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A term insurance plan is the best way to get comprehensive insurance coverage at low premium rates. This plan provides financial security to your family members. So, there are different types of term insurance plans available in the insurance market that take care of the liabilities and needs of your family when you are not around. While searching about a term plan, you may come across terms like non-linked and non-participating. Have you ever thought about what they are? Let us learn about these terms here.
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Let’s discuss them in detail:
A Non-Participating Life Insurance plan also called non-par products insurance is a plan in which as a policyholder you do not receive any additional benefits or bonuses as dividends stated by the insurance company at different time intervals. Simply put, the policyholder has no participation in the life insurer’s profits and doesn’t pay out any guaranteed benefits at the time of maturity.
In this, you are required to pay a premium amount and you get a predefined fixed insurance cover. The beneficiary/ nominee gets the amount of sum assured in an event of an unforeseen death of the policyholder.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
As the name signifies, Non-Linked Plans are not linked to the market. The performance of these plans does not depend on the performance of any principal assets. In this, you pay a fixed amount of premium depending on the sum assured amount. Regardless of the market performance, your beneficiary/nominee receives the sum assured amount in case of your unforeseen death during the policy term.
Non-linked plans such as term insurance plans do not depend on the secondary market performance. It is a pure life cover that is guaranteed, regardless of the financial market performance of the life insurer. This large cover helps your family remain financially stable in case of your absence and ensures that their goals are met.
Non-linked and non-participating plans do not receive any share of profits or dividends earned by the insurer. They provide guaranteed returns at low risk.
Note: You can calculate the term plan premium on the term insurance calculator online tool by Policybazaar.
When purchasing a term insurance plan, prioritize protection over investment. If you seek market-linked returns, consider ULIPs, or opt for endowment plans for guaranteed returns. Term insurance serves the primary purpose of mitigating the risk of premature death to ensure financial security for you and your family in your absence.
Therefore, grasp the fundamental intent of a term insurance policy before deciding. Select policies that align with your financial objectives and strive to build a diverse financial portfolio.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜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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