Term plan is a Life Insurance policy that provides financial coverage for an individual’s death to his/her nominee. The financial benefit can be passed on as monthly benefit or a lumpsum payout based upon what the insurer has chosen at the time of policy purchase.

Buy Term Plan

Benefits of Term Insurance Plan

In case of your absence

  • Get a lumpsum money for your family
  • Option to close down loans taken by insurer
  • In case of accidental death, option of increased sum assurance.
  • Option to support family in case of disability or critical illnesses.

There are 24 companies providing term plans. The premium of a term plan depends majorly on the beloe mnetioned criterias

  1. Your age
  2. Your salary
  3. Your gender
  4. Your smoking habits

While purchasing a term policy the most important aspects to know about the insurance company are –

  • What is the claim ratio of the company
  • How much lower the cost is relative to others
  • What are other benefits provided within the plan

A Term Plan offers many benefits like

  • Tax Benefits
  • Choice of multiple options
  • Age of Entry
  • Survival and Death Benefits
  • Option to choose additional riders

 

Term Insurance Plan
Rating: 5

Comments:

  • April 23, 2018 at 12:58 pm
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    please give me cheapest term plan for 50lac, 10yrs,age51,nonsmoker

    Reply
  • October 3, 2017 at 10:59 am
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    Buy the cheapest plan.. that’s all.

    Reply
    • October 3, 2017 at 11:01 am
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      No.. claim ratio sometimes impact you. If a company is not having claim ratio above 95, don’t prefer that one. Additionally, try to include illness riders in the term plan.

      Rating: 4
      Reply
      • October 3, 2017 at 11:02 am
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        Btw, can you buy a life insurance plan for your kids as well?

        Rating: 5
        Reply
        • October 3, 2017 at 11:04 am
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          No.. I don’t think so.. you must be above 18 I guess. But you can buy child plan. It has term benefits.

          Rating: 5
          Reply
  • October 3, 2017 at 10:55 am
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    How do I get to know which is best term policy?

    Rating: 5
    Reply

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