Term insurance is a pure life insurance product, which provides financial protection in case of death of the life insured during the term of the policy. A term insurance plan is the most affordable form of life insurance cover. It is designed to financially protect ones family in case of death of the bread-earner.
It will help your family meet their financial needs from household expenses to rentals in your absence. When you consider buying a term plan, you have to make an educated choice about the life cover you select. There are some important things you need to keep in mind when deciding the term plan and life cover you opt for. The cover should help your family maintain their lifestyle, inflation should be kept in account and lastly, it should take care of your existing liabilities preventing the worries of EMI repayments.
What is Term Insurance Plan?
A term insurance plan is the simplest form of financial protection that can help your family meet its financial needs in your absence. Term plan offers peace of mind with affordable premiums and a life cover that you can choose depending on your family’s lifestyle and financial needs. Some of these term plans can also be bought online within a few clicks & without any lengthy paperwork.
Useful Features of Term Insurance Plans:
• Term Life Insurance is the most Cost-Effective plan.
• Pay the Policy Premium Only Till Retirement
• Flexibility to Receive Payout as Monthly Income in Addition to Lumpsum Amount
• Choose Riders to Make Your Term Plan more Comprehensive
• You can Enhance/Increase the Insurance Cover at Major Life-Stages
Why should you get a Term Insurance Plan?
Some of the key benefits of term insurance plans are:
1. Term Insurance Plan provide large life insurance cover at affordable prices
2. Term Insurance Plan helps to protect your loved ones from any unforeseen eventuality
3. They can cover your financial liabilities
4. They also offer tax benefits on premiums paid and the payout received
5. Term Insurance Plans help during critical illness
6. Provides supplementary income in case of loss of income due to accidental disabilities or illness