Term life insurance covers natural and health-related death. Options to enhance the cover by including extensions such as critical illness rider and accidental death benefit are also available.
Term insurance policy offers different policy tenures ranging from 5 to 30 years. Also, the policy offers the flexibility to pay the premium on monthly, quarterly, semi-annually and yearly basis.
Term life insurance offers larger cover at an affordable premium, unlike any other life insurance products. Moreover, once the policy is bought, the premium gets fixed for the whole tenure.
The premium paid against term insurance is tax deductible under Section 80C. Also, the payout of a term insurance claim is exempted from tax under section 10(10D), hence saving the money.
A term insurance plan is a life insurance policy that is purchased for a specific tenure (generally 10-40 years). Being a pure life insurance policy, a term plan provides only a death benefit and no maturity benefit.
During the tenure of the policy, if the insured individual passes away, the nominee receives the death benefit (sum assured). There is no element of savings in term life insurance and hence there is neither a maturity benefit nor a survival benefit under a term plan. The plan comes to an end when:
Mostly, a term insurance plan requires the policyholder to pay a regular premium at regular intervals. Term plans may also provide you with rider options like accidental death, critical illness, etc. so you can enhance the coverage of the plan.
The premium rate, as compared to savings plans, is relatively cheaper for term insurance. This is primarily because the plan is a pure life cover where the benefit is only availed if the insured dies during the tenure. In case the policyholder outlives the policy tenure, no benefit is provided. Term life insurance is one of the most popular life insurance plans as everyone wants financial backup for their family in case, they are no longer around for them.
A term life insurance plan can be purchased by anyone who is looking for a pure life insurance plan with affordable premiums. However, a term plan is highly recommended for any individual who has dependents. It may be parents, guardians, couples, business people, investors, self-employed, professionals, and retired individuals as well. Check out the list below for better insight:
A term insurance plan offers various benefits to the policyholder and the nominee. Check out the list below to understand the features of term insurance:
Under a one term life insurance plan, you enjoy three sets of direct benefits, that is, low premium, life cover, and tax-saving. Apart from this, there are several others to mention. Here is a list of benefits served by term insurance:
There are different types of term insurance plans that you can choose from. Check out the list below:
By paying a higher premium, you can increase the coverage of your term life insurance. There are options for add-ons like critical illness, disability cover, etc. In such a policy, you get cover for mentioned health crisis along with a life cover.
Life remains an unpredictable journey, and you never know about the next turn. So, it is always better to purchase life insurance as soon as you realise it. A term life insurance policy is a pure life cover that is purchased with the intention to provide financial stability to your family/dependents if you are no longer around. Also, if you purchase term insurance at an early stage of life, the premium is low. Right when you turn 18, you become eligible for different types of term insurance plans. So, choose the one that suits you and ensure that your family and loved ones do not suffer a financial crisis amid an emotional crisis.
Before you purchase any life insurance policy, it is essential that you understand the eligibility criteria for the same. Anyone above the age of 18 years can apply for a term life insurance plan. It is most popular among earning individuals as their income is also accompanied by several financial liabilities. Check out the various eligibility criteria for a term life insurance policy given below:
The insurer has the flexibility of choosing the sum assured under term insurance. The premium is accordingly charged. The higher the sum assured you choose, the higher the premium goes. So, the first step is to realise your premium paying budget and then make the best deal out of it.
You can use the help of the HLV number (Human Life Value) to understand what amount of sum assured your family will need if you are no longer around. It tells you the future cost of your current expenses and liabilities. The HLV calculator is an online tool where you need to enter your age, annual income, the life cover you want to purchase, and details of your finances. The calculator will immediately calculate the particulars and give you a lump sum idea of the amount of cover you may need in a term life insurance.
A term life insurance ensures a lump sum assured payout to the nominee if the insured individual dies during the policy tenure. At the time of purchasing the term insurance, you can choose the payout option, and accordingly, the sum assured will be released to the nominee. The payout options can be either of these:
Are you wondering what is the need for purchasing term insurance? Well, it can be one obvious question for those who are new to a life insurance policy. There are several reasons that justify purchasing a term life insurance, like
There are certain facts and figures that you must check to get your hands on the best term insurance. So, before saying yes to the one, tick the checklists given below:
While you can buy term insurance from a life insurance company directly, you would not be able to do thorough research on the different options that you have. On the other hand, when you choose SecureNow to buy a term insurance plan online, you can make a quick and easy analysis of all the different term insurance plans that are popularly available in the market.
You simply need to spare a few minutes and enter a few basic details, and in an instant, you will be able to glance through the most-suited options. You would not be able to check out the features each plan offers, but also see if the premiums fit into your budget or not. Therefore, when it comes to buying the best term insurance policy in India, you must surely give SecureNow a chance.
Leverage specialized underwriters and international experts unique for each line of business.
Works with all the leading insurers to discover the best price for most comprehensive features.
Get cover note issued within 24 hours. All service requests are resolved in pre-defined TATs.
Manage all aspects of claim including insurer, surveyor & TPA co-ordination, and documentation.
Receive risk diagnostic reports, themographic studies, policy analysis, and wellness programs.
Access your insurance policies through single login; service requests, MIS, and renewal alerts.