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Undoubtedly the pandemic is hitting hard every passing day, both physically and financially all across the globe. Amidst this world chaos, do you also think about what will happen to your family if you’re gone? Term insurance is the one-stop solution to your problem. This protection plan is easy, simple to understand and provides pure risk protection cover.
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Term insurance is the purest form of life insurance product that you can buy for yourself and secure the financial future of the family against any type of emergency situation. It is a life insurance policy that provides financial coverage to the nominee if the life insured dies unfortunately during the policy tenure. Among all the life insurance policies, term insurance offers the highest coverage with minimal premiums. Some companies also cover partial or permanent disability of the insured. Term insurance is the only plan that comes under pure risk.
Term insurance covers the finances of the family against the untimely demise of the life assured. If the life assured dies during the policy duration, then the nominee gets the sum assured amount by the insurance company as death benefit. The term insurance policy efficiently covers the risk that may arise due to an eventuality.
Here are some key features of term insurance that will help you get a better understanding of the plan and help you choose it wisely.
A term plan is much cheaper than your one-time fancy restaurant bill. Believe it or not but it is true. As there are no high investment components involved, term insurance offers higher coverage at a lower premium rate. You can simply buy a life cover of Rs 1 crore at a premium rate of Rs 490 per month.
Imagine putting 5% effort into your work and getting promoted by your boss. Sounds fascinating right? Term insurance is a kind of plan where at a very minimal premium you can get high coverages. If you choose a correct insurance plan, your loved one will surely benefit from it when you are not there.
There are no deep clauses or terms and conditions when term insurance is involved. It is an easy, hassle-free and simple plan as there are no investments or saving clauses involved.
Term insurance is easy to cancel if a person is not satisfied with the benefits of the policy. Term insurance plans offers a free-look period of 15 day after the commencement of the policy, during which the policyholder can cancel the policy if they are dissatisfied with the terms and conditions of the policy.
Term plan provides the right financial security to the family against any type of emergency situation. Moreover, the plan also takes care of the future financial liabilities of the family in the absence of the breadwinner of the family.
The policy period, coverage, payment options (whether monthly, annually, lump-sum) depends on you. You can customize it as per your suitability.
If you are the only earning member in your family, this is a must-have risk protection plan. This is because with higher life coverage amount, you can provide the right financial backup to the family even in your absence.
Riders strengthen the term insurance policy by providing multiple additional benefits. There are mainly six types of riders offered under term insurance policy.
Accelerated Death Benefit Rider
Accidental Death Benefit Rider
Accidental Disability Benefit Rider
Critical Illness Benefit Rider
Waiver of Premium Rider
Income Benefit Rider
Along with the benefit of insurance coverage, the term plan also provides an opportunity to save on taxes. The premium paid towards the policy up to a maximum limit of Rs 1.5 lakh in a financial year is tax exempted under Section 80C of the IT Act.
Term insurance is pure risk protection plan and hence, you must buy it at the right age to avail maximum benefits. With the right term insurance plan, you can stop worrying about the future uncertainties and live your present peacefully.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
