Term Plan
Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable. Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.
What are the Types of Term Insurance Plans?
Basic Term Insurance Plan
Basic term insurance plan is the one with life cover and pays a death benefit in a lump sum only. This type of term insurance plan does not have any maturity benefit.
Term Insurance Plan with Monthly Income
A term insurance plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit.
FAQ About Term Plan
- Term insurance plans do not cover death due to self-inflicted wounds. Death due to any critical illness is covered under Term plans. It also includes sexually transmitted disease like HIV/AIDS. If you have an existing illness when purchasing a Term insurance plan, then it is mandatory to disclose it
In simple terms, term insurance is an insurance policy that a policyholder has, wherein the policyholder pays premiums to the insurance company. These premiums are paid for a period, the given ‘term’. Hence, this policy is held for a given term with a maturity date.
- A term insurance plan will help the family to meet their day to day expenses and accomplish the long-term financial goals too. Yes, it is worth buying a term insurance policy no matter what year it is. When compared to other types of life insurance products, a term insurance policy is much beneficial.
- Are Accidents Covered In Term Insurance? Yes, accidents are covered in a term insurance policy. A typical term insurance policy will pay the sum assured, irrespective of the cause of death, whether it is health-related or due to an accident.
The National Consumer Commission has ruled that a life insurance claim cannot be rejected for misstatement in the policy proposal after a period of two years. The law now provides three years
Term life insurance pays out if you die within a specific time period, regardless of the cause of death. It will pay out whether you die of an illness, accident or other cause. The only exception is suicide, which is usually not covered within the first two years of owning the policy.
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Om Sai Enterprises
The company was founded in 2017 with the sole purpose of enabling people to leverage the best financial consultancy and services