Term InsuranceAnd it's really easy to invest in them!
What Is Term Insurance?
If You Are Wondering About What Is Term Insurance, We Are Here To Help You. Simply Put, Term Life Insurance Meaning Can Be Regarded As An Agreement Between The Policyholder (Insured) And The Insurance Company, Where In Case Of The Policyholder’s Untimely Demise, A Specific Sum Is Paid To The Insured Person’s Family By The Insurance Company. You Will Find That Term Plans Are Significant When It Comes To Long-Term Financial Planning.
When Understanding What Term Insurance Is, It Is Important To Also Know – Term Insurance Is The Purest Form Of Life Insurance Policy That Offers Comprehensive Financial Protection To Your Family Members Against Life’s Uncertainties.
Based On The Term Insurance Plan You Buy, Your Family Will Get Life Cover Or Sum Assured In Case Of Your Untimely Demise Within The Policy Period. Let Us Know More About What Is Term Insurance And The Many Features And Benefits It Offers.
BENEFITS OF TERM INSURANCE
Affordable Premiums – You Can Get A High-Value Life Cover From A Term Insurance Plan By Paying An Affordable Premium Amount Of Rs. 540/- P.M. Premium Payments Can Be Made Either Monthly/Half-Yearly/Yearly. The Earlier You Buy A Term Insurance Plan, The Lower The Premium Amount You Have To Pay
Whole Life Cover – Term Insurance Plans Offer Substantially Longer Coverage. Whole Life Insurance Plans Offer Coverage Till The Age Of 99 Years
Payout Of Sum Insured – In Case Of The Unfortunate Demise Of The Person Insured, The Family Members Will Receive The Sum Assured As A Payout. The Policyholder Can Choose For This Payout To Be In The Form Of A Lump Sum, An Income That Is Either Monthly Or Annual, A Combination Of Lump Sum And Income Or An Increasing Income At The Inception. This Will Help Take Care Of Financial Needs And Household Expenses Among Other Costs
Critical Illness Coverage – In Case Optional Critical Illness Coverage Is Included In Your Term Insurance Plan, You Will Get A Lump Sum Payout Upon Diagnosis Of Any Critical Illness That Is Covered In The Plan
Accidental Death Benefit – You Can Add The Accidental Death Benefit3 To Your Term Insurance Plan. This Will Offer Protection Against Any Mishaps In The Future
Coverage For Terminal Illnesses -Term Insurance Plans Can Give You Lump Sum Payouts In Case Of Diagnosis Of Terminal Illnesses2 Such As AIDS
Tax Benefits -You Can Get Tax Benefits On Premiums Paid Under Section 80C Along With Premiums Paid Towards Critical Illness Benefit Under Section 80D. The Lump Sum Amount Received By Nominees As The Sum Assured/Death Benefit Is Also Exempted From Taxes Subject To Section 10 (10D) Of The Income Tax Act, 1961