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An ultimate guide for all the insurance seekers, to make smart decisions by accessing the articles based on insurance. Grab as much information as you can about insurance products, plans, coverage, and exclusion here !!
28-Mar-2023
Term Insurance or Pure Life Insurance is a type of insurance cover that offers financial protection to the family of a policyholder in case he dies during the specified period of the plan. Term insurance assures higher coverage to the insured at a very minimal premium.
Once a policy expires, a policyholder can renew the plan for the subsequent term, change the policy into permanent coverage or terminate the plan during the policy period.
So, this plan offers a great sum assured as a death benefit at a very affordable price. For example; a cover of 1 crore term insurance starts with a premium of Rs 490 per month or even it may be lower than this range too. These premium amounts can be paid in a single stretch or according to the insured’s expectations.
Know More About Term Insurance Plan
Let us know more about term insurance plan details & how it can help you in securing your loved one’s life. Term life insurance provides a guaranteed death benefit to the beneficiaries of the insured person, in the event of their death during a specified term. These policies have no savings component and their sole purpose is to provide the death benefit.
The premiums for Term Insurance are calculated based on factors such as the insured person's age, health, and life expectancy, and do not accumulate any cash value as seen in whole life insurance products.
In case a policyholder dies during the active period of the policy, an insurer will pay off the face value of the plan or sum the assured amount to the beneficiaries listed in the policy agreement.
However, this cash value is not tax-payable in most cases, it is offered to you to settle the expenses of the healthcare and funeral procession of the insured. If the policy expires before the demise of the policyholder, then no amount will be paid off to the beneficiaries by the insurers.
For renewal of the policy, you can apply for the renewal of your plan. You can get help from Policy.Online advisors in case you are facing any inconvenience while renewing. Our policy experts are always available for you to resolve your doubts, calculate the premiums for your next term, and to detail the benefits you may get.
What Are The Types Of Term Insurance Plans?
There are various types of Term Life Insurance Plans that your insurer may offer depending upon the expectations and requirements:-
1) Term Insurance With Return Of Premium
2) Single Life & Joint Life Insurance Plan
3) Increasing and Decreasing Term
4) Related Term Plans
5) COVID Term Insurance Plans
After choosing your preferred policy, make sure to conduct extensive research on the companies you're interested in to secure the top-term life insurance available to you.
Who Needs To Buy Term Insurance Plans?
Depending on the financial requirement that may trouble your family in the future, the following people can opt for term life insurance plans:
1) Parents With Children
2) Newly Married Couple
3) Working Women
4) Young Professionals
5) Taxpayer entities
6) Self-employed persons or business owners
7) SIP Investors
8) Retired People
Features Of Term Insurance Plan
1) A person can get this plan at a very young age. A person must be of 18 years of age to apply for this plan.
2) You can find out the several payment options to pay for your life insurance premiums. In case you need help, you can get in touch with our advisors.
3) With a single-click application process, you can buy your policy. It is easy to buy depending on the plan required.
4) This plan offers financial coverage to protect your family against various liabilities such as loans, medical bills, and other expenses.
5) At any specific stage of your plan, you may exit the plan as figured out by your insurer and you may receive all total premiums paid at the end of the policy.
6) Get long-term protection to secure your family from any financial predicaments.
What Are The Advantages Of Term Insurance Policy?
Purchasing a term insurance plan may offer you below listed benefits:
1) High sum assured at affordable premiums
2) Easy To Understand Plans
3) Multiple Death Benefit Payout Options
4) Availability of Additional Riders
5) Tax Saving Under section 80C Income Tax Act, 1961
6) Availability of Critical Illnesses Cover
7) Accidental Death Benefits
How Policy.Online Can Help You To Choose A Suitable Term Insurance Policy?
Policy.Online makes the availability of various term life insurance plans from various IRDA-TOP insurers of India. You can generate a quote for your policy and compare them & choose as per your needs. Our policy experts are always ready to cater advice and resolve your policy issues on time.
We provide you the plans starting from a lower premium and for the required period of the policy. Now, you can just apply for a suitable plan on our online portal & get term insurance for securing your family's future.
