Term Life Insurance

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Term Life Insurance

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Term Life Insurance

Term Insurance, commonly known as a Term Life Insurance plan, offers high life cover for a relatively low premium. For a set amount of premium throughout the course of the policys Term, a Term Plan provides financial coverage to the policyholders family. The chosen cover amount is paid to the nominee as a death benefit in the unfortunate event that the insured person passes away during this period.

Benefits of Term Life Insurance

  • Death Benefit: When an insured person passes away during the policy's term, the nominee will receive the total payout as either a lump sum amount or a combination of a lump sum and monthly payments.
  • Lump sum amount to cover all immediate financial obligations.
  • Tax Benefit: The premiums paid for Term Life Insurance are tax free under section 80(C), up to an amount of INR 150,000. Claim Reimbursement: Coverage for expenditures incurred for hospitalization brought on by a medical.
  • Rider Benefits: Rider Benefits: Riders are a crucial addition to the basic plan offering and a choice to customize the coverage to the life insured as per their needs.
  • Accidental Death Benefit rider: In the event that a death is caused by an accident, the accidental death benefit rider provides an additional amount assured over the base plan offering.
  • Accidental Disability rider: When any disability occurs due to an accident, the Accidental Disability rider offers an immediate lump sum payment.
  • Critical Illness rider: If the life insured is diagnosed with one of the critical illnesses mentioned in the rider, the Critical Illness rider offers an additional sum assured over what the base plan offers.
  • Waiver of Premium rider: In the event that the life insured is diagnosed with a critical illness or a permanent disability, the Waiver of Premium rider offers a waiver of all policy premiums.
  • Option to increase Death Benefit: Certain plans feature provisions where the life insured can extend the life cover at important events in life such as marriage, birth of a child etc.

Key Terms to consider while evaluating 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