This is an era of awareness. We are very aware of our right-wrong, profit-loss, good –bad in every aspect of life. We are now not scared of anything that we face on our way to success because we are prepared from all sides. The best part is, we don’t now step back even about thinking worst of ours and our loved one’s future and instead of being scared of the bad, we try to be prepared at the best to face everything. Hike in the insurance market is proof of our readiness. Insurance is the best way in which one can secure not only liabilities, property but also can offer a better life for the loved one in his/her absence. Term insurance is also a pet of life insurance. Term insurance is a pure and simple life insurance product. Term insurance shield and comes to rescue when you need financial protection in case of untimely death of the bread earner of your family during the term insurance policy term. Term insurance is one of a kind and it is one of the most affordable types of life insurance coverage. It is specially designed after keeping in mind the situation when the head or bread earner of the family meets with a death.
Key Benefits of term insurance plan-
There are various benefits of term insurance policy; some of the key benefits are –
- Low premium- Term insurance plans offer the maximum benefit at minimum investment. It offers high insurance covers at a low premium amount.
- Term life insurance is exempted from tax under Section 80 C.
- Flexibility is one of the best benefits of Term Insurance plan. One can make his/her plan better with various riders as per the requirement.
- A lump sum amount is payable to the family of policyholders in case of death of the policyholder.
- Term insurance offers supplementary income in case of the loss of the regular income of the family due to the accidental disabilities or illness of the policyholder.
Types of term insurance-
There is ‘n’ number of term insurance plans which are available in the insurance market. One can either buy an insurance plan online or offline. Following are the various types of term insurance –
- Standard Term Life insurance Plans – In this plan, the insured get a cover against various risk against a certain premium amount in the most basic and simple manner.
- Term Return of premium plans- In this plan the policyholder get a refund of the premium amount that is paid for the plan if the insured policyholder survives the policy period.
- Group term insurance plan- This term insurance plan is best for business, companies as it offers insurance cover to all members of the group.
- Term insurance plan by number of years- Under this term insurance policy, the company offers term insurance only for a specific number of years. It can be renewed further.
- Decreasing and increasing term Insurance Plans- In decreasing term insurance plan the cover and premium decrease over the time of term policy. While in increasing term insurance policy, the cover and the premium amount increase with tenure.
- Convertible Term insurance plans- This is a saving cum insurance benefit insurance plan.
- Single life and joint life term insurance plans – This is a cheaper plan and affordable than two individual term insurance plans.
- Offline and online term plans – Offline is the old hard copy and traditional agent cum branch plans while offline are sold over the internet and one click away from the customer.
One needs to look at these plans in depth and then only decide that what the best plan is for them. If you are l appropriate looking for an appropriate term insurance plan for the safety of your family then you must take help of an online insurance web aggregator such as PolicyX which can help you in choosing the best plan according to your needs.