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The simplest form of life insurance, Term Life Insurance has become immensely popular amongst insurance seekers, over the years. It provides life coverage for a limited tenure to the beneficiary of the policy in case of uncertain demise of the insured person. The nominees of the policy can claim death benefits from the insurer in the event of death of the insured during the tenure of the policy.
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Under term insurance plan, the insurance holder can choose to avail a lump-sum amount or a combination of both - a lump-sum amount plus a monthly amount depending upon their requisites, needs and budget. Moreover, there are various insurance companies that offer term life insurance plans with adequate coverage for partial and permanent disability under which the regular income of an individual is disrupted.
Term Plans
In today’s fast-paced lifestyle, life has become uncertain. Quite expectedly, it is crucial to have a term insurance plan in hand. Having a term insurance plan is the best way to ensure a financial secured future of your loved ones in case of an eventuality. In case of the demise of the breadwinner of the family, term insurance plans provide fiscal backup and financial support to the family of the insured so that they can fulfill their day today responsibilities and live a substantial life style.
A term insurance plan efficiently fulfills the various liabilities like:
Under term insurance plan, the insurer provides a lump sum amount to the insured, in case he/she is diagnosed with the critical illness.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
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There is absolutely no dearth of term insurance plans available in the Indian insurance domain, albeit there are a few things that one must keep in mind when buying a term insurance plan. In order to avail the best term insurance plan available with the most affordable premium rates, it makes sense to carefully compare a number of term insurance plans online and choose the one that best suits your requirement, budget and needs.
Some of the most prominent things that one must keep in mind when purchasing a term insurance plan are:
Most term insurance plans are carefully conceptualized to secure the core financial requirements of a family in case of the uncertain death of the insured person or in the event of eventuality that may lead to partial or total disability. Term life insurance plans ensure that the beneficiaries or the claimants are eligible to receive a lump sum amount as the death benefit in case of the death of the policy holder. In addition, almost all term life insurance plans also provide critical illness benefits to ensure a lump sum payout for the beneficiaries in case the policy holder is diagnosed with some critical diseases.
Let’s look at some of the salient features of a Term Insurance Plan.
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying the plan.
While you zero in on a term insurance plan, it is important to understand how the premium of term insurance plan is determined. The early you buy a term insurance plan in your life, the more beneficial it is for you in the long term.
Buying a term insurance plan at a tender age is more beneficial as one can get greater coverage in a more affordable premium rate. Whereas, delay in buying term insurance plan adds to the overall premium payment. Moreover, it also dramatically decreases the extent of coverage with the growing age.
Here’s the bottom line:
If you wish to avail the maximum benefit of term insurance plan with the lowest premium possible, then it is wise to buy one as soon as you start earning.
As there is an array of term insurance plan available in the market, some of the term insurance plan provides whole life coverage to the insured person. This means that the policy holder is protected beyond 100 years.
The major benefit of having a term insurance plan for people equal to or more than 100 years is that if your family is at financial risk that surpasses beyond your life then your term plan can take care of your estate tax liabilities.
Moreover, having a term insurance cover more than 100 years saves you from paying an extra premium and one can get whole life coverage without any medical test.
With the help of term insurance premium calculator, you can compare the various plans online and choose the most beneficial plan according to your own suitability. By comparing the various plans online you can simply choose the plan that offers coverage more than 100 years and check the features and benefits offered by the policy.
Wrapping it Up!
So, if you are planning to buy a term insurance plan for over 100 years of age, then you can probably keep these things in mind in order to choose the most beneficial plan for yourself.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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