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What do you understand about Term Insurance ?

The Term Insurance is very similar to life insurance but it covers you only for a very specific period of time. If you passed away during that period, then your nominee will get the assured amount. Term Insurance is by far the best life insurance to pay as its premiums are low and you can save your money.In simple word term insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time.

How is Term Insurance important for everyone?

Term Insurance is absolutely necessary if your family depends on your income. It is a low-cost life insurance product which lets you safely guard your family's financial future. In shot, if the insured person dies during the policy term, the beneficiary who is usually a blood relative receives a lump sum amount from the insurance company which is usually termed death benefits.Term insurance plans are specially designed for individuals who are worried about the financial stability of their family in case they die or become critically or permanently sick.

What is the key advantage of having a Term Insurance Plan?

There are various pros of Term Life Insurance like It is the most easy and reasonable type of extra security that offers high total guaranteed relatively at lower expenses than other disaster protection strategies. If there should be an occurrence of the guaranteed death, their relative get the total guaranteed in single amount which offers extraordinary assistances to them in driving an agreeable way of living.It does not have any direct benefits to you, but it would help your dependents to achieve financial independence to a great extent if you are not around. The only benefits that you can enjoy while alive and paying premiums are the tax benefits.

What are the common types of Term insurance?

There are various types of term plans available in the market. They can be basically classified in the following types-

  • Level term plan - In this type of term plan the coverage amount or the sum insured remains the same.
  • Increasing term plan- In this type of term plan the coverage amount increases every year by a fixed percentage.
  • Decreasing term plan- In decreasing term plan the coverage amount decreases every year by a fixed percentage.
What are the essential points to compare Term Insurance Plans?

Below are the points which you should consider while considering the Term Insurance Plan-

  • Claim settlement ratio.
  • Premium waiver option.
  • Adequate insurance cover.
  • Added benefits.
  • Duration of the policies.
  • Aware about the company you are dealing with.
  • Do not be fooled by the "Premium per day" marketing gimmick.
  • Do not buy single premium plans.
  • Check carefully the features of the term plan.
  • How much money you can afford to easily make premium payments.