Term insurance plan is one simple and purest form of the life insurance plan. The term plan is designed to provide the financial cover to the family members in case of the untimely death of the policyholder. The term insurance plan offers death protection by simply paying the specified premium sum for the specific policy term. The death benefit received by the nominee will help them to cover the financial needs in the coming times.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
When it comes to buying the best term insurance plan, you must understand the product well.
In this article, we will discuss the advantages and disadvantages of the term insurance plan in India.
The term insurance plans offer life coverage and security to the insured. Apart from these key advantages, some of the other key advantages of the term insurance plan are listed below:
Note: The tax benefit is subject to change in the prevailing tax laws.
When it comes to buying the term plan, the term insurance premium surely grabs the attention. However, everything has its advantages and disadvantages. We have discussed the advantages above, now let us understand the listed below disadvantages of a term insurance plan that will help you to make the informed decision:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Wrapping it Up
The term insurance plans are one of the ideal life insurance products available in the market. The prime intent of buying the term insurance plans is to provide coverage at those years when the insured has any financial liabilities.
The term plan is ideal for those who are looking forward to covering themselves and the family from any such financial responsibility such as education loans, home loans, and so much more.
While selecting the term insurance plan, do not rush, give time and choose the plan that fulfils the requirements. Besides, before making the final decision analyze the financial liabilities. Compare the expenses to the savings and you will understand where you might fall short. Select the term plan that fills the gap between the savings and expenses effectively that is not heavy on the pocket side.