Yearly renewable term (YRT) is a term life insurance policy that has a one-year temporary policy term and needs to be renewed every year for continued coverage over the years. The death benefit for every year remains the same; however, the premiums quoted each year change according to the insured’s age and health conditions in the specific year.
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Let us take a deeper look at the meaning and benefits offered by this yearly renewable-term insurance plan.
A yearly renewable term life insurance is a type of term plan, that does not have a fixed cover tenure but offers coverage for a temporary period of 1 year and needs to be renewed every year for continued coverage. The cover amount for YRT insurance remains the same every year but the premiums change may change every year as per the policyholder’s age and medical conditions each year. If the policyholder dies during the one-year policy term, the insurer will pay the entire tax-free sum assured amount to the nominee. These plans are also called increasing premiums or annual renewal term insurance plans.
Term Plans
A yearly renewable term insurance or YRT is a one-year term plan that can be renewed per your needs without undergoing medical exams every year. The renewability of the plan depends on the insurer’s rules and T&Cs and can be renewed till a certain age. The premiums for these plans are much lower earlier, but as you renew the plan, the premiums increase with age. Most plans come with a ‘schedule of premiums’ which outlines the maximum premiums you need to pay each year.
YRTs provide financial protection for your loved ones at an affordable premium that ensures the financial stability for your family in your absence. With this plan, policyholder’s can get coverage for a limited duration and can renew their policy without any additional medical exam.
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Yearly renewable term insurance plans are suited for young individuals who would have to pay lower premiums, and the increase in premiums every year will also be low. These plans offer coverage for a shorter period to people who may be switching jobs, people who have recently quit smoking, individuals with short-term medical conditions, or people who may only need cover for a couple of years.
The yearly renewable term (YRT) insurance plans have to be renewed annually with premiums rising every year. In regular-term life insurance plans, the premiums remain the same for the entire policy term, ranging from 10 to 40 years or more. Similarly, whole life insurance policies also have a fixed premium that remains constant for the policyholder's entire life.
A Yearly Renewable Term Insurance Plan offers a flexible and straightforward option for temporary life insurance coverage. With the ability to renew annually, this plan adapts to changing financial situations and provides a cost-effective solution for short-term insurance needs. While premiums may increase with each renewal, the plan's flexibility and ease of access make it an attractive choice for individuals seeking life insurance protection without committing to long-term contracts. Regularly evaluating your coverage and comparing it with other options ensures you can make the decision for your unique circumstances.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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