Term Insurance Plan

Term plan is a Life Insurance policy that provides financial coverage for an individual’s death to his/her nominee. The financial benefit can be passed on as monthly benefit or a lumpsum payout based upon what the insurer has chosen at the time of policy purchase.

Benefits of Term Insurance Plan

In case of your absence

  • Get a lumpsum money for your family
  • Option to close down loans taken by insurer
  • In case of accidental death, option of increased sum assurance.
  • Option to support family in case of disability or critical illnesses.

There are 24 companies providing term plans. The premium of a term plan depends majorly on the beloe mnetioned criterias

  1. Your age
  2. Your salary
  3. Your gender
  4. Your smoking habits

While purchasing a term policy the most important aspects to know about the insurance company are –

  • What is the claim ratio of the company
  • How much lower the cost is relative to others
  • What are other benefits provided within the plan

A Term Plan offers many benefits like

  • Tax Benefits
  • Choice of multiple options
  • Age of Entry
  • Survival and Death Benefits
  • Option to choose additional riders