What is Term Insurance?

In the event of the death of the insured during the policy’s term, the beneficiary receives a payment from the insurance company. The nominee or family of the life assured receives a death benefit in the event of the life assured’s untimely death during the policy period. Your loved ones will be financially secure in the event of your death thanks to term life insurance. Term insurance plans in chandigarh, allowing an individual to get a large amount of coverage at the lowest possible cost.

How Does A Term Plan Work?

In the event of the death of the insured during the policy’s term, the beneficiary receives a payment from the insurance company. The nominee or family of the life assured receives a death benefit in the event of the life assured’s untimely death during the policy period. Your loved ones will be financially secure in the event of your death thanks to term life insurance. Term insurance plans in chandigarh, allowing an individual to get a large amount of coverage at the lowest possible cost.

Term insurance plans are known as pure protection plans that provide a death benefit in the event of the life assured’s untimely demise during the policy’s duration. If the life assured survives until the end of the policy term, some term insurance policies offer maturity benefits.

It is possible to get tax breaks under Sections 80C and 10(10D) of the Income Tax Act of 1961 by purchasing term insurance policies. In the event of the insured’s death, a term insurance policy provides a safety net for their dependents, allowing them to pursue their goals and meet their financial obligations without having to worry about their own financial security.

Why Buy Term Insurance ?

Throughout India’s history, the insurance industry has grown and developed. Many insurance companies offer a variety of term plans to meet the requirements of different people. A growing number of insurance companies are now offering term life insurance policies online, utilising the advantages of online platforms to reach a wider audience. Before you buy a term insurance policy, you should know why it’s worthwhile to do so online:

One of the main reasons why you should buy a term insurance plan online is that you can easily compare several term insurance plans using the premium calculator tool online without having to do any research. Online term insurance comparisons make it easy to compare multiple plans at once, which is the primary goal here: to find the best policy for your needs.

Term insurance policies can be purchased online without having to deal with agents or advisors who may try to influence your decision to buy. When you buy a term insurance plan online, some insurance providers offer lower premiums.

At any time of the day or night, you can purchase a term insurance policy online from the comfort of your own home. Finding a good term insurance plan does not necessitate hopping from one insurance provider to the next. Term insurance can be purchased online with confidence, as the payment gateways are secure and the process is expedited.

Key Features Of Term Insurance Policy

The beneficiaries of a term life insurance policy are the insured’s dependents. For the life assured, this policy provides life insurance and provides financial protection for their family members. The following are some of the most important aspects of a term insurance policy:

When a life insurance policyholder dies unexpectedly during the policy term, the family of the life insured receives the sum assured known as the death benefit.

In the event that the life assured survives the duration of the policy, a maturity benefit is paid to the life assured. This benefit is not available under all types of term insurance policies.

All term insurance policies are eligible for tax deductions.

All term insurance policies can be supplemented with various riders, such as Accidental Death Benefit, Critical Illness Rider, Accidental Total and Permanent Disability et al.

Regular, Limited, and Single Pay are the three premium payment options available under a term insurance policy.

Paying premiums can be done on a year-long or quarterly or monthly basis depending on one’s preference.

Under a term insurance policy, the option to select the death benefit option is available. Term insurance policies offer a variety of death benefit options, including a lump sum, regular payments, and a lump sum plus an increasing monthly payment.

The minimum sum assured is Rs. 50,000, and there is no limit to the maximum sum assured.

Benefits of Term Insurance

It is a type of life insurance policy that provides life insurance to the insured at a cost-effective price. A basic life insurance policy is the most affordable option available. Your loved ones will be financially secure even if something unexpected happens to you during your policy term, as this plan provides death benefits in the event of the death of the life assured. If the life assured survives the entire policy term, some term plans also provide maturity benefits, assisting the life assured in reaching their long-term financial goals. As well as saving you money on taxes, term insurance can also provide you with a sense of security.