a term plan, my family has the necessary security that God forbid, they should not need! Now, even when I'm not around, their regular, educational and other needs can be easily met. So, after me, my wife will not have to worry about how to pay our kid's college fees or how to purchase their books etc. I've taken care of all of that by buying a term plan much before I had the cardiac arrest.

A term plan is insurance in the purest sense. In a term plan, on the untimely demise of the policyholder, the beneficiary would receive payout of the Sum Assured in either lump sum or monthly payments. Some policies like Edelweiss Tokio Life - MyLife+ also offer an option of receiving the payouts in a combination of both lump sum and monthly payouts. So, now with a term plan in place, if I am no longer amid my family, my wife need not bother about how to meet our daughter's marriage expenses or our son's aspiration to become a commercial pilot.

Although the movie was pathetic, but the evening was nice with all of us together having a good time dining and cracking jokes. More so, because I knew that this would continue even when I'm not around. A term plan would make sure that absence of my life would not turn their life upside down. Generate a quote today for a term plan.

Hi, I am Mukesh. I give advice about Life Insurance, term plan and other financial products.