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WHAT IS A TERM PLAN?

Understanding the importance

A term plan safeguards your family and offers financial security in case of your unfortunate demise. It is a life insurance product that provides financial coverage or a ‘life cover’ to the policyholder for a specific period of time or ‘term’.

A term plan safeguards your family and offers financial security in case of your unfortunate demise. It is a life insurance product that provides financial coverage or a ‘life cover’ to the policyholder for a specific period of time or ‘term’.

HOW IT HELPS YOU

Top features of Term Insurance Plans

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    Low entry age

    You can buy a term insurance plan and secure your loved ones the day you turn 18 years of age!

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    Long-term protection

    You can opt for a longer tenure and ensure you secure your loved ones with a significant corpus for that duration

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    Easy to buy

    You can purchase a term insurance plan online with no hassles. The submission of documents, premium payment and all other customer queries can also be taken care of online from the comfort of your home or office.

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    Easy premium payment options

    You can choose to pay from multiple premium paying options. This also includes the ‘limited pay’ option, where you can pay for the entire policy term while you’re still earning.

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    Adjustable cover

    Today, term insurance plans have become very flexible and allow you to increase the sum assured as per your financial requirement.

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    Liability protection

    You can also use the sum assured of your term insurance plan against debt liabilities like loan repayment and ensure your family’s financial security.

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    Tax Benefits

    Term insurance plans also offer tax deductions from your income for the premiums paid as well as exemption on the maturity benefit as per prevailing tax laws.

REASONS TO INVEST

Invest in your Term Insurance!

EXPLORE TERM INSURANCE PLANS

Plan for their dream to become a reality

HAVE ANY DOUBTS?

FAQ’S related to Term Insurance Plans

Any life insurance plan by definition covers death caused due to health issues and conditions, including COVID-19 or Coronavirus.

Buying a term insurance plan at the earliest gives you the obvious advantage of low premiums. As you are in the best of your health, the insurance company would offer lower premiums even for a high sum assured. That being said, the act of buying life insurance is the most crucial aspect, irrespective of age.

This might be quite subjective and depends on several aspects. For starters, you can consider your age. The younger you are, the longer the period you need protection for. Moreover, there might be more people who are financially dependent on you. It’s the other way round, as you grow older. Your lifestyle habits are yet another crucial aspect.

For the same insurance plan, premiums won’t change as long as your policy is active and unchanged. However, premiums might alter if you buy a new plan altogether or decide to increase your life cover or opt for additional benefits. 

Yes, you can avail a loan against your savings plan, subject to terms and conditions.

Read More
KNOWLEDGE BYTES

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