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

 

Term Insurance Plan
Rating: 5

Comments:

  • February 26, 2020 at 5:31 pm
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    I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get bought an shakiness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this increase.

    Reply
  • October 3, 2017 at 10:59 am
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    Buy the cheapest plan.. that’s all.

    Reply
    • October 3, 2017 at 11:01 am
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      No.. claim ratio sometimes impact you. If a company is not having claim ratio above 95, don’t prefer that one. Additionally, try to include illness riders in the term plan.

      Rating: 4
      Reply
      • October 3, 2017 at 11:02 am
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        Btw, can you buy a life insurance plan for your kids as well?

        Rating: 5
        Reply
        • October 3, 2017 at 11:04 am
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          No.. I don’t think so.. you must be above 18 I guess. But you can buy child plan. It has term benefits.

          Rating: 5
          Reply
  • October 3, 2017 at 10:55 am
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    How do I get to know which is best term policy?

    Rating: 5
    Reply

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