Term
Insurance
The best and Highly Secure Insurance Plan to secure your Family
Have you ever thought about what will happen to your family if you will be no more? How will be your child future? How will your family survive their whole life without you? So, in all these cases, the only insurance plan, which will be beneficial is term insurance.
Term insurance is one of the well-known insurance scheme which emphasis on securing the whole family with the help of the insurance schemes. It focuses on protecting the whole family and helps them with some amount of money during unfortunate conditions.
What is Term insurance?
The term insurance plans are completely different from the other plans. All the benefits are provided to the whole family, beneficiary, or nominee. But all of its benefits are provided if you will no more.
What is the importance of term insurance?
As term insurance is beneficial for the whole family and financially help them even after your death. Here are some of the reasons which will explain to you about the importance of the plan.
- It is very much beneficial in offering financial support to the family
- It helps family members in leading a happy and comfortable life.
- All of the premiums for the term insurance are quite affordable.
- There will be no debt for the family.
Major Benefits of Term Insurance
Affordable premium
The biggest benefit behind getting the term insurance is that its premiums are affordable. Moreover, if you will get it at an early age, then you have to pay fewer premiums.
Having amazing tax benefits
According to Section 80C and section 10(10D), there is an unlimited number of tax benefits of getting the term insurance.
Offers complete life cover
You can claim the term insurance, even if you are 100 years of age. Therefore, this is also known as whole life term insurance plan.
Offers Financial Protection
As we have already discussed that it offers financial protection to the whole family. While you will have the term insurance, then your family will get some amount of money, which is described in the terms and conditions of the plan.
Rider options are also available
Along with the term insurance, the rider options are also available along with this, which includes critical illness, daily hospital cash, partial or permanent disability, accidental death benefit, and many more.
Top-Features of Term Insurance
To have a better idea about the term insurance, you must go through its features. So, here we have added some of its features so that you can understand it better.
Get it online
Like the other insurance plan, you can get the term insurance plan online as well. There is number of websites like Hello Policy, from where you can have all the ideas about the term insurance and even though you can compare its premium prices from multiple websites to save your money.
Offer flexible premium payment options
While you will choose term insurance, then you can select your premium payment option. For example, you can pay it annually, monthly, quarterly, or even semi-annually.
Having amazing discounts and rebate
If you get the term insurance at the highest amount of money, then you can grab the advantage of amazing discounts and rebate. Even though, if you will choose the online platform to get the insurance plan, then you can avail more discount on it.
What are the types of the Term insurance plan?
Depending upon its benefits and its features, it is categorised into following types.
Term Return of premium
In the term return of premium, you will get all your premium deposited back if nothing will happen to you even after expiry of the term insurance plan. It is the best method, which will help you in getting your paid money back.
Joint Life Term Insurance plan
As its name describes, in the case of the joint-life term insurance plan, it offers all the benefits to you and your spouse. In the case, if you or your spouse will die then its advantage is offered to the other insurer.
Increasing Term insurance plan
In the term insurance plan, the life cover goes on increasing with some percentage. It is also known as an add-on on the existing term insurance plan.
Convertible insurance plan
Under the convertible insurance plan, you can easily convert your existing term insurance plan to saving plan.
How comparing term insurance plan will be beneficial for you?
While you will compare multiple term insurance plans online, then you can easily save your money on premiums, and you can choose the right plan depending upon your budget. Besides this, there are many other benefits of comparing term insurance, which is discussed below:
Helpful in having an idea about the features
While you are choosing any of the insurance plans, then it is very much important for you to have an idea about its features. You can read out the features of the plan carefully while comparing and choose the one, which will be more advantageous for you.
Premium
While you can going to choose any insurance plan, then the most important thing that you check first of all is the premium. While you are comparing multiple plans, then you will learn about the premiums and choose the one whose premium is more affordable for you.
Rider Benefits
Learning rider benefits are very much important for the existing term insurance customer. If you compare the plan, then you will have an idea about all the rider benefits.
Benefits against critical illness
In the case, if you will diagnose with the critical illness, then under this, your family can gain the benefit of this and accomplish their financial needs.
Things that can impact the premiums of the term insurance policy
Not all the premiums are having the same rate as there are several factors involved in this. Here are the major factors, which impact the premium of the term insurance.
- Age
- Occupation
- Gender
- Body mass index
- Family medical background
- Area you are living