Term insurance is your best friend that protects your family and provides financial coverage for a certain time of period. It is one of the most suitable and affordable plans. We cannot predict our future consequences, but we can take precautions and safeguards against unpredictable circumstances. What if when your family member who is earning and suddenly dies? How you handle your financial expenses like children’s fees, the survival of the family member, daughter marriage and so forth. No worries, one of the effective ways that overcome your financial issues is to take a term insurance plan. So, if you are not aware of this plan and want to know about the terms insurance plans then keep reading.
What is Term Insurance Plan?
There are numerous types of insurance plans are available in the market to cater to the various requirements of the people, in which term insurance plans is one of them. Term Plans are designed to give you financial protection to the family of the policyholder after his/her demise.
Why Term Insurance Plan?
In order to give financial assurance to the family after your absence, you can opt for term life insurance plan which is one of the most affordable life insurance plans. Buying a term life insurance plan is one of the most crucial decisions of your life that not only allows you to live stress-free but also take care of your family financially after your demise. No matters, how much you earn, if you are not saving money for your family. So, start looking after your loved ones and choose one of the Best Term Insurance Plans in India and give financial security to your family so that they can live their life hassle-free in your absence.
Benefits of Terms Life Insurance
Still, you are wondering whether I want to invest money in a term life insurance plan or not, then look at its benefits and clear your doubts effortlessly.
- By investing in this plan you can save a considerable amount of money for your family and make them financially strong. Hence, this plan could save the day for your surviving dependent.
- If you keep investing in this plan for a fixed tenor of time at the maturity period you will receive the sum assured that you can use for your daughter’s marriage, children’s education, and other personal and professional work.
- In your critical illness and absence, the term life insurance will take care of your family so that they can live with pride.
- In case of accidental death, your beneficiaries can get the additional sum insured.
Features of Term Insurance Plan
- Term life insurer can avail the tax benefits under section 80C.
- Term life insurance has come with great flexibility in terms of deciding a single life basis or double life basis.
- The minimum age is required to invest in a term life insurance plan is 18 or above.
- The maturity period of the plan is lies between 65-70 years.
- Terms life insurance plan do n’t come with survival or maturity benefits.
- Term life insurance plan offers additional riders benefits including critical illness rider, total and permanent disability rider, accidental death benefit rider, hospital cash rider, and waiver of premium rider.
- The minimum policy term is 5 years to a maximum of 25 years respectively.
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Types of Term Insurance Plans
There are several Top and Best Term Insurance Plan in India. Insurance companies are providing types of term insurance which are having specific features and terms to make it best. Term insurance plans in India. Let’s have a detailed review of types of term insurance plans.
Standard Term Life Insurance
It is one of the most common plans which gives you coverage against all various risks.
Term Return of Premium Plans
In case the insured party is survived till the maturity period Term Return of Premium plan will give all premium amount to the policyholder.
Group Term Insurance plan
This plan is mainly developed for societies, business, companies, and large families. It offers the same benefits as it offers to the individual policyholder.
Term Insurance Plans by Number of Years
Generally, the minimum policy period is 5 years to a maximum of 25 years. This plan allows you to invest money for a specific number of years.
Decreasing and Increasing Insurance plan
In decreasing term life insurance the cover will reduce over time. Whereas increasing term life insurance plan overall coverage will increase over time.
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