Overview :

We always want to be doubly sure when it comes to our family. We want to help them, support them, fulfil their dreams, and give them the best of everything that life has to offer. To ensure that your family is taken care of financially even when you are not around, you need to buy the perfect life insurance plan. But how do you know what the perfect life insurance plan is? Well, here’s your answer. As a first step to making your family’s future secure and safe, all you need to do is opt for a Term Life Insurance plan.

What is Term Life Insurance?

Term plans ensure that our loved ones are secure, financially independent and have the same life style even in our absence.

Term life insurance is the most basic type of life insurance plan, and can also be called the vanilla plan. In a Term Life insurance, the person insured is financially covered for a certain period of time – a ‘term’. To keep the term plan going, the insured has to pay fixed affordable premiums. Upon the unfortunate event of death of the insured, the beneficiary/nominee will be paid the death benefit which is a lump sum called the Sum Assured.

There are single and joint life term plans. When one life is insured it is called a single term plan. In joint term plans, the insured and his/her spouse are both covered. In case of death of either, the surviving member will receive the Sum Assured for the deceased. Upon the sudden death of both members, the entire amount assured will be paid to the beneficiary.

Highlights of term insurance plans:

• Upon the death of the insured during the Policy Term, a huge lump sum, the Sum Assured, will be paid to the beneficiary.
• The insured can choose the coverage period, the frequency to pay the premiums (monthly, quarterly or annually) and also have an option to reduce the premium paying term.
• The Term insurance premiums are the most affordable and easy on the pocket. The premium is a small fraction in comparison to the risk covered.
• Excellent tax benefits are available (as per the provisions and conditions of the Income Tax Act and are subject to any changes made in the tax laws in the future).

• In case the insured survives the term, there may be an option which allows for return of all the premiums.