TERM LIFE INSURANCE

 Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. With term insurance, you can get a large amount of life cover (i.e., sum assured) at a relatively low premium rate. Term life insurance, also known as pure life insurance.

WHY CHOOSE TERM INSURANCE PLANS?

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.

WHO SHOULD BUY A TERM INSURANCE POLICY?

Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees.

WHO IS ELIGIBLE FOR TERM INSURANCE?

Term insurance eligibility can differ for each plan and insurer. All insurance providers offer plans with unique terms and conditions. However, as per the general norms, the minimum age limit for buying a term insurance plan is 18 years. Likewise, the maximum age limit for buying a term insurance plan is 65 years. So, make sure that you fall under this age group if you wish to buy a term plan.

IS LIFE INSURANCE IS SAME AS TERM INSURANCE?

The most common difference between term insurance and traditional life insurance plan is that a term insurance plan only provides a death benefit in case of demise of the insured within the term period, whereas a life insurance policy offers both death and maturity benefit to the insured.