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Benefits of term life insurance is the financial protection of your family in case you are no longer with them. Term insurance plans are considered one of the types of life insurance plans that you can buy these days. These plans provide several term insurance benefits, such as financial protection for your loved ones, affordable premiums, whole life cover, tax benefits, and more.
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Here is the list of term insurance benefits you can avail of by buying a term life insurance in India in 2024.
Affordable Premiums: Term insurance is one of the most budget-friendly types of life insurance as you can secure a large sum assured at highly affordable premiums. For example, you can buy a 1 crore term insurance starting at just Rs. 478 per month.
You can use the online term insurance calculator to estimate the required premiums for a term plan of your desired life cover.
Return of Premium Option: A regular term plan does not offer any maturity benefits, but with a term return of premium plans, you can receive all the premiums you paid throughout the policy term at the end of the policy tenure.
Whole Life Cover: One of the main advantages of term life insurance plans is that most term plans offer the option of extending the policy term to cover the policyholder for their whole life i.e., till 99 or 100 years of age. With these whole life insurance plans, the policyholder can ensure that their dependents are financially secure for their whole life.
Flexible-Premium Payment Modes: Term insurance plans often offer a variety of premium payment terms and modes to help the policyholder pay the premiums at their convenience. You can choose to pay for a limited, regular, or single premium payment term on a monthly, quarterly, yearly, or half-yearly basis.
Multiple Death Benefit Payout Options: Most term insurance companies in India provide the policyholder with the option to select the suitable benefit payout option. The policyholder can choose if the death benefits payout should be made in a lump sum, monthly instalments, a combination of both, or increasing monthly installments.
Add Riders to Strengthen the plan: The rider benefits of term insurance allow you to enhance the base cover of the term plan at nominal premiums. The important term insurance riders in India are an accidental death benefit, accidental total permanent disability benefit, terminal illness benefit, critical illness benefit, hospicare benefit, and waiver of premium benefit riders.
Term Insurance Tax Benefits: There are several tax benefits of term insurance that you can avail of by buying a term plan. You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961 as per the prevailing tax laws.
Ease of Buying: One of the most convenient term plan benefits is that it is easy to buy, as you can purchase the term plan in India from the comfort of your home with a few clicks. You can go through the policy documents, compare term plans, and their CSR ratios before selecting the right term insurance for yourself and buy online in just a few minutes.
*Note: Know what is term insurance first and then buy term plan for your loved ones.
Here is a list of term insurance benefits of early purchase in life:
Lower Premiums: One of the biggest term plan benefits of early purchase is that it is available at lower premiums. The younger you are at the time of buying term insurance, the lower your premiums will be.
High Sum Assured: Some term plans may not offer a large life cover at a later stage. Therefore, one main advantages of term life insurance is that the earlier you buy a term plan, the more coverage you can avail.
Lock Your Premiums: On buying early, you can get coverage for a large cover at affordable premiums that remain constant for the entire policy term. So, if you purchased a term plan for 500 per month, the term life insurance benefits are that the premiums will stay the same for the entire policy term, even at 50 and 60 years of age, no matter the age or health conditions later on.
Long-Term Cover: When purchased early, your term life insurance benefits can cover you for your whole life. With a whole life policy, you can get covered under the plan till 99/100 years of age.
With the availability of various term plans online, choosing the best term insurance plan for your needs is difficult, as well as determining the benefits of term insurance. Thus, with the help of below factors, getting enough term coverage can be easy:
Sum Assured: Always check the higher and the lower limits of the sum assured for the different term plans. This provides greater flexibility when selecting adequate coverage for a family’s financial security.
Policy Term: One of the various term insurance benefits is its flexibility in policy terms. Select a life cover that suits your needs, whether it's for 15 years, 40 years, or even up to 100 years, with specific term plans, ensuring you can adequately protect your family for the desired duration.
Low premium rates: While term plan premiums are affordable, the specific amount may differ between plans. The benefit of term insurance comparison is that it enables you to identify policies with affordable premiums, preventing financial strain.
Claim Settlement Ratio (CSR): The term insurance company should always have a reliable and high CSR. This parameter indicates that the insurance company will settle the death claim when required, without any hassle.
Option to opt for Riders: Your term plan should provide a selection of optional riders. This way, you can choose additional coverage against specific risks or events, such as critical illness or hospitalisation costs.
Buying online: Buy term plan that offers easy online purchase. In addition to instantly accessing the policy documents, you should have the convenience of customizing the plan and making premium payments online from your digital device.
You can also buy term insurance under the MWP Act, to secure the term life insurance benefits for your wife and kids.
Term Plans
Buying term insurance online from Policybazaar offers you the following term insurance benefits:
Policybazaar offers dedicated claim assistance for term insurance
The company offers discount of up to 10% on online term plan purchase
All the calls are 100% recorded to avoid misselling to the customers
The Policybazaar advisors are available in over 55 cities and can provide on call and offline support and help you understand the plans and documentation
You can cancel the policy at the click of a button in case you are unsatisfied with your policy purchase
*Note: It is wise to first know the terminal illness meaning before you add the terminal illness benefit in your base term plan.
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You can buy the term insurance plan from policybazaar in the following way:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in the required details like name, gender, date of birth, and contact number
Step 3: Click on ‘Check Your Premium’ to view the available plans
Step 4: Enter your smoking habits, educational qualifications, occupation type, and annual income
Step 5: Choose the term insurance plan for 1 Crore or more as per your suitability
Step 6: Proceed to pay to initiate the cover of term insurance benefits
There are many benefits of term insurance, but the most important of those is the financial security it provides to the policyholder's family, receive the premiums paid back at the end of the policy, and the tax benefits of term insurance. You can also avail of these term plan benefits by comparing and buying the most suitable term plan online in just a few clicks.
Ans: Here are 4 common benefits of term insurance:
†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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