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Know More about life insurance
Term Life Insurance
- Term Life insurance presents coverage for a fixed period of time at a fixed premium rate.
- In case of the unfortunate death of the life insured during the policy term, the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly Payout.
- Since Term insurance plans are said to be pure protection plans which ensure the financial stability of the dependants in case of the untimely death of the life insured.
Benefits of Term Life Insurance
- Death Benefit: In the unfortunate event of the death of the life insured during the policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
- Lump sum amount to take care of important financial liabilities.
- Monthly income to sustain the family lifestyle.
- Tax Benefit: The premiums paid for Term Life Insurance are Tax-free under section 80(C) up to an amount of Rs 1,50,000.
- Rider Benefits: Riders are an essential addition to the basic plan offering & provide an option to customize the coverage to the life insured.
- Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
- Accidental Disability rider offers an instant lump sum payment on the occurrence of any disability due to an accident.
- Critical Illness rider offers an additional sum guaranteed over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
- Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed with a permanent disability or critical illness.
- Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage, the birth of the child.
Key Terms when comparing Term Life insurance plans
- Total Payout of each plan
- Premium amount paid for desired Total Payout
Policy term offered
- High claim settlement ratio
- Riders offered with the plan