What is Term insurance
Term insurance is the most basic type of life insurance and it is also known as the purest form of life insurance. It provides comprehensive financial protection to the policyholder’s family in the event of the unfortunate death of the insured. It guarantees a larger sum of money (Sum Assured) at affordable premium rates.
Key Benefits
- Provides Life Cover
- Financial Security against Critical Illness
- Covers Accidental Death or Disability
- Additional Rider Benefits
- Tax Benefits
Types of Term insurance
Basic Plan/ Level Term Plan
This is the most common type of Term insurance plan. The sum assured while taking the policy remains the same for the entire term.
Return of Premium Plan (TROP) Plan
This plan entitles policyholders to receive maturity benefits if they outlive the policy term. TROP is most popular as the premiums paid during the tenure are returned to the policyholder.
Increasing Term Plan
This plan allows to increase the sum assured at a predetermined rate every year during the policy term.
Decreasing Term Plan
Unlike increasing Term insurance, here the amount of sum assured decreases at a predetermined rate as the policyholder ages.
Convertible Term Plan
This plan gives the flexibility to convert into other plans such as a whole life plan or endowment plan at a later stage.
Term Plan with Riders
These plans provide more comprehensive coverage, such as accidental permanent disability or critical illness.
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