Myth 1: Term Insurance is Expensive

Truth: Contrary to popular belief, term insurance is one of the most cost-effective forms of life insurance. It provides a high coverage amount at a relatively low premium, making it accessible for individuals with various budget considerations. At Instabima, we offer affordable term insurance plans tailored to your needs.

Myth 2: No Returns if you Outlive the Policy Term

Truth: It's a widespread misconception that if you survive the policy term, you get no returns. While term insurance doesn’t have a maturity benefit, some plans come with a Return Of Premium (ROP) option. This means you can receive your premiums back at the end of the term if you outlive the policy, providing a unique savings element. 

Myth 3: Term Insurance is only for Breadwinners

Truth: Term insurance is for anyone with financial dependents, not just primary breadwinners but also housewives too. Whether you contribute significantly to the family income or a great homemaker & managing the entire house, you can take a Joint Life Policy (Husband & Wife) in one Policy. 

Myth 4: It's Better to Invest in Other Financial Instruments

Truth: While term insurance doesn't offer investment returns, its primary purpose is financial protection to dependents, not wealth creation. It serves a different purpose than investment products. Combining term insurance with strategic investments ensures a comprehensive approach to financial planning.

Myth 5: Buying Term Insurance is Complicated

Truth: Purchasing term insurance is a straight through process. At Instabima, we simplify the journey for you. Our user-friendly interface and expert assistance make getting the right coverage hassle free. We guide you through the options and help you choose a plan that suits your unique needs.

Myth 6: Only Young and Healthy Individuals Need Term Insurance

Truth: Term insurance is beneficial for everyone, regardless of age or health. In fact, securing coverage early can lock in lower premiums. Even if you are a Tobacco user or have pre-existing health conditions, term insurance remains a viable option, though premiums may be adjusted based on your health profile.

Myth 7: Term Insurance Claims are Difficult to Process

Truth: Filing a term insurance claim by nominee members is hassle free. As long as you provide the correct details at application and nominee submits necessary documents, the claims process is designed to be very efficient. At Instabima, we are committed to supporting you and your beneficiaries during challenging times, ensuring a smooth claims settlement process within a defined Turnaround Time.

Now that we've debunked these common myths, you can approach Term Insurance with confidence after all Sabse Pehle Life Insurance. At Instabima, we're here to provide clarity and guide you. Explore our Term Insurance options today, and let's work together to secure a brighter, worry-free future for your loved ones.