A Term insurance plan is a life insurance of the simplest form. Term insurance provide policyholders with monetary coverage in lieu of premiums paid for a specific time period.
Below are the various types of term insurance plans:
1. LEVEL TERM PLAN
2. INCREASING & DECREASING TERM INSURANCE PLAN
4. SINGLE LIFE AND JOINT LIFE TERM INSURANCE PLAN
3. TERM RETURN OF PREMIUM (TROP) PLAN
Below are the various types of term insurance plans:
1. Affordable Premiums
2. Helps In Tax Savings
4. Provides Financial Security
3. Option To Add Riders
Most term plan insurances offer cost-effective and affordable premium rates. Thus, term insurance policyholders can easily avail greater coverage at reasonable premium prices. It is better to buy a term plan when you are young so that you are levied with lower premium rates. That is because with age people become prone to several diseases, which increases the price of premiums of term plans.
Another reason to buy a term plan is that it aids in saving taxes since term plan premiums are eligible for tax benefits. The Income Tax Act Section 80C and 10D allow up to 1.5 Lakh rupees death benefit under term plans.
Another good reason to buy the best term insurance plan India is that they allow additional coverage as riders. These riders aid in enhancing the scope of a term plan coverage. An insured person can add riders to their term policy by paying an extra premium amount. Some such riders include
1. Accidental Death Benefit
2. Accidental Total and Permanent Disability
3. Critical Illness Rider
4. Waiver of Premium Rider etc.
A term plan insurance offers financial security to the family members of the insured in the event of an unforeseen death of the insured during the policy period. This monetary security help the nominee of the insured in leading a good life and to fulfill the monetary requirements of the insured. For instance, if you buy the best term insurance plan for 1 crore at young age by paying a nominal premium amount, you get complete coverage for your family members after you are gone.
1. Death Benefit
2. Mental Peace
3. Financial Security
4. Tax Benefits
5. Pocket Friendly
6. Whole Life Cover
1. Death Benefits
2. Maturity Benefits
3. Tax Benefits
4. Riders/Add-on coverage
5. Premium Payment
6. Frequency of Premium Payment
Term life plans offer monetary security to the nominee of the insured person. Below are some features of best term insurance plans in India:
7. Sum Assured