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+91 9891710104 / +91 7065655531
care@microtap.in
Term insurance in India is a popular and straightforward form of life insurance designed to provide financial protection for a specified period. Here's a detailed overview of term insurance:
Term insurance is a type of life insurance that provides coverage for a specific term or period. If the insured person dies during this term, the policy pays out a death benefit to the beneficiaries. If the insured survives the term, there is typically no payout, and the policy expires without any value.
Coverage Period:o The policy is valid for a predetermined period, such as 10, 20, or 30 years. You can choose the term based on your financial goals and requirements.
Premiums:
o Term insurance usually has lower premiums compared to other life insurance products like whole life or endowment policies. The premium amount is determined based on factors like age, health, sum assured, and term length.
Sum Assured:
o This is the amount that will be paid to the beneficiaries in the event of the insured's death during the policy term. It can be chosen based on your financial needs and obligations.
No Survival Benefit:
o Unlike some other life insurance policies, term insurance does not offer survival benefits. If the insured survives the policy term, there is no payout or return of premiums unless you opt for a specific plan with a return of premium feature.
Flexibility:
o Policies can be customized to include riders (additional benefits) such as critical illness cover, accidental death benefit, or waiver of premium in case of disability.
Coverage: Provides a fixed sum assured throughout the term of the policy. Premiums remain constant.
Coverage: The sum assured increases at specified intervals or by a fixed percentage each year, helping to keep up with inflation.
Coverage: The sum assured decreases over time, often used to cover decreasing liabilities like a home loan.
Coverage: Offers a return of premiums paid if the insured survives the policy term. This plan has higher premiums compared to standard term insurance.
Coverage: Allows you to convert your term insurance policy into a permanent life insurance policy (like whole life) without undergoing a new medical examination.
Term insurance is cheaper than other life insurance because it offers pure protection without investment.
Provides a financial safety net for your dependents in case of your untimely death, ensuring they are financially secure.
Premiums are tax-deductible under Section 80C, and death benefits are tax-free under Section 10(10D).
Policies can be tailored with riders to enhance and expand coverage according to individual needs.
Some well-known insurance providers in India offering term insurance include:
LIC (Life Insurance Corporation of India): LIC’s Jeevan Amar, LIC’s Tech Term
Plan.
HDFC Life: Click 2 Protect Life, HDFC Life Protect Plus.
ICICI Prudential: iProtect Smart, ICICI Pru iProtect Return of Premium.
Max Life: Max Life Online Term Plan, Max Life Smart Term Plan.
Bajaj Allianz: Bajaj Allianz Life Smart Protect Goal, Bajaj Allianz Life Term
Plan.
Coverage Needs: Assess your financial obligations and choose a sum assured that adequately protects your dependents.
Policy Term: Select a term that aligns with your financial goals and the time period during which you want to provide coverage.
Health Conditions: Be honest about your health conditions during the application process, as misrepresentation can lead to claim rejections.
Riders and Add-Ons: Consider additional coverage options that might be relevant to your situation.
Term insurance is a valuable tool for securing your family’s financial future and ensuring they are protected in your absence. If you need specific advice or comparisons between policies, feel free to ask!
Find out how we can help with tailored insurance solutions for your needs, offering peace of mind and financial protection. Contact us today for expert support and guidance.
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