Term insurance offers life risk protection for a defined timeframe in exchange for a pre-specified premium. If an unfortunate incident happens within this term, the insurer pays death benefits to your nominee. The term insurance benefits that your nominee receives help them tide over financial hardships in the absence of your income.
Term insurance is pure protection insurance with no investment element. However, new-age insurance companies offer unique term insurance with maturity benefiton survival.
What Is Term Insurance Plan?
Term insurance plan or a term insurance policy is a life insurance product which guarantees payout to the nominees upon death of the insured. In return to this guarantee, a fixed amount of premium is deducted at specific intervals. Buying a term insurance plan during the current COVID 19 outbreak is a necessity.
Why Do I Need Term Insurance?
To take care of my family
If you are an earning person of the family, then you must have term insurance. When you buy term insurance, you will get peace of mind in knowing that your income will be replaced if you are no longer there.
To pay off my loans
If you have any big liabilities like home/car/personal loans then you must buy a term plan. When you buy, please ensure that the life cover amount you select is 10 times your annual income PLUS the total value of all the liabilities you have.
To secure my health
Our term plan provides enhanced protection against 36 life-threatening illnesses including Cancer, Heart Attack, Kidney failure, Stroke, Alzheimer’s Disease, Parkinson’s Disease and Encephalitis.
Benefits Of A Term Insurance Plan
Term insurance plans are a combination of affordability with simplicity. You get a life cover of 50L at premiums as low as 17/day*
You can avail tax benefits under section 80C of the Income Tax Act, 1961, for the premium paid and sum assured of your term insurance plan. Visit Income Tax website to know more about all tax deductions.
Flexibility in Premium Payments
You have the option to pay premiums on a monthly, semi-annual, or annual basis. Also, there are also term insurance plans that offer single pay premium option.
Easy to Buy
Instead of stepping out of your home, you can now purchase term insurance plans online with a few clicks, as per your convenience.
Protection Against Liabilities
During our lifetime, we buy a car, house, etc. In case a mishap occurs to you – accident, disability, or demise – the term insurance plan replaces your financial role in the family.
Return of Sum Assured
iTerm Insurance Plan’s Dual Protect feature returns your Sum assured after retirement.
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