Secure Your Family's Future with Term Insurance Plans

What is Meant by Term Life Insurance to Protect Your Family?

What are the Features of Term Insurance Plan?

Here are some common features that each insurer offers in their term life insurance.

Life Coverage

A term insurance plan covers the policyholder’s life and provides death benefit to their family, if policyholder passes away when the policy is still active.

Affordable

One of the key features of term life insurance is that you can secure your loved ones’ financial future at a low price, especially if you buy a term policy at an early age.

Flexible Tenure

Term insurance plan allows the policyholder to choose the premium frequency as per their needs and financial liabilities. They can also opt for different term policy tenures depending on various factors like the policyholder's age, medical history, dependents, etc.

High Sum Assured

Offering a high coverage amount is another feature of a term plan. It will ensure that your family receives the same type of financial support even after your demise.

Customisable Riders

You can customise your policy as per your needs and make it more comprehensive by adding optional riders. Some popular term insurance riders available are accidental death benefit rider, waiver of premium rider, critical illness rider, terminal illness rider, and more.

Different Types of Term Plans

There are different types of term insurance plans available to serve your unique financial and insurance needs. You can contact your insurance company and choose from level term plans, increasing term plans, decreasing term plans, convertible term plans, return of premium, and term plans with riders.

Payout Options

A term insurance plan also allows flexibility in terms of death benefit payout options. A beneficiary can receive death benefit amount as a lump sum, regular monthly income, increasingly monthly income, or lumpsum and income, depending on type of plan chosen.

How Does Buying Term Life Insurance Benefits Your Family?

What to Consider Before Buying Term Plan to Protect Your Family?

Frequently Asked Questions

Who should consider getting a term insurance plan? up-arrow

If you have dependents or financial responsibilities, if you're the primary earner in your family, or if you have outstanding loans, getting term life insurance is the best choice to financially secure your family.

How much policy coverage should I look for? up-arrow

Your policy should consider factors like your income, financial liabilities, dependents, and future expenses to estimate the amount of coverage required.

Can I customize my term plan? up-arrow

Yes, most insurance providers offer the flexibility to customize your term insurance policy by offering you various term riders like accidental death benefit, critical illness coverage, or disability coverage to enhance the benefits.

What happens if I survive the term life policy? up-arrow

The term insurance policy doesn't offer any maturity or survival benefits if you outlive the policy term.

Is there any age limit for buying a term insurance plan? up-arrow

Generally, individuals between the ages of 18 and 65 can buy any term plan. Beyond this age, a person is considered more prone to various critical illnesses, and hence, insurance companies may hesitate to offer them term plans.