Term insurance plans secure your family’s financial future even when you are not around. These plans are considered by many as one of the basic financial necessities of life, especially in today’s times. Term insurance plans also have multiple features and benefits, right from affordable premiums to riders for additional covers.
What are the benefits of term insurance?
Term insurance offers multiple benefits to customers. Here are a few you should be aware of:
- Affordable Premiums - You can get a high-value life cover from a term insurance plan by paying an affordable premium amount of ₹ 540/- p.m2a. Premium payments can be made either monthly/half-yearly/yearly. The earlier you buy a term insurance plan, the lower the premium amount you have to pay.
- Whole Life Cover - Term insurance plans offer substantially longer coverage. Whole life insurance plans offer coverage till the age of 99 years
- Payout of Sum Insured - In case of the unfortunate demise of the person insured, the family members will receive the sum assured as a payout. The policyholder can choose for this payout to be in the form of a lump sum, an income that is either monthly or annual, a combination of lump sum and income or an increasing income at the inception. This will help take care of financial needs and household expenses among other costs
- Critical Illness Coverage - In case optional Critical Illness Coverage1 is included in your term insurance plan, you will get a lump sum payout upon diagnosis of any critical illness1 that is covered in the plan
- Accidental Death Benefit - You can add the Accidental Death Benefit benefit3 to your term insurance plan. This will offer protection against any mishaps in the future
- Coverage for Terminal Illnesses - Term insurance plans can give you lump sum payouts in case of diagnosis of terminal illnesses2 such as AIDS
- Tax** Benefits - You can get tax** benefits on premiums paid under Section 80C along with premiums paid towards critical illness benefit under Section 80D. The lump sum amount received by nominees as the sum assured/death benefit is also exempted from taxes subject to Section 10 (10D) of the Income Tax Act, 1961
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.
The ICICI Pru iProtect Smart term insurance plan offers the regular benefits of a term insurance plan with extensive Critical Illness Coverage. Here are a few key features of the same:
- Longer coverage with the option to be covered until 99 years of age
- Extensive coverage for 34 critical illnesses1 (optional)
- Receive payouts upon the first diagnosis of any critical illness1 covered under the plan
- Receive full payout of life coverage upon the diagnosis of any terminal illness2.
- Pay lower premiums starting from ₹ 540/- per month2a
- Choose from four payout options, namely Lump Sum, Lump Sum + Income, Increasing Income and Income
You can also buy term insurance online under the MWP (Married Women’s Property) Act4, ensuring that your insurance amount is protected and handed over to your spouse and/or children without being claimed wrongfully by creditors4.