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What Is Term Insurance?

Term Insurance is a part of life insurance in which the insured customer and the insurance company agree, in which the insurance company covers the life of the insured in return for a nominal amount known as “Premium” and for a period known as the term. In most of the term insurance policies, claims are paid to the nominee in case of death of the policyholder whereas few term insurance policies provide maturity benefit to the insured customers in case of survival till the end of the policy period.

What Is Term Life Insurance?

Term life insurance is also known as pure life insurance in which the insurance company pays the claim to the nominee of the insured in case of death of the insured. Once the term expires, the policyholder can renew it for another term or allow the term life insurance policy to terminate. The period in life term insurance can be anywhere between 5 years to 60 years depending on the type of term insurance policy.

Why Should You Buy Term Insurance Policy?

Life is unstable and we need a backup plan to provide financial security to our family. In case of sudden demise, the family might face financial hardships due to the death of the earning member of the family. A term policy covers the children's education costs, future difficulties, clears the outstanding loans and provides income to the family of the policyholder in case of the untimely demise of the insured.

Key Features Of Term Insurance Policy

  • Death benefits
  • Maturity benefits
  • Term insurance Tax benefits
  • Rider/Add-on covers
  • Converge against various liabilities of term insurance
  • Sum Assured
  • Premium Payment Frequency
  • Claim Assistance

Exclusions/Drawbacks Under Term Insurance Policy

All these term life insurance myths have to be excluded by every single person because the term insurance policy fights with myths that are raised by common people. This term plan has become the most famous life insurance policy in the recent years due to the coverage offered under the term insurance and the premium associated with it. A pure term insurance policy covers against the death of the insured and provides the claim proceedings. Term insurance policy is offered in different types ranging from pure term insurance to return of premiums term insurance.

  • Waste of money
  • Increased coverage
  • I don’t need insurance
  • Existing company insurance cover

Term Insurance Advantages And Disadvantages

Advantages Of Term Insurance

Following are the Advantages of term life insurance policy:-

  • Financial protection to family:Buying term insurance is to provide financial protection to your family the claims and sum assured are given to the family in case of sudden demise of the insured customer. This amount can be utilised by the family for the educational purpose of the children or any other such purpose.
  • Income tax exemption: Under this section 80c of Income Tax, you can avail tax benefit for the premium paid towards the policy when unfortunate death of the insured person. Under Section 80 D the premium paid by you for the Critical Illness rider can be claimed for exemption under this section of the Insurance Act.
  • Easy to purchase online: The term insurance policies in India are available on the website for display; the premium is calculated using the term insurance premium calculator. There is online term insurance for senior citizens in India available on our website for the best term life insurance rates.
  • Riders: Extra premium is to be paid for each rider which is same as the extra amount to be paid. Different riders offered include money back, critical illness rider, accidental death benefit rider and waiver of premium in case of critical illness or disability rider.

Disadvantages Of Term Insurance

Following are the disadvantages of term life insurance policy:-

  • Expensive: Term insurance premiums can be on the higher side if you are retired or having any illness/diseases. If younger the person age, lower the risk of death. For higher sum insured it would be mandatory to undergo medical tests at the diagnosis centre of the insurance company.
  • No cash value component: No cash value component associated with the term insurance policy. In pure term insurance the insured will not get any cash benefits or returns after the policy term if the insured survives.
  • Insured cannot reap the benefits: In term insurance as discussed the claim proceedings are paid to the family members and there is no survival benefit. So the insured that pays the premium cannot enjoy the claim proceedings as he would be dead for the policy to activate.

Term Insurance Comparison

Compare Term Insurance on Our Portal with different term insurance plans offered by different insurance companies. We are working with 20+ top term life insurance companies to give the best insurance policies to our customers.

Best Term Insurance Quotes

The best term insurance quotes should be well balanced in all aspects such as the Premium, Coverage, Add-ons, or Riders and Claim settlement ratio. The best term insurance quote can be obtained from the online portal which provides the term insurance quotes from the top life insurance companies in India. Let us understand every aspect which should be considered while taking the term life insurance policy:

Premium:

The premium for a best term insurance quote should be at par when compared to that of the other life insurance companies. The premium for term insurance is quite less when compared to the other forms of life insurance policies as in term insurance there is no savings component involved.

Coverage and Riders

The coverage offered under the term insurance policy would be the death benefit in case the policyholder expires during the policy period. But few of the insurance companies offer extra coverage in the form of add-ons or riders without charging any extra premium from the customer such as Waiver of premium rider which means that in case of disability of the policyholder or diagnosis with critical illness, the future premiums under the term insurance policy are waived off by the insurance company. The best life insurance quote is the one that offers extra coverage without charging any extra premium.

Claim Settlement Ratio

One more important thing to check before purchasing the term insurance plan is the claim settlement ratio of the insurance company. The higher the claim settlement ratio, the higher would be the chances of your claim getting settled. Claim settlement ratio between 95-99% would be the safe bet while considering the other factors.

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