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Here are some time-tested nuggets of wisdom about short-term plans from the desk of our in-house insurance gurus. Use these points when you compare short-term plans.
If you are not clear about the reasons you are opting for a short-term insurance plan or you don’t have a clear goal in mind, you will tend to stop premium payments because there will be some expense or the other that is more important or more urgent than keeping this plan active. When it comes to short-term insurance, be very specific with the goal.
There are plans out there that do not promise high guarantees. Avoid them. As such this is a short-term investment plan, and opting for plans that do not give higher guarantees is not proper financial planning.
Short-term plans are NOT plans that give returns faster. They are plans where you are paying premiums for a shorter term. The true purpose of short-term plans is to give you the ability to create a healthy corpus (premium terms are flexible) when expenses are relatively lower compared to what they will be later in life. That’s what makes this a great short-term investment option.