Is it a Good Idea to buy a 10-Year Term Life Insurance Plan?

What is a 10-Year Term Insurance?

How Does a 10-Year Term Insurance Policy Work?

Why Should You Choose a 10-Year Term Insurance?

Who Should Consider Buying a 10-year Term Insurance?

FAQs About 10-Year Term Plan

Can We Extend the Death Benefit of a 10 Year Term Plan After the Expiry of the Term of 10 years?

No, the death benefit is available only for the tenure of the policy and cannot be extended beyond that.

What Happens if the Policyholder Passes Away After the Period of 10 Years?

Since the policy has a term of 10 years, the death benefit is applicable only for 10 years, beyond which the policy expires, and no benefit is paid if death happens beyond the coverage period.

What Happens if I Outlive My 10-Year Term Plan?

If you outlive the term, the coverage expires, and there is no payout. However, some policies offer conversion options to endowment plans with certain terms and conditions.

Can I Add Riders to My 10-Year Term Plan?

Yes, riders like accidental death or critical illness coverage can be added to enhance the protection offered by a 10-year term plan, though they may increase the premium.

What Does a 10 Year Level Term Insurance Mean?

A 10-year level term insurance is a term insurance providing life cover for 10 years at a fixed premium and life cover.

What is a 10 Year Decreasing Term Insurance?

With a 10-year decreasing term insurance, you have a death benefit cover for 10 years. However, the sum assured and the premium keeps decreasing over time as the policy reaches maturity.