The term life insurance is nothing but a life insurance policy that offers cover at a fixed premium for a limited tenure.
Term insurance safeguards your family financially in times of uncertain situations during your absence. Term life insurance plans are one of the most crucial life insurance plans and are recommended for everyone. Along with peace of mind in times of crisis, they offer you tax benefits as well. This was just one of many benefits of term insurance plans.
Let’s explore more benefits below.
Benefits of Term Insurance Plan
Highly affordable premium compared to the sum assured.
A term insurance policy is just a simple and easy form of life insurance. It involves no complications if you compare it with other life insurance plans. When it comes to premiums, a term insurance policy is more affordable than any other life insurance policy. Another benefit is that you can buy the term insurance policy easily online. Moreover, if you choose to buy the term insurance plan online, then the premium will be much lesser than buying it offline. This way, the insurance companies save money by not building offline offices and just give you benefits of lesser premium instead. It becomes a win-win situation for both you and the insurer.
Uncomplicated & Simple To Understand
There is a plethora of jargon and insurance terms that everyone finds complicated. Mostly, people refrain from buying life insurance plans because of this. What if you go wrong? What if you don’t understand the plan after buying it? What if the cover isn’t enough? Many questions arise. However, the best part of a term insurance plan is that it is simple and straightforward. Unlike ULIP, a term insurance plan does not have investment-related complexities. You can simply pay the premiums for the tenure mentioned and get covered.
Several Options For Death Benefit Payout
In the unfortunate event of your loss of life, your entire financial liabilities may be transferred to your family. You might have to pay various EMIs, have automobile or home loans, credit card debts, etc. This will then have to be paid by the family. Taking everything into consideration, you can select your death benefit payout option. Your family members can opt for a lumpsum amount in case of your demise. This will help them clear out all the dues then and there.
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If not, then you can opt for term insurance policies that allow you to get monthly income along with a lumpsum amount. This helps the family to manage monthly expenditures. Think well before buying your term insurance plan.
Add Riders To Get The Most Out Of Term Life Policy
You can now add more useful add-ons at affordable prices to your main term life policy and get the best out of it. This has been one of the most important features of the term life policy. For example, you can add on a critical illness rider. With this add-on, you can get a lumpsum amount in case you are critically ill, and you will be asked not to pay any further premium. While buying your term insurance plan online, check the riders that are important to you and enhance your term insurance policy.
