Term Life Insurance
- Term Life insurance provides coverage for a fixed period of time at a fixed premium rate.
- In case of untimely death of the life insured during the policy term , the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly payout.
- Therefore plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.
Benefits of Term Life Insurance
- Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
- Lump sum amount to take care of immediate financial liabilities.
- Monthly income to sustain the family lifestyle.
- Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.
- Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
- Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
- Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
- Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
- Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
- Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child.
To Know more about Term Life Insurance plans, you can directly interact with us at +91-9109114545.
