How does a Life Stage Benefit help you?
Term insurance policies are extremely rigid. You can’t change your coverage once you sign the deal. If it was 1 Crore six years back, it will be 1 Crore until the policy expires. So if you buy a policy when you’re young, your cover might be wholly inadequate in the future — when you marry and you have kids.
Unless you opted for a life-stage benefit. In which case, the insurer will offer you the option to increase your cover by a certain amount during major life events. For instance, when you get married and you have kids. It’s this sort of flexibility that you need in a good term insurance policy. And so if you aren’t married yet, maybe you should consider this benefit.