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Experts discuss the importance of term insurance for the family

Updated : May 21, 2019 07:38 PM IST

All over the world, May 15th is celebrated as International Family Day. As all of them love their families, it’s important to ask if we have secured our loved ones?

This week in Money Money Money, the spotlight is on how you can protect your family from any unforeseen life events and ensure their financial well being.

CNBC-TV18’s Surabhi Upadhyay is joined by Santosh Agarwal, chief business officer - life insurance at PolicyBazaar.com and Rahul Agarwal, chief executive officer of Ideal Insurance.

Agarwal said, "Historically what has been sold in name of life insurance is actually savings plan. Pure protection or term life insurance is something that has picked up speed in the last couple of years. India is slowly starting to understand the meaning of pure protection and pure life insurance but a long way to go."

Agarwal said, "Term insurance is the first priority in life insurance. I would see a stark difference when people are coming forward and they are looking at the high-value term insurance. A lot of awareness is being created by the insurers by different mediums. So, things are changing and I am sure it is a matter of time when most of the families will start realising the importance of taking a high cover before savings."
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