What is a Term Plan?
Term Plans are also known as Pure Protection plans. Here, the policyholder has to pay premium regularly or a one-time payment depending upon the type of policy purchased. A sum of money (death benefit) is paid to the nominee if the policyholder dies during the period for which he/she is insured (policy term). The policyholder also gets a range of options to get enhanced protection. Our Term Plans also provide protection to the policyholder in the form of cash payouts on diagnosis of 34 life threatening illnesses and terminal illnesses.
3 reasons to buy a Term Plan:
Protection for your loved ones: If you have someone that is financially dependent on you, like a spouse, sibling, children or even an aging parent, then Term Life Insurance is the right choice. People buy term life insurance to ensure that, if they are not around, their loved ones will be financially secure. The life cover amount can help to pay off expenses like loans, household bills and education costs.
Protection for you: No matter the age or stage of life, an illness can strike anytime. These illnesses can burden you emotionally as well as financially. Our term plan provides guaranteed cash in case of 34 life threatening illnesses. Further, if you are diagnosed with any terminal illness, you get the full sum assured as a payout. In the eventuality that you can't go back to work due to a permanent disability caused by an accident, the policy will continue for the entire term without you having to pay any more premium.
All at an affordable price: Term insurance is the cheapest and simplest form of life insurance. You can get large amount of life cover at low rates. That's not all, you also get tax benefits on premiums paid as per the prevailing tax laws.