By best term life insurance plan for loved ones; high cover at affordable premiums
New Delhi (India), March 22: Term Life Insurance, or Term Plan, is a pure financial protection tool to safeguard your loved ones in your absence. It works in a simple yet straightforward concept of income replacement, as the benefit can cover expenditures like loan repayments, children's education, or even daily expenses after losing a crucial income source. Term insurance is considered one of the most popular and affordable types of life insurance policies in India. What Makes Term Life Insurance the Best Option for Your Loved Ones? There are several reasons why term insurance is an ideal option for you. Some of the primary factors include: Affordability and cost-effectiveness With term life insurance, if you cease to exist during the policy term, your family will get a sizable payout in exchange for your regular little premium payments. Now, let’s understand the types of low-cost Term Insurance in the section below: • Normal Term Plans A Normal Term Plan pays out a death benefit if the policyholder passes away unexpectedly during the policy period. In contrast to regular life insurance, no bonus is paid if the insured individual survives past the policy's term. You may obtain the maximum amount covered at a reasonable cost, and the premium is far less than it would be for a standard term insurance policy. • Level Term Plans Throughout the term of the policy, the sum assured stays fixed, and upon the death of the life insurer, the beneficiary gets paid a death benefit. • Return of the Premium Term Plans In the case of Return of Premium Term Plans, if you outlive the policy term, you will receive a refund of all premiums paid throughout the years. It's similar to receiving a refund, but only if you're alive after the term. This plan provides a death benefit if the policyholder dies during the policy period. Suppose the policyholder survives until the end of the insurance term. In that case, they will get a full return of their payment, less any relevant taxes—this plan typically costs twice as much as a Regular Term Plan. Additionally, you may only terminate your coverage after the insurance has expired. If you cease making premium payments or cancel the plan before the end of the term, the insurer is not obligated to refund any already paid premiums.