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Advantages of Term Life & Keyman Insurance

Comprehensive Plan

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.

Flexible Plan

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.

Affordable Premium

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.

Tax Benefit

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.

Benefits of Term Life & Keyman Insurance

Death benefit

  • Primary benefit of a term policy is to cover the policyholder in case of death. A lump sum benefit is payable to the beneficiary as compensation up to the full sum insured under such condition.
  • The sum insured of the policy may remain constant, increase or decrease over the tenure of the plan.
  • The policy also offers the option to pay the death benefit as a lump-sum amount or lump-sum with annuities for a specified number of years.

Financial Protection

  • Term life insurance offers financial protection to the insured's family in case of unfortunate event of death so that they can live without sacrificing their standard of living.
  • It also protects policyholder's family against the liabilities by paying for the debts like a home loan or car loan.
  • The policy also offers the annuity payouts which will help insured's dependents to deal with any financial repercussions in their absence.

Additional Riders

  • There are many additional extensions available which can be included in term insurance on paying the extra premium. For example, a critical illness rider can be included which will pay the lump sum amount to insured upon the diagnosis of critical illness.
  • The accidental death benefit can also be introduced in which if the insured dies due to the accident, the beneficiary will get an additional amount of sum insured.
  • Other such extensions include accidental disability rider, hospital cash rider, waiver of premium rider and income benefit rider.

Frequently Asked Questions

In term insurance, additional extensions to the basic cover are generally referred as a rider. You can include the riders in your policy in order to enhance the coverage to cover certain situations like accidental death and disability and coverage for critical illness. These riders offer compensation over and above the basic sum insured.
Yes, term insurance covers death due to illness. It will be treated as health-related death and can be due to any hereditary condition or while undergoing any medical treatment. Death due to critical illness like cancer, stroke, kidney failure and heart attack is also covered by the policy.
It is recommended to buy the life cover with the sum insured of 10 to 15 times of your annual income. For instance, if your annual salary is 5 Lakhs, then you should buy the term cover with 50 to 75lakhs of sum insured. The idea behind this is that the dependent should maintain the same standard of life after the demise of the policyholder.
There are no maturity benefits in this policy. Term plan is basically a death benefit plan in which the beneficiary will get the sum insured only in case of insured's death. If the insured survives till maturity, nothing will be paid and policy ceases. However, there are special term insurance plans which offer a return on premium


What is covered in a Term Insurance Policy?

A term insurance policy is the simplest and inexpensive form of life insurance available to individual life. Under this policy, the insurer promises to pay a large sum assured amount to the nominee of the insured individual, in case the insured dies within the policy term.

There are many benefits of the term cover for the families as well as the economies...

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What are the conditions for a new employee to be covered under Group Term Life Insurance of the employer?

Most of the companies offer group term life insurance policies to their employees. The policy ensures that even after the death of the employee, his/her family’s future is secure.

At the time of buying group term life insurance, the insurer takes into account all the current employees, in case, more employees join the organisation...

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What Are The Benefits Offered Under Group Term Life Insurance?

Group Term Life Insurance Policy Benefits both employers and employees in multiple ways:

  • Benefit for Employers
  • Group term insurance helps in retention of talented employees.
  • The premium or cost of such policy is tax deductible for the firm...
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