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Term insurance is the most affordable life insurance, providing complete financial protection for a certain period. The policyholder's family is taken care of, and financial stability is assured in the case of an unanticipated emergency. The nominee, generally a family member, receives the death benefit. Depending on your needs, you can get a lump-sum payment or lump sum and monthly payments. Some firms also provide permanent or partial incapacity coverage when the policyholder's normal income is disturbed.
Note:After the insurance expires, coverage at the previous rate of premiums is not assured if the policyholder survives. The customer must choose between obtaining extended coverage with new payment terms or preceding coverage altogether. Do your Succession Planning with us.
Term insurance is crucial for everyone, but notably for the family's breadwinner. Who will be responsible for your liabilities and responsibilities in the case of an unanticipated circumstance? It is at this point that the value of term insurance is realised. The lump payment that your family will receive as a death benefit can help you achieve financial security and pay off debts. It is the most genuine assistance your family may receive in the event of your death.
"Family is not an important thing, it's everything." – Michael J. Fox
Don't be a night owl. Purchase Term Insurance to protect your family's future. By financially securing them with a term plan, you may avoid their pestering.
Term insurance plans are meant to cover your family's basic financial requirements in the event of death or unpredictability. According to the plan, the life insured's family/dependents are entitled to a lump-sum payment in the event of the life insured's death or severe illness, if applied for, and during the policy's term. Even if you are not present, such an insurance plan might help your family maintain financial independence with proper Asset allocation.
The key features of term insurance plans are:
For equivalent monthly premium payments, the minimum insurance term is 5 years. The maximum ranges from 25 years to an entire life span. The insurance period for single premium payment policies ranges from 5 to 15 years.
Term insurance gives you the option of purchasing a plan for a single-life or a joint life.
The minimum age of admission for term insurance policies is 18 years, with a maximum age restriction of 65 years with optional add-on benefits.
The nominee or assignee, if the policy has been assigned to someone else, will receive the total/assigned death benefit specified at the time of commencement of the life guaranteed dies within the period of the plan.
There are no survival or maturity rewards with term insurance plans. A TROP (Term Return of Premium) plan is recommended if maturity benefits are desired. Here's where you can learn more about the TROP Plan.
Additional optional benefits such as critical illness and accidental death/ disability or Accelerated Sum Assured are also available.
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 65 years |
| Policy Term | 5years | 30-55 years |
| Maturity Age | - | 75 years to Whole Life |
| Annual Premium | INR 2000 | Based on Sum Assured and age of applicant |
Premium Payment Mode: Single | Regular - Yearly, half-yearly, quarterly, and monthly.
Term insurance offers flexible plan options to suit the need of every individual. You can choose:
Term life insurance plans have a lot of tax advantages. Sections 80C and 10 (10D) of the Income Tax Act of 1961 provide you with valuable tax incentives. The premiums paid for the Critical Illness Benefit are also eligible for a Section 80D deduction
Note: Tax benefits are subject to changes in tax laws. Please consult your tax advisor for details.
Due to a significant reduction in the cost of premiums and a large level of coverage, term insurance plans have become increasingly popular in recent months. For example, for less than Rs 500 per month, you may buy Rs 1 crore in term insurance. Build your plan with us.
While we recognise the value of obtaining term insurance, a buyer may be perplexed as to how much death benefit coverage they require.
An essential decision aspect is your lifestyle, which is defined by yearly income, dependents, and responsibilities. One should get a life insurance policy that is 15-20 times their annual salary. A married couple with children should have more life insurance than a single individual. Someone who owes money on their house should get more life insurance. When paying premiums and receiving coverage benefits, keep inflation in mind. Get more Planning & suggestion online here.