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Purchasing a term insurance plan provides financial independence to the family of the policyholder in case of an unfortunate event. A term insurance plan works as a financial safety net for the family of the insured. With a wide range of term insurance plans available in the market, it often becomes confusing for buyers to zero in on a plan. To help our customers choose the best plan, here we have elaborately discussed the difference between whole life insurance and term insurance plan.
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Term insurance is the most affordable type of life insurance plan. A term insurance plan is specifically designed to provide death coverage to the family of the policyholder in case of an unfortunate event. A term insurance plan provides coverage for a specific time period and does not provide any maturity benefit.
Note: Now that you know that what is term life insurance plan you can easily buy a term plan for your loved ones.
Term Plans
A whole life insurance plan is a specifically designed insurance product that provides life coverage up to 100 years of age to the policyholder. Under this plan death benefit is provided to the beneficiary of the policy along with any accumulated bonus or guaranteed addition bonus or loyalty bonus for the entire policy tenure in case of the decease of the insurance holder. This plan is a good option for investment for individuals who want to plan their retirement.
| Term Insurance | Whole Life Insurance |
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Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.
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Well, the answer totally depends on the choices and requirements of the insurance buyer. If a person wants to buy insurance coverage at a young age with a low premium rate than he/she should consider investing in a term insurance plan. However, if an individual wants to create a financial cushion for the future and wants to be covered for a lifetime, then they should consider investing in a whole life insurance plan.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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