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Term Insurance As we know that this is the form of life insurance. By this your family gets financial protection. Whose nominee gets the entire amount during the death of the insured person.

Generally people think of term insurance as general insurance. While there is a fundamental difference between these two.

Through today’s article, you will be given detailed information about what is term insurance, when and how to take it, and what are its benefits?

What Is Term Insurance 

Term insurance is the most effective and simplest option to take life insurance.

Term insurance is also a type of life insurance, which provides financial protection cover for a certain period or for a specific ‘term’.

It provides financial security to the family of the insured in the absence of the insured.

Term insurance plan is the purest form of insurance policy.

In this, the person taking the insurance keeps paying the premium for a specified period.

If the insured dies during this stipulated period, the sum assured or the sum assured is paid to his/her nominee.

If even after the expiry of this period the insured remains healthy and does not die; So nothing is received in return for the premium paid.

Important Points Of Term Insurance

It can be taken by any person from minimum 18 years to maximum 65 years.

It is the freedom to choose. You can choose it singly or jointly as per your convenience.

In this, the option of paying premium is available.

You can choose to do this as a lump sum or at regular intervals like monthly, half-yearly or yearly.

Its premium amount depends on the age of the insured and the amount of insurance taken by him.

term insurance(Term Insurance) how much should be taken

It is advisable to take term insurance for an amount of 20 times the annual income of an individual.

For example, the annual income of a person is ₹ 5 lakh; So he should get term insurance of 500000 X 20 i.e. total 1 crore.

At what age to buy term insurance

Term Insurance The ideal age to buy is considered to be 30 years.

By this age, responsibilities start coming on any person. becomes a source of income for him; His financial condition gets better.

By that time they are planning to build a family or buy a house.

As you get older, the insurance premium also goes down.

As people age, their health starts deteriorating. In this case, the risk of the insurance company increases; And with increasing age the premium also increases.

The most important thing about term insurance is that its premium remains the same from beginning to end.

Hence, the sooner you take insurance, the lower will be your premium.

You can know your premium with the help of Term Insurance Calculator.

Benefits Of Term Insurance 

There are some benefits that differentiate term insurance from general insurance-

1- The option of getting the sum assured as monthly income is available with the nominee of the insured.

2- There is facility to take joint policy in this, husband and wife can take term insurance jointly.

3- There is a facility to create more than one nominee in term insurance; In this, the sum insured can be divided as a percentage among all the nominees.

4- Benefit of accident cover, facility of critical illness cover and facility of terminal illness cover can be added as a rider.

These riders are low priced but very important ones which are included with the term plan itself.

5- There are also plans with premium refund facility, in which the principal deposited by you is returned at the end of maturity.

Who Should Take Term Insurance 

Generally people consult an agent to get insurance; And he can confuse you about this.

If it is necessary to have insurance for all your family members, he advises as follows; So that’s not correct.

Term insurance should be taken by only the person who is the main earner in the family and the rest of the family members are dependent on him.

In the absence of the most prominent person in the family, how will the other members of the family be fed?

In such a situation Term Insurance The money received from this will help in completing all the necessary tasks of the family.

for example- Some 25 year old young man who is not married yet and his parents are also in good financial condition.

In such a situation, because there is no dependent on that young man and unfortunately even if he is not there, no financial crisis is going to come on the family; That’s why term insurance is not recommended for that young man.

Similarly, if both husband and wife are the earners in a family, then both the people should take term insurance jointly.

Simply put, if you are the sole breadwinner in your family;

So your term insurance protects you against financial loss to family members if you are unfortunately not there; and provides financial security to the family.

What to keep in mind while buying Term Insurance Plan 

Your life cover must be big enough that in your absence all your liabilities like loans etc. and all future goals are met.

There are some other aspects of the term plan which need to be taken care of.

If these are not taken care of, then your claim may get rejected and it will prove to be another big blow to your family.

Some things that must be kept in mind while taking term insurance-

Give accurate information about yourself

Trust is the basis of insurance.

If the insurance company finds that you have given incorrect information in the form, it will reject your claim.

For example, a smoker should not tick the non-smoker category; Because there is some difference in the premium of both.

Similarly, even if you hide the information about genetic diseases etc., the claim is not received.

Do a medical test

Term insurance is a very high value insurance cover.

In such a situation, in general, companies conduct medical tests.

If a company only asks you to fill out a declaration about your health, it is possible that your claim may be in jeopardy.

Because then the company can get excuses for rejecting the claim.

Don’t just look at low premiums

You may miss out on other benefits by opting for a term plan with the cheapest premium.

It may also happen that the claim settlement history of that company is very bad.

In such a situation, instead of low premium, the company should choose a policy after looking at the company’s good record of claim settlement and other facilities like accident insurance, critical illness etc.

Be sure to pay attention to the term of the policy

How many days should be the policy term or till what age should it be.

In response to this, it can be said that you must take an insurance cover when you are relieved of your main responsibilities, or in general till the age of 60-65 years.

Choose the right mode of premium payment

Term Insurance After taking the plan, try not to miss out on paying its premium.

For this, the option of online mode like ECS or e-mandate can be opted.

Or the premium can be added to the biller of your bank account through net banking.

With these methods, the premium amount will automatically be deducted from your bank and deposited in time.

Creation Financial Services Limited is a part of BNP Paribas Personal Finance UK which was formerly known as LaSer UK. It consists of two companies, one Creation Financial Services Limited, and the other Creation Consumer Finance Limited operates from BNP Solihull and Belfast in this company. There are about 740 employees. The company provides a variety of facilities, including retail, household, insurance, entertainment, and leisure. Talking about the establishment of this company, it was done on 21 January 1973, whose founder is Daniel Ghinn.

In this blog particularly we will know about the information related to Creation Financial Services Limited like what kind of services are provided in it, and who can be eligible for those services, what are the benefits of those services, etc. And also we will discuss some more important points like loan rate, duration, etc. You will get all the information related to all these through this blog.

About creation finance

First of all we know that what kind of services are provided to you in creation finance, then here you get all kinds of finance facilities whether it is to buy a car or TV or whatever you want to buy, Creation Finance helps you to buy those things with some attractive interest rates that can be easily afforded by anyone, as well as you get the facility of credit card which you can take advantage of. To take advantage of the facility of creation finance, you have to follow some criteria, about which we will know further.

Criteria For creation financial services

To take advantage of the facility of finance, you have to give many types of information, on the basis of which you are provided with the facility of loan or credit card, the following information is given below:-

  • Details of any court judgments or bankruptcies in your name.
  • A record of current and past credit commitments (for example, credit cards, loans, mortgages) that you have held in the last six years.
  • Information from the electoral register.

If you want to take advantage of this, then you have to keep these criteria in mind, but if you think that a soft credit search will spoil your future credit rating, then it is not like that at all. Soft Credit Search does not affect your credit rating or your ability to obtain credit in the future and will not be viewed by any other lender.

  • This feature cannot be used to build credit rating.
  • You do not need any money to open an account.
  • Apart from the existing customers, other people can take advantage of this finance service.
  • Your age should be minimum 18 years to open an account.

Features of creation finance

Intro balance transfer

You will know intro balance transfer but if you do not know then basically some cards come with introductory balance transfer APR offer then when you transfer credit card debt to their card from an existing credit card then in such temporary promotional rate you may have to pay a low rate of interest.

Fees5.00%
Rate period9 months
Limited period90 days
Fee maxN/A
Annual interest0.00%
Fee min5.0%

Intro purchases

Intro purchases or introductory purchases mean that you will not be charged any interest on your purchases for a specified period as prescribed by your credit card company. To take advantage of this, your statements should have at least due to payments.

Annual interest 0.00%
Rate period3 months

Standard balance transfer

A balance transfer helps you from one credit card to another credit card through which you can pay your interest. A credit card balance transfer can help you reduce your overall cost. It helps you to clear your outstanding balance quickly and also helps you to reduce its outgoings.

Fee min£5
Fee maxN/A
Annual interest17.90%
Fees5.00%

Standard purchases

In this condition, the buyer specifies the quantity, price, and payment terms of the products being ordered. Purchase orders may come from previous orders, advertisements or offers from sellers or negotiations between the parties on price. and quantity.

Annual interest17.90%

Standard cash

It is a monetary system that has been determined by the government on the basis of its currency and which can also be used on other types of currencies.

Annual interest 22.90%

How To Get Help Of Creation Fiancial Services

In connection with any kind of problem or opening a new account, you can contact the given numbers.

  • Credit or Commerce Card, Personal Loan or Retail Financing, Your Schedule or Home Improvement Financing Agreement-0333 032 4221 *
  • Car Financing Agreement-0371 512 1985 *
  • Loan agreement for insurance premiums – visit our special support page or call 0371 376 9200 *

How To Apply

To take advantage of this facility, you can simply visit their official website – www.creation.co.uk