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Term Insurance

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Understand the Basic Facts About Term Insurance Plans Before Making A Decision

Term Insurance is one of the categories of Life Insurance . In this, in the event of the death of the insured person during the term of the policy, the nominee(s) named in the policy will receive the full sum assured. However, in case the insured person survives the policy term, in most cases nothing is payable. However, there are many term insurance products, where the policyholder gets the premium back if the policy period is survived by him.Such policies are called Term Return of Premium (TROP) policies. Such policies are usually more expensive than pure term insurance for the same level of life cover

Term Plan- Its Meaning ?

As the name suggests, this type of life insurance policy offers coverage for a stipulated period of time. The risk is covered only for the chosen time period and if the term is survived by the insurer, the risk cover no longer exists. If, during the term period, the insurer dies, the death benefit is paid as the policy is active. When looking forward to buy such a policy, it is wise to browse online through the available Term insurance . It is imperative to keep the objective of buying a Term Insurance Plan in mind before taking a decision. It is usually bought for substituting the financial loss that occurs due to the death of the insured for his family members.

Thus, it is best for a young person with dependants to buy term insurance plan rather than a person who is about to retire from his job. At Insuring India, one of the popular web aggregators, a lot of information is available about various term plans offered by different Insurance Companies.

Necessity of Term Plan ?

There are many benefits of buying Term Insurance Plans and the major benefit is to get the cover offered by the plan. If one compares different term policies across various parameters, a sound decision can be taken. Term insurance plans offer a cover of life till age 75 and premium value is decided depending on the tenure of the term.

The premium stays fixed and does not fluctuate during the tenure of the policy. A number of liabilities can be covered using a term policy, like a Home Loan. Many companies offer different riders which extend the scope of the cover e.g. some term policies have a rider which takes care of children’s education in case of death of the policy holder. Needless to say, such riders come with additional cost.

Buying a Term Plan ?

If a person finds it difficult to understand the intricacies of Term Plans and what to look for before buying a policy, it is best to seek the help of an insurance advisor. These days, the availability of many web aggregators like Insuring India makes understanding Term Plans easier . Web aggregators offer a chance to compare various plans and allows the buyer to weigh the pros and cons of different plans so as to ensure that a sound decision can be taken. Use this platform to get term insurance quotes and select a term plan that offers the best features for the most reasonable premium amount. This way, the best term plan can be bought.

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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