Term Life Insurance
Term life insurance provides temporary protection for temporary needs. It also has some flexibility, so you can adjust your insurance as your needs change Term life insurance offers protection for your loved ones for a specified period of time usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy; but they do not build cash value.
If you want life insurance for a limited time long enough to meet your anticipated responsibilities to those who depend on you term life insurance may be right for you.
Who Is It For
Term life insurance is a popular choice for: Individuals focused on affordability and flexibility, small business owners facing debts or significant start-up costs, business owners with complex needs like key person protection or buy/sell agreements, and people with mortgages or other temporary debt.
Term life insurance snapshot:
- Easy to understand
- Affordable way to get maximum coverage
- Increases in cost after the specified period
- Builds no cash value
Key Features Of Term Life Insurance Plan
Long Policy Term
You can opt for a longer policy term to stay protected. You can stay covered for up to 50 years with a term life cover.
Low Entry Age
Most term Plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.
High Maturity Age
Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue the term-insurance cover up to the age of 85 with Max Life Insurance.
Cover Against Life Threatening Diseases
Cancer, heart attack, renal failure are some curable diseases which can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available on payment of additional premium
Premiums Returned on Survival
You can now receive all your money back if you survive the policy term. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.
Death Benefit as Regular Income
Modern term insurance plans allow you to give your dependents a regular income along with the lump-sum benefit in the event of your unfortunate demise.
Benefits Of Term Life Insurance
This rider provides an benefit in the case of death resulting from an accident. In the case of dismemberment, as a direct result of an accidental injury, an AD & DR rider can help you cope with loss of income and extra expenses.
Critical Illness Protection
This rider provides an extra layer of protection that life insurance alone cannot provide.Available in 4 or 25 condition coverage, this rider pays a one-time, lump-sum payment if you become critically ill with one of the covered conditions .
Payor Waiver of Premiums
This rider, which is attached to a policy on the life of a child, waives the premium if the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived.
Waiver of Premium
This rider waives the premium if the person insured under this rider is considered totally disabled before age 65. Want to learn more then contact us.
This rider provides low-cost term life coverage on the lives of your children, along with a guarantee of their insurability if they want to purchase their coverage
Term riders add an extra layer of temporary insurance protection to your life insurance policy for a 10-, 20- or 30-year term (without Select Options).
Frequently Asked Questions
What is a term plan?
Term insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured.
Why do I need a term plan?
- A bank a/c saving of ₹ 1 Crore as FD, which will at 7% generate a yearly income of ₹ 7 Lakh for your family.
- A sizeable investment which might grow to a corpus of ₹ 1 Crore, before your death.
- If you can’t manage to create a large saving/ investment, then a viable option is a term plan of ₹ 1 Crore. It will pay this amount to your family on your demise. Premiums for a ₹ 1 Crore life cover start at ₹ 490 per month2 only, which is less than half the cost you would pay for dinner with family at a restaurant.
When should I buy a term plan?
How to Choose the Best Term Plan?
While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:
Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
How much life cover do I need?
What is Critical illness benefit ?
If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.