Term Insurance plans or protection plans are the simplest form of life insurance providing coverage for a defined period of time, at a fixed rate of payment. If the insured expires during the relevant term, the death benefit is payable to the nominee, who is typically a family member. However, in case of survival, the coverage at the earlier rate of premiums is not guaranteed after the expiry of the policy. The customer has to either obtain extended coverage with different payment conditions or forgo coverage entirely.
Term insurance plans are the least expensive ways of buying substantial life cover over a particular period of time. Unlike other life insurance plans, term insurance does not have any investment component or cash build up value. It only extends guaranteed level of premiums and a specific amount of coverage for a specific period of time.
Term Insurance Plans are specifically designed to secure your family's core financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness, if applied for, of the life insured and during the term of the policy. Such an insurance plan can help your family to have sound financial independence, even if you are not around.
The key features of term insurance plans are:
"What are the flexibilities that you enjoy with a term insurance plan?"
The question is indeed pertinent, and we have the best answer for it:
Term life insurance plans come with excellent tax benefits. You can avail lucrative tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Additionally, the premiums paid for the Critical Illness Benefit also qualify for a deduction under Section 80D.
Tax benefits are subject to changes in tax laws. Please consult your tax advisor for details.
Term insurance plans have become extremely popular in the last few months. However, the choice of your term life insurance policy should be made good, considering the important factors like:
Your search for the best online term life insurance plans ends at policybazaar.com. We help you compare the best Term Plans available in India by providing you with lowest Term Insurance Quotes. We also let you compare plans based on Features, Coverage, etc.
So compare multiple plans on policybazaar and we will get back to you with the best term insurance quote for you that gives maximum benefits at least cost.
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What is Term Insurance?
Term insurance is life cover that provides a death benefit to the beneficiary if the insured dies during the specified policy period. If the insured survives until the end of the policy term, the coverage ceases without value and a payout or death claim cannot be made. These are the cheapest insurance plans with high cover.
Why Term Insurance?
Term life insurance provides you with a high cover at very low cost and cover you comprehensively for large periods of time The plans are simple to understand and give you choice to choose your plan, inclusions, premiums and payment frequency Life insurance gives you tax benefits under section 80(C). Many term insurance plans are easily available online
How much life cover would you like?
Though the need varies from one person to other, as a rule of the thumb, your term insurance cover should have at least 20 times of your gross annual income. Depending upon your age, the multiplier will decrease as you grow older.
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