by paybima

Know Everything about Term Insurance Plan

What is a Term Insurance Plan?

Term insurance plan is a life insurance policy which offer you financial coverage in case of loss of life during the term. You pay a yearly premium against the policy to the insurance company.

Types of Term Insurance Plans Available in India

Level Term Plan

A level term insurance plan is simple. There is a fixed sum assured during the term. This sum is offered to the family if the insured dies within the policy tenure.

Type-1

Increasing & Decreasing Term Insurance Plan

Type-2

The coverage of an Increasing term insurance plan increases every year. Whereas the coverage for decreasing term insurance plan decreases every year.

Term Return of Premium (TROP) Plan

A term insurance plan with a return of premium options is when the entire premium paid towards the term insurance plan is returned to the insured by the insurance company, at the end of the policy tenure, provided the insured survives.

Type-3

Single Life and Joint Life Term Insurance Plan

Type-4

A single-life is a regular Individual term insurance plan. A Joint Life Term Insurance plan is best suited for couples with children. They offer the same advantages and benefits to both the policyholders.

Inclusions in a Term Insurance Plan

Death Due to Natural Causes

Death Due to Accident

Exclusions in a Term Insurance Plan

Death by Suicide

Death while participating in a malicious activity

Death due to consumption of drugs/alcohol

Non-disclosure of Material Fact

Features and Benefits of Term Insurance

High Coverage at Low Cost

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Safety for Loans and Liabilities

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Add-on Protection

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Claims Payout Option

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Tax Benefits

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Waiver of Premiums

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Covers Critical illness

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Premium paying mode

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