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A term insurance plan is the best way to get comprehensive insurance coverage at low premium rates. This plan provides financial security to your family members. So, there are different types of term insurance plans available in the insurance market that take care of the liabilities and needs of your family when you are not around. While searching about a term plan, you may come across terms like non-linked and non-participating. Have you ever thought about what are they? Let us learn about these terms here.
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Let’s discuss them in detail:
A Non-Participating Life Insurance plan also called non-par products insurance is a plan in which as a policyholder you do not receive any additional benefits or bonuses as dividends stated by the insurance company at different time intervals. Simply put, the policyholder has no participation in the life insurer’s profits and doesn’t pay out any guaranteed benefits at the time of maturity.
In this, you are required to pay a premium amount and you get a predefined fixed insurance cover. The beneficiary/ nominee gets the amount of sum assured in an event of an unforeseen death of the policyholder.
As the name signifies, Non-Linked Plans are not linked to the market. The performance of these plans does not depend on the performance of any principal assets. In this, you pay a fixed amount of premium depending on the sum assured amount. Regardless of the market performance, your beneficiary/nominee receives the sum assured amount in case of your unforeseen death during the policy term.
Non-linked plans such as term insurance plans do not depend on the secondary market performance. It is a pure life cover that is guaranteed, regardless of the financial market performance of the life insurer. This large cover helps your family remain financially stable in case of your absence and ensures that their goals are met.
Non-linked and non-participating plans do not receive any share of profits or dividends earned by the insurer. They provide guaranteed returns at low risk.
Non-linked insurance plan and Non-participating plans have their advantages and limitations. Check your needs and choose the plan that suits your requirements in the right way possible.
06 Dec 2023
HDFC Income Replacement Insurance Plan, offered by HDFC LifeInsurance
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
