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  “How to Increase CIBIL Score Fast " Factor Weightage Payment history 35% Credit utilization 30% Credit history length 15% Credit mix (secured + unsecured) 10% Credit inquiries 10% To increase score fast, we focus on the highest-impact factors. 1. Pay All EMIs & Credit Card Dues Before Due Date Late payments are the No.1 reason scores drop.  Best trick to increase score fast: Set auto-pay for EMIs & credit cards Pay credit card bill 5 days before due date Even paying minimum due on time protects score from damage  Never delay payments — even 1 delay stays in report for 2 years. Improvement Timeline: 30–60 days 2. Reduce Credit Card Utilization Below 30% High usage = score drop even if you pay on time. Example: If your credit limit = ₹1,00,000 Never use more than ₹30,000 per month ✔ Maintain < 10% if possible (fastest score boost) Improvement Timeline: 45–60 days 3. Clear Small Outstanding Du...
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What is Term Insurance and Why It’s a Must

 



What is Term Insurance?

Term insurance is a pure life insurance policy that offers financial protection to your family in case of your untimely death during the policy term. It’s the simplest and most affordable form of life insurance.


Key Features of Term Insurance:

  • Coverage Period (Term): Fixed duration (e.g., 10, 20, 30 years).
  • Death Benefit: Paid to nominee if policyholder dies during the term.
  • No Maturity Benefit: No payout if the policyholder survives the term (unless return of premium is opted).
  • Low Premium, High Cover: You can get large coverage at a small cost.
  • Riders/Add-ons: Critical illness, accidental death, waiver of premium, etc.


 Why Term Insurance is a Must


1. 

Protects Your Family’s Future

If you are the earning member of your family, your death could leave them financially unstable. Term insurance ensures that your dependents can maintain their lifestyle and meet financial goals (education, marriage, etc.).

2. 

Affordable Premiums

Compared to other life insurance types (like endowment or ULIPs), term insurance is very budget-friendly, especially if you buy it young. A ₹1 crore cover can cost as low as ₹500–800/month (depending on age and health).

3. 

High Coverage

You can insure yourself for a large amount (₹50 lakh, ₹1 crore or more), ensuring your family won’t struggle financially even if you’re not around.

4. 

Debt Protection

Term insurance can help settle outstanding loans (home loan, car loan, personal loans), so your family doesn’t inherit your liabilities.


5. 

Peace of Mind

Knowing that your family is covered brings immense mental relief. You don’t have to worry about what happens to them if something happens to you.

6. 

Tax Benefits

  • Section 80C: Premiums paid are deductible up to ₹1.5 lakh/year.
  • Section 10(10D): Death benefits are tax-free.

7. 

Option to Add Critical Illness Cover

Many term plans offer riders for critical illnesses like cancer, heart disease, etc. This provides a lump sum on diagnosis, even if you survive — useful for covering treatment costs.

Example

Ravi, 30 years old, buys a ₹1 crore term insurance for 30 years and pays a premium of ₹8,000/year.

  • If he dies at age 45: His family gets ₹1 crore.
  • If he survives till 60: No payout (unless he opted for return of premium).
  • Peace of mind, financial security, and low cost — all achieved.


Common Misconceptions

Misconception

Reality

It’s a waste if I survive the term

It’s like a seatbelt — you hope you never need it, but it can save lives.

I have company insurance

Employer-provided insurance is not always enough or permanent.

I’m too young to buy insurance

The younger you are, the cheaper the premium — lock it in early.


Who Should Buy Term Insurance?

  • Working professionals with dependents
  • Parents with young children
  • Individuals with home/personal loans
  • Anyone who wants to protect their loved ones financially

 Final Thoughts


Term insurance is not an investment — it’s a protection plan. Its purpose is financial security for your loved ones if life takes an unexpected turn. It’s the most cost-effective, essential, and responsible financial decision you can make.


Source of image : Google 

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