Term Insurance
If you are wondering about what is term insurance, we are here to help you. Simply put, term life insurance meaning can be regarded as an agreement between the policyholder (insured) and the insurance company, where in case of the policyholder’s untimely demise, a specific sum is paid to the insured person’s family by the insurance company. You will find that term plans are significant when it comes to long-term financial planning.
When understanding what is term insurance, it is important to also know – term insurance is the purest form of life insurance policy that offers comprehensive financial protection to your family members against life’s uncertainties.
Features Of Term Insurance
- Coverage for medical expenses : The primary benefit of health insurance is that it provides coverage for a range of medical expenses, including hospitalization, surgeries, and other medical treatments. Some health insurance policies also offer coverage for pre-existing conditions, although this may be subject to certain conditions and exclusions.
- Cashless hospitalization : Many health insurance policies in India offer cashless hospitalization, which means that policyholders do not have to pay for their medical expenses out of pocket. Instead, the insurance company pays the hospital directly for the treatment.
- No-claim bonus : Some health insurance policies offer a no-claim bonus, which is a discount on the premium that is applied if the policyholder does not make a claim during the policy term.
- Tax benefits : Health insurance policies in India are eligible for tax benefits under Section 80D of the Income Tax Act. This means that policyholders can claim a deduction for the premium paid for their health insurance policy.
- Coverage for pre-existing conditions : Some health insurance policies in India offer coverage for pre-existing conditions, although this may be subject to certain conditions and exclusions.
- Coverage for critical illnesses : Many health insurance policies in India offer coverage for critical illnesses, such as cancer, heart disease, and stroke.
- Family coverage : Many health insurance policies in India offer family coverage, which means that the policy can cover the policyholder and their dependents, such as their spouse, children, and parents.
- Renewability : Most health insurance policies in India are renewable, which means that policyholders can continue their coverage even after the policy term has ended.
Benefits Of Term Insurance
- Affordable premium: Term insurance premiums are generally lower compared to permanent life insurance policies, making it a cost-effective option for everyone.
- Fixed premium : The premium for a term insurance policy is fixed for the duration of the term, making it easier to budget for.
- Death benefit : In the event of the policyholder's death during the term, a death benefit is paid to the nominee tax-free.
- Coverage for medical expenses : The primary benefit of health insurance is that it provides coverage for a range of medical expenses, including hospitalization, surgeries, and other medical treatments. Some health insurance policies also offer coverage for pre-existing conditions, although this may be subject to certain conditions and exclusions.
- Cashless hospitalization : Many health insurance policies in India offer cashless hospitalization, which means that policyholders do not have to pay for their medical expenses out of pocket. Instead, the insurance company pays the hospital directly for the treatment.
- No-claim bonus : Some health insurance policies offer a no-claim bonus, which is a discount on the premium that is applied if the policyholder does not make a claim during the policy term.
- Tax benefits : Health insurance policies in India are eligible for tax benefits under Section 80D of the Income Tax Act. This means that policyholders can claim a deduction for the premium paid for their health insurance policy.
- Coverage for pre-existing conditions : Some health insurance policies in India offer coverage for pre-existing conditions, although this may be subject to certain conditions and exclusions.
- Coverage for critical illnesses : Many health insurance policies in India offer coverage for critical illnesses, such as cancer, heart disease, and stroke.
- Family coverage : Many health insurance policies in India offer family coverage, which means that the policy can cover the policyholder and their dependents, such as their spouse, children, and parents.
- Renewability : Most health insurance policies in India are renewable, which means that policyholders can continue their coverage even after the policy term has ended.
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Term Insurance
Term insurance offers financial security and peace of mind. It provides a cost-effective way to ensure your loved ones are protected if you pass away during the policy term. With affordable premiums, high coverage, and no cash value, it's a straightforward and efficient way to safeguard your family's future.
| Name of Insurance Plan | Rider | Age | Premium Paying term Option | Policy Term | Action |
|---|---|---|---|---|---|
| LIC’s Tech Term Plan | Accidental Death Benefit | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 10 Years Max - upto age of 80 Years | Invest Now |
| HDFC Life Click2Protect Super |
1. Accidental Disability 2. Critical Illness 3. HDFC Life Protect Plus rider |
Minimum - 18 Maximum - 65 | Limited Pay Regular Pay | Age - 85 Years | Invest Now |
| ICICI Pru iProtect smart |
1. Accidental death cover 2. 34 critical illness cover |
Minimum - 18 Maximum - 65 | Limited Pay Regular Pay | Min - 5 Years Max - upto age of 85 Years | Invest Now |
| SBI Life Smart Shield |
1 Accidental Death Benefit 2. Accidental Permanent disability |
Minimum - 18 Maximum - 60 | Single Pay Regular Pay | Min - 5 Years Max - upto age of 80 Years | Invest Now |
| Max Life Smart Term Plan | 1. Waiver of Premium | Minimum - 18 Maximum - 60 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - 50 Years | Invest Now |
| Kotak e-Term Plan |
1. Critical Illness benefit 2. Permanent Disability benefit |
Minimum - 18 Maximum - 60 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 75 Years | Invest Now |
| TATA AIA Sampoorna Raksha SupremePlan | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 100 Years | Invest Now | |
| Bajaj Allianz Life Smart Protect Goal |
1 Accidental Death Benefit 3. Accidental Permanent disability 4. Critical Illness |
Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 99 Years | Invest Now |
| Aditya Birla Sunlife Digishield Plan |
1. Accidental death and disability 2. Critical Illness |
Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 100 Years | Invest Now |
| Reliance Nippon Life Protection Plus | Minimum - 18 Maximum - 60 | Regular Pay | Min - 5 Years Max - upto age of 75 Years | Invest Now | |
| Bharti AXA Life Flexi Term Pro Plan |
1 Accidental Death Benefit Accidental Permanent disability 3. Premium waiver rider Hospi Cash rider |
Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 99 Years | Invest Now |
| Aviva Saral Jeevan Bima | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 70 Years | Invest Now | |
| SUD Life Saral Jeevan Bima | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 70 Years | Invest Now | |
| Canara HSBC iselect smart 360 plan |
1. Accidental Death Benefit 2. Accidental Permanent Disability Benefit 3. Critical Illness |
Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 99 Years | Invest Now |
| Edelweiss Tokio Life Saral Jeevan Bima | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 70 Years | Invest Now | |
| PNB Metlife Mera Term Plan Plus |
1. Accidental Death Benefit 2. Accidental Disability Rider 3. Critical Illness Rider 4. Serious Illness Rider |
Minimum - 18 Maximum - 60 | Single Pay Limited Pay Regular Pay | Min - 10 Years Max - upto age of 99 Years | Invest Now |
| India First Life e-Term Plus Plan |
1. Accidental Death Benefit 2. Accidental Disability Rider 3. Critical Illness Rider |
Minimum - 18 Maximum - 65 | Single Pay Regular Pay | Min - 5 Years Max - upto age of 80 Years | Invest Now |
| Ageas Federal Saral Jeevan Bima | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 70 Years | Invest Now | |
| Pramerica Saral Jeevan Bima | Minimum - 18 Maximum - 65 | Single Pay Limited Pay Regular Pay | Min - 5 Years Max - upto age of 70 Years | Invest Now | |
| Future Generali Flexi online Term Plan |
1. Accidental Death Benefit 2. Accidental Disability Rider |
Minimum - 18 Maximum - 55 | Regular Pay | Min - 10 Years Max - upto age of 75 Years | Invest Now |
Term insurance is a type of life insurance that provides coverage for a specified term, typically ranging from 10 to 30 years.
Term insurance works by providing a death benefit, which is the amount payable to the beneficiary upon the death of the insured. If the policyholder dies during the term of the policy, the death benefit is paid out to the beneficiary. If the policyholder does not die during the term, the policy will simply expire without providing any benefit.
Term insurance provides coverage for a specified term, while permanent insurance (such as whole life insurance) provides coverage for the policyholder’s entire life. As a result, term insurance is generally more affordable, but it does not build cash value like permanent insurance.
Sum Insured calculated based on type of property, Its Market Value ,area of the property and construction cost per square feet.
Yes, many term life insurance policies can be renewed or converted to a permanent life insurance policy, providing flexibility in coverage options.Yes, many term life insurance policies can be renewed or converted to a permanent life insurance policy, providing flexibility in coverage options.
The premium for term insurance is determined by several factors, including the age and health of the policyholder, the amount of coverage requested, and the length of the term.
To choose the right term life insurance policy, consider your financial goals, the amount of coverage you need, and the length of the term that best fits your needs. It is also important to compare policies from different insurance companies and speak with an insurance agent to ensure you are getting the best coverage for your needs.
