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How a term life insurance policy works?
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A term life insurance policy is the simplest, purest form of life insurance. The policy holder pays a premium for a period – typically between 10 and 30 years. In the event of the policyholder’s unfortunate demise during the policy term, the nominee receives the sum assured payout. Term plans enable policyholders to secure their family’s financial future, regardless of what life has in store for them. These plans offer high coverage at pocket-friendly premiums.
For example, a healthy 25-year-old non-smoker can purchase a term plan that provides Rs. 1 crore coverage for 30 years at Rs. 783 per month or just Rs. 26/day *** (exclusive of taxes).
4 most important things while buying a term insurance plan.
You should consider getting enough coverage to care for your family’s needs if you’re not there to support them
One of the biggest questions to ask yourself is, “How long do I need coverage for?” If you have children,
If the premium payment term is the same as or equal to the policy term,for the whole policy term. This is referred to
Who gets the benefit when you die? It doesn’t all have to go to one person. For example, you could give 50%
The different types of term policies you can buy
A term insurance plan is an integral part of the financial portfolio. However, there is no “one size fits all” plan, which is the reason there are different types of term insurance plans. People generally buy protection plan to help their dependents cope with the financial shock they may face if something happens to the sole earning member of the family.
With changing times and needs, a single plan cannot be suitable for everyone. Hence, there are different types of term plan that may be considered while planning your finances.Let us delve deeper and understand this in detail.
This plan is the purest form of protection and offers sum assured on death of the insured. The policy holder gets nothing if he survives the term of the policy.Annual premium for a Rs 1 crore term plan by a 30-year-old for 40 years: Rs 11,2102.
As with the regular plan, it pays death benefit if the insured dies during the term of plan, but if the insured survives the term, the premiums paid are returned as part of this plan. The policy period or term varies from 10-40 years.Annual premium for a Rs 1 crore term plan by a 30-year-old for 40 years: Rs 17,969
If the insured dies, the plan offers a part of death benefit to nominee, while the remaining amount is staggered and paid over 10-20 years.Premium for lump sum of Rs 10 lakh and monthly pay out of Rs 50,000 for 15 years for a 30-year-old: Rs 15,725
In this variant, the sum assured can be altered, either incremented or lowered by a fixed amount yearly, during the term of the plan. The premium, however, may or may not vary, and is higher than that of the regular plan. While the increasing plan is usually taken to beat inflation and the premium remains fixed, the decreasing plan is typically taken to cover the risk of big loans and the premium comes down as the size of the cover does.Premium for Rs 1 crore increasing term plan for a 30-year-old: Rs 22,801
How Much Term Life Insurance Cover Do I Need?
The reason for buying term life insurance is to ensure that your family will have enough money to live on if you die unexpectedly.
Let’s give a thought to the coverage amount. So, how to determine the right coverage amount? Read on to find out.
You need to keep a few critical factors in mind that are discussed below.
*Rs. 490/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male,
non-smoker, with no pre-existing diseases, cover upto 38 years of age, rounded off to nearest 10.
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