Term Life Insurance Simplified
Life is beautiful. Life poses a few risks also. You need to identify and assess possible risks and manage them suitably. Term Life insurance policy ensures that the value of your human life stays protected in financial terms and your dependants continue to pursue their life goals and have the financial protection for doing so even if you meet with an untimely death.
What is Term Insurance?
Protection for a set period of time with Term Insurance. In the event of death or Total and Permanent Disability (if the benefit is offered), your dependants will be paid a financial benefit. There are no survival benefits associated with Term Insurance policies i.e. you do not receive any of the premium back once the policy term expires. Term Insurance provides high financial protection at a minimal cost.
Term Insurance is a very straightforward and simple Life Insurance policy that offers a pure risk cover. The sum assured amount gets paid only if the policy holder dies during the policy term (also called policy period). For example, say person A takes a term policy of Rs.1,00,00,000 (Rs.1 crore only) over a 30 year term, unless Person A dies during this 30 year period, he/she or his/her nominees will not be eligible for any kind of compensation from the insurance company. Term insurance policies are least expensive of all the life insurance policies. Online Term insurance policies cost even lesser thus making them highly affordable.
Why Term Insurance?
- Protection for your family: Term life insurance provides you protection at a low cost and cover you comprehensively for large periods of time.
- Inexpensive & Easy to understand: The plans are easy to understand and give you choice to choose your plan, inclusions, premiums and payment frequency at an affordable cost.
- Tax Benefits: Life insurance gives you tax benefits under section 80(C). Good way to get protection and save money on tax.
What are the different types of term insurance?
There are two kinds. There's "annual renewable term," which gives you one year of coverage at a time that you renew annually, and "level premium term," which you buy for a specific multiyear period - say, five, 10 or 20 years.
- Annual renewable term usually has the lowest annual premium to start, but the premium rises as you age. If your main concern is keeping your initial costs down - for example, because you think your earnings will rise significantly in the future - consider going with annual renewable term.
- Level premium term lets you lock in the premium for that period; the annual premium is guaranteed never to change, from the first year to the last. That can be a smart way to insulate you from any premium increases.
Online Term Insurance Plans
Many companies have been introduced Online Term Insurance Plans in past years, Online term insurance plans offer the same type of basic life cover as other Term Insurance plans. The key differences are that online term plans are available for purchase in select geographies or cities, depending on the insurer; and are available for purchase only on the internet. Many online life insurance term plans do not offer additional optional Riders, keeping the online purchase process simple and easy to buy. Most online term plans tend to be lower cost than offline term insurance plans as they are available direct from the company and have lower costs. Always compare online term insurance plans to get the best online term plan.
Compare Term Insurance plans online in India to buy the best Term Life Insurance
Looking for best term insurance plan in India ? Looking for which Insurance company has the good claim settlement Ratio? Looking for Term Insurance comparison at one place? Do you have all the sufficient information to decide which is the best term plan you can buy? For all your questions, you will get the answer from Bimadirect.com. You can compare all term insurance products online from leading companies at a single platform and you can decide & buy the best term insurance.
While you buy insurance, if you need guidance at any stage, please call our insurance specialist on our toll free help desk 1800 108 8888 or send us an e-mail at firstname.lastname@example.org.