Term Life Insurance | What is Term Insurance

What is Term life Insurance

Term life insurance or Term Assurance is a Life Insurance that provides coverage at a fixed rate of payment for a limited period, relevant period. After that periods ends, coverage at the previous rate of premium is no longer guaranteed and the subscriber will either have to go forgo coverage or potentially obtain further coverage with different payments or terms. If the life insured dies during the term, the death benefit will be paid to the beneficiary.

The term Insurance is usually the least expensive way to buy a substantial death benefit based on the coverage amount premium over a specific period.

Term Insurance Premium Calculator

Term Insurance calculator or premium calculator – click here to calculate premium.

Term Insurance Plan

Term insurance plan or term insurance policy is a life insurance product. Term life insurance plan guarantees payment to the nominee on the death of insured. In lieu of this guarantee, a fixed amount of premium is deducted at specific intervals. Buying a term insurance plan is necessity during the current COVID 19 outbreak.

All the term insurance plan and companies are regulated under IRDAI (Insurance Regulatory And Development Authority of India).

Benefits of Term Insurance Plan

Affordability – Term insurance plans are a combination of a simplicity with affordability. You get a life insurance cover of 25 lakh at premium that are easy on your pocket.

Tax Benefits – You can avail Tax benefit under 80C of the Income Tax Act, 1961 for the premium paid and sum assured of your term insurance plan.

Flexibility in Premium Payments – You have the option to pay your premium on a monthly, half-yearly or yearly basis. Also there are term insurance policy that offers a single pay premium options.

Protection Against Lability – During our lifetime we buying a car, house and many more things. If an accident happens to you, Accident or Death, a term insurance replaces your financial role in the family.

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