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What is a term insurance policy?

Term insurance is a pure insurance policy without any savings or investment component. It has the lowest premium as compared to other life insurance policies. It provides a death cover with no survival benefits. The beneficiary receives the sum assured only if the insured dies within the policy period. The proceeds are tax-free in the hands of the beneficiary. Term insurance is an ideal risk cover specially at the beginning of ones’ career till a large enough asset base is created. In case of non-payment of premium within the stipulated period, the policy lapses without acquiring a paid-up value as there is no savings/investment component. A term plan not only offers financial security to your family but also is capable of fulfilling its future needs such as your child’s higher education, child’s marriage, etc.Among all the life insurance products, Term life insurance policy offers the highest life coverage for the minimum premiums during the term of the policy. Some Insurance Companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.

Benefits of Term Insurance Plan

Term Insurance Plans in India

A term insurance policy is a must for every person and one cannot articulate its importance completely. Term insurance plans are the only life insurance products that are especially designed to solve a sole purpose of protection. Now that everyone knows, it covers death perils and risks; here are some other core benefits of term insurance plans in India:

Safety for Loans and Liabilities
A term insurance also aids in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have.

Cover Critical illness
Together with offering life cover, a term insurance plan also offers protection against critical illness. For a tiny add-on premium amount, Critical Illness cover offers lump sum payment when any critical illness such as kidney failure, cancer, or heart attack, etc. is first detected.
Online Term Insurance Plan also takes care of family in case of your disability or critical illness. It provides Supplementary income in case of loss of income due to accidental disability or illness.
Get lumpsum amount if diagnosed with critical illnesses.
Additional sum insured in case of accidental death.

Higher Sum Assured at Affordable Premiums
One of the most alluring features of term insurance plans is that the premiums are always the lowest, unlike the other life insurance products. Moreover, the sum assured offered under term plans is relatively higher when compared to the premium amounts. Regular term insurance plans, including TROP plans come with a 105% return on premium benefit when the policy matures.

Tax Benefits
Term insurance plans come loaded with tax benefits on the term policy premiums paid. New-age term insurance plans along with critical illness cover also provide some additional tax benefits on the premiums paid by the policyholder. One can also avail benefits subject to the conditions u/s 10(10D) on the amount that his/her family receives in the case of an untimely demise or unfortunate event.

Support in the case of Disability
In some of the term plans, the insurance provider pays the future premiums in the case of permanent or total disability. Consequently, the policyholder’s life insurance cover continues even if s/he is not able to make payment of the premiums.

Add-on Protection
So as to amplify the security of the family, a term insurance plan offers add-on pay-out in the case of an accidental or untimely demise.

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