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 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
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.
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or doing proper financial planning, term insurance turns out to be one of the most popular options for...read more
Why Medical Test is Important in Term Insurance ‘No medical tests required’, you will find this clause blatantly used as a catchy ads for a prospective buyer. But is it really worth buying a term insurance witho...read more
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes to buying a term insurance plan. They get unsure about how claim settlement would work in case they h...read more
Term Insurance for NRI in India Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner wishes to offer financial security to his/her family in some way. In addi...read more
6 Reasons Why Term Insurance is a Must Buy Life is short and one can never foretell what the future holds. To make sure that your family is financially secure even after you are gone, opt for a term insurance. A term...read more
13 Jan 2022A term life insurance plan is the most common and popular option...
13 Jan 2022As India is moving towards new economic encouragements, growth...
13 Jan 2022When you are self-employed, you sometimes wear many hats at the...
13 Jan 2022Life insurance covers offered by insurance companies establish...
13 Jan 2022A term Insurance Plan is designed for every sector, be it self-...