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Income Replacement Insurance provides financial support for your family by delivering regular income payments if you, unfortunately, pass away during the policy period. This plan is designed to protect the financial futures of your loved ones. Income replacement insurance serves as a safety net for the long run. In this article, we will understand the benefits of Income Replacement Insurance.
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An income replacement insurance plan, also called a term plan, is a type of life insurance. Designed to offer your family or dependents a financial safety net in the unfortunate event of your demise, this plan replaces your income, ensuring your loved ones can sustain the life you dreamt of. It supports them in pursuing their shared dreams, covering significant life events like children's education and weddings even after you're no longer with them. The payout from this income replacement insurance can be received either as a lump sum or periodically, providing flexibility based on your preferences.
Let’s understand this with the help of an example:
Ramesh, a non-smoking man of 33 years of age, with a yearly salaried income of Rs. 12 Lakhs, bought a term life insurance plan to financially protect his family. As the sole earning member of his family, he planned on buying one of the best term insurance plans for his dependents. By comparing among 15+ term plans on Policybazaar, he chose the one that best suits his preferences. Ramesh opted for a 1 Crore sum assured for a 30-year policy term and will be paying Rs. 1021/month for the same term. Hence, in the event of his death, Ramesh's income will be substituted by the life cover, which his beneficiaries/nominees will receive as a death benefit.
Term Plans
Here are the key term insurance benefits of Income Replacement Insurance:
Financial Security: Income replacement insurance ensures financial stability for your family, covering daily expenses, debts, and providing a safety net.
Childrens’ Education Fund Assurance: Secure your children's education by guaranteeing a steady income stream for their academic needs.
Debt Relief and Funeral Expenses: Ease the burden of outstanding debts and funeral costs, preventing financial stress during difficult times with the help of income replacement insurance.
Flexibility in Coverage and Tax Benefits: Tailor the insurance to your needs and enjoy potential tax advantages, optimizing your financial strategy.
Peace of Mind: Income replacement insurance offers peace of mind, assuring your family is financially protected in your absence.
*Note: You can use the term insurance calculator to calculate the premium amount of your chosen term plan.
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Here are the different payout options to receive the death benefit of Income Replacement Insurance:
Lump Sum Payout Option:
The entire death benefit is paid to the nominee in one single payment.
Monthly Income Payout Option:
Regular and equal monthly payments, resembling a monthly salary.
Combination of Lump Sum and Monthly Payout:
Choose a specific lump sum amount and receive the remaining as monthly income.
Increasing Monthly Payout Option:
Monthly payments as death benefits, with the flexibility to increase the payment annually to address inflation.
Here are the steps to buy Income Replacement Insurance from Policybazaar:
Step 1: Visit Policybazaar’s official website and click on ‘Term Insurance’
Step 2: Fill in the basic details such as date of birth, name, contact details
Step 3: Click on ‘View Plans’
Step 4: Mention further details about your smoking or tobacco habits, yearly income, occupation and education
Step 5: Choose the plan that suits your financial needs and proceed to pay
Step 6: Select your preferred payment method and pay to complete the purchase
*Note: It is advisable to know what is term insurance and compare first and then proceed to buy the ideal term plan.
Income Replacement Insurance is important for individuals who support their families, have dependents, or aim to protect their businesses. To ensure long-term family security, it is recommended to compare term plan options from 15+ insurers on Policybazaar. This way, you can choose the ideal term plan that aligns with your needs and provides comprehensive financial protection for your loved ones or business.
˜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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