Term insurance is a type of life insurance that provides coverage for a specific period of time or years. This type of life insurance provides financial protection to the nominee in case of any unfortunate event with the policyholder during the policy term. Term Insurance policies provide high life cover at lower premiums.
For e.g.: Premium for ₹ 1 Crore Term Insurance cover could be as low as ₹ 441* p.m. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period.
Premium amount varies based on the type of the premium payment method opted by the buyer.
Parents are generally the sole source of financial support for their children. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. An unfortunate event with a parent can jeopardise their future and deprive children of life’s opportunities. Parents must ensure that this scenario does not come to pass, by purchasing a term insurance policy. This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of any mishap of the parent(s).
Roses, chocolates and movie tickets are great, but here’s a truly long-lasting gift for your spouse – term insurance. This gift will give your spouse more than momentary joy, and it will secure their future. Term Insurance assures the spouse of financial support in case of a mishap with the insured person and should be purchased as soon as possible by married couples.
The women of today are on an equal footing with men, whether it be managing their finances or providing for their family. Today, a family is as dependent on the woman’s income as it is on the man’s. This dependency brings with it the need to financially secure your loved ones in case something happens to you. A Term Insurance plan assures that your parents/spouse/children are financially secured even in your absence. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. The term insurance cover amount also helps to take care of any outstanding liabilities like home loan, auto loan, education loan, and more. Not only this, but some term insurance plans also come with the added benefit of a critical illness cover that provides a payout if you are diagnosed with a serious illness like breast or cervical cancer.
Young professionals are just starting their careers. Many of them are not yet married and have no financial dependents. However this is likely to change in the future as they get married or support their parents/relatives. Such individuals should buy term insurance now rather than wait. This is because once a policy is purchased, the premiums stay the same throughout an individual’s life. On the other hand, waiting to buy term insurance in the future can force customers to pay higher premiums because term insurance premiums increase with age.
Term Insurance premiums paid are allowed as a deduction from taxable income under Section 80C of the Income Tax Act, 1961. The term insurance payouts on maturity are also exempt from tax subject to conditions under Section 10(10D). Hence taxpayers can use term insurance to reduce their tax burden significantly.
As a self-employed person, you face many challenges. Unlike salaried individuals, you do not earn a fixed monthly income; you have an uneven source of income that depends on the ups and downs of the market. Plus, you may have also taken a business or personal loan from creditors, banks, or even your family and friends. Hence, buying a term insurance plan to secure your family becomes even more important for you. A term life insurance policy can ensure that your family remains financially secure even in your absence.
Retired persons need to have term insurance if they have dependent spouses or families. Buying term life insurance can also be a way of leaving an inheritance for their families. This is because Term Insurance is paid out to nominees in case of any mishap with the insured person. The payment of Term Insurance is also tax-free subject to conditions under Section 10(10D) of the Income Tax Act,1961.
The Claim Settlement Ratio (CSR) is the ratio of the total number of claims raised in a year and the number of claims settled in a year by an insurer. The higher the number, the more reliable the insurance company is, as the chances of your family’s claim being rejected are low.
This is the money you pay to the insurance company in return for financial protection. Premiums can be made in monthly, half-yearly, and annual instalments. Premiums tend to increase as you age.
To enhance the coverage of your plan, you can add benefits to your plan, such as a critical illness rider, an accidental death rider, or a permanent disability rider. Riders come at a nominal cost over the premium.
This is the amount of money that your nominee will receive in case of an unfortunate event. This also determines the premium amount for the term plan
This is the same as a sum assured and is given to the nominee in case of an unfortunate eventuality.
Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified term. These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.Term life premiums are based on a person’s age, health, and life expectancy. Depending on the insurance company, it may be possible to turn term life into whole life insurance.You can often purchase term life policies that last 10, 15, or 20 years.
The right time to buy a term insurance plan is as soon as you can. The chances of getting lifestyle diseases increase as you age, and so do insurance costs. When you invest in a term plan at a young age, you get an insurance policy at an affordable premium. This will save a lot of money in the long run. Moreover, it will also provide you and your loved ones with extended coverage and financial security from an early age.
Hence, it may be advised to invest in term life insurance when you are young.
Your family gets a complete sum assured at the time of death which makes their financial situation easier.
The cover will ensure a good financial future for your children and spouse who were dependent on you.
Life insurance policy offers high coverage at low premiums which are affordable to everyone.
Choose riders for accidental coverage, critical illness, etc for additional benefits.
Life insurance policies secure your family's financial future in a very low premium paid monthly.
When you see a secured future of your family even in your absence, you get complete peace of mind.
Our platform is 24x7 accessible as you can get and claim your life insurance from anywhere.
You can invest in personalized policy, depending on your income, capital and future needs.
Ascertain your risk level and choose through a transparent and safe process of investing.
