TERM INSURANCE
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Term insurance is a type of life insurance that provides coverage for a specific period of time or years, i.e., a term. This type of life insurance provides a financial benefit to the nominee in case of the unfortunate demise of the insured during the policy term. Term Insurance policies provide high life cover at lower premiums. 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 basis the type of the premium payment method opted by the buyer.
FEATURES OF TERM INSURANCE
Low entry age:Term insurance plans have a minimum entry age of 18 years only. You can buy a term plan and secure your loved ones as soon as you reach adulthood.- Long term protection:The term plan offers long policy tenures of up to 40 years that allow you to protect your family members for a long time.
- Easy to buy:Term insurance can be purchased online in minimal steps. You can compare different plans and features with a few clicks and pick a plan that suits your needs the best. The submission of documents, premium payment, and all other customer queries can be submitted online from the comfort of your home or office.
- Easy premium payment options:Term insurance plans offer flexible premium payment options like monthly, quarterly or yearly payment
- Adjustable cover:The term plan is flexible and allows you to increase or decrease the sum assured basis your financial condition Application will be accepted if there is no discrepancy.
- Liability protection:The sum assured of a term insurance plan can be used to ensure your family’s financial security and protect them from debt liabilities like a loan repayment
Term Insurance
A term insurance quote is the premium price of the term insurance policy. It is important to get a term insurance quote so that comparing different term policies and taking an informed decision becomes easy.
Benefits
Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.
Trust and Goodwill
Term Insurance promote and build a feeling of trust and quality in the customers mind and it establish credibility.
FAQ on Term Insurance
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What should buy term insurance?A term life insurance policy can offer you many benefits. As the sole breadwinner of your family, the money from a term insurance plan can act as income replacement and help your family lead a comfortable and dignified life. Term insurance is the most inexpensive form of life insurance as the premiums are quite affordable.
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What is the best age to buy term insurance?It can help you save a lot of money by buying a term insurance plan in your 20s. Buying a term insurance plan at an early age can offer you the benefit of low premiums. Since you are in the best of your health when you are young, the insurance company would offer you a relatively affordable premium even for a very high sum assured. Having said that, term insurance is crucial at any age and can be bought at a later stage in your life too
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Is term insurance considered an asset?Yes, term insurance is one of the greatest assets you can create to safeguard the future financial interests of your family members. It can help you leave behind a legacy for your loved ones and help them carry on with their lives and fulfil their goals in your absence.
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Is term insurance the best?It is one of the best types of life insurance plan for young couples who want to secure their future. Taxpayers: Term insurance offers great tax benefits to its policyholders. Premium paid against a term life insurance is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.