Overview of the Term Insurance
When it comes to living a life with a peace of mind, then you should avail the request for the term insurance plan. It is one of the most secure and independent insurance plans that gives life cover at affordable premiums. It is a type of life insurance which offers full life coverage to a policyholder. In case of your unfortunate demise during the plan, the sum assured will be given to the nominee. That’s the reasons why people are now opting for the term insurance rather than life insurance. Along with the health benefits, this plan provides financial support to your family when you are not with him.
Essential Features of Term Insurance Plans
We hope you understand the meaning of the term insurance. Now, we are going to tell you the basic features of this policy.
Affordability: Affordable premiums are one of the most significant features of the term insurance plan. You will get life cover and financial protection to your family in case you die during the procedure. All these things are given to you at an affordable premium.
Easy to buy: Generating a request for the term insurance is very simple. All you need is to head over to the official website of the best insurance company and choose the best term insurance plan. Open the term insurance plan form, enter the details and submit it. If your details are matching with the eligibility criteria then your request will be approved by the company. After paying premium, your policy gets started. If you are unable to purchase a policy online, you can also go nearby insurance office to opt for the term insurance plan.
Term Plan with return of premium:
Many people feel they hesitate to buy the term insurance policy because it doesn’t come with the maturity benefits. But, there is an attractive feature of the term insurance plan is the return of premium which offers maturity value if a policyholder survives the policy. Though the premiums of this plan is not affordable the coverage and the return of the investment you will get impressive. This policy runs up to 30 years from the date of availing.
Flexibility in paying premiums:
Most of all, the insurance companies offer you flexibility in paying premiums. You can pay premiums either monthly, quarterly and half-yearly. This feature allows policyholders to pay premiums as per their budget and convenience. So, if you are looking for the flexible premium based life insurance policy, then term insurance plan is your option.
Innovative features: Insurance companies do not become innovative regarding general insurance policies but also in the term insurance policies. Like giving discounted premiums for non-smokers, customize coverage, submitting a request for the term insurance plan routed through the internet, and so forth.
Critical illness cover: Despite giving financial protection to your family when you are not around, you can also provide coverage against critical illness in this term insurance plan.
Factors that affect the Term Insurance Plan:
After understanding the basic features of the term insurance plan. Now we are going to tell you the list of the factors that affect the term insurance plan. So, let’s get started.
Age: It is one of the significant factors that can affect the term insurance plan. The early you opt for this policy the better returns of the investment you will get.
Gender: Another important factor that can affect the term insurance plan is gender. It is found that women live five years longer than men. Some companies also give some liability to women like discounted rate premiums and extra life coverage features.
Smoking: If you are a non-smoker, then this plan is the best for you because the premiums of smokers are more than twice than non-smokers.
Driving record: Surprisingly, driving record is also an important factor which can affect the term insurance plan. Most of the insurance companies are unwilling to offer term insurance plan if your driving record is bad. Before availing the request for the term insurance plan, keep in mind your driving record of the last two years will be good.
Term Insurance plan gives you maximum benefits at the minimum premiums- Why?
Term insurance plan has gained huge acceptance in the insurance sector because of its innovative life cover features that are available at an affordable rate. There are several types of life insurance policies in the market, but when it comes to the best, the term insurance plan comes in the first place. You can never be sure about your life, in the event if you are not around with your family, then this plan will give you financial protection and make their life hassle-free. It is extremely nominal as compared to other life insurance plans. On availing the request for the term insurance, you can extend your coverage by adding rider benefits, physical disability, and other critical illness-cover are at an affordable premium rate. Besides, health benefits, you can also get tax benefits under section 80 C of the income tax 1961. To keep the policy active, you have to pay the premiums on time.
Terms Insurance Plan is better for NRI:
Almost every insurance company in India offer term insurance plans to NRI. If you are an NRI and looking for the pure life insurance policy in India, then you can choose a term insurance plan. You can pay the premium monthly, quarterly and half-yearly via online transactions. This plan is only created for the NRI whose family is still living in India and looking for the best savings and life insurance plan. The eligibility criteria and the premium rates will vary from company to company for the NRI. So, before availing request, read the eligibility criteria and other details carefully.
We hope this comprehensive guide on the term insurance plan will help you a lot. In case if you have a query, you can share it in the comment section.