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TERM INSURANCE PLANS
Term insurance plans are a type of life insurance that provides coverage for a specific period, known as the term. These plans offer financial protection to your family or beneficiaries in case of your untimely demise during the term of the policy. Here are some key features of term insurance plans:
Death Benefit: If the insured person passes away during the term of the policy, the designated beneficiaries receive a death benefit payout. This amount is typically tax-free and can help replace the insured person’s income, cover outstanding debts, or meet other financial needs.
Affordability: Term insurance is generally more affordable than other types of life insurance, such as whole life or universal life insurance. This is because it provides pure life coverage without any savings or investment component.
Fixed Premiums: In most cases, term insurance plans come with fixed premiums for the entire term of the policy. This makes it easier for policyholders to budget and plan for their insurance expenses.
Term Options: Term insurance plans offer flexibility in choosing the term duration. Common terms range from 5 years to 30 years, although some insurers may offer even longer terms.
Renewability: Some term insurance policies come with the option to renew the coverage at the end of the term without the need for a medical exam. However, the premiums for renewed terms are typically higher due to the increased age of the insured.
No Cash Value: Unlike permanent life insurance policies, such as whole life or universal life insurance, term insurance plans do not accumulate cash value over time. They solely provide a death benefit during the term of the policy.
Conversion Options: Some term insurance policies offer the ability to convert to a permanent life insurance policy during a specified period without the need for additional medical underwriting. This can be beneficial if your insurance needs change over time.
Overall, term insurance plans are designed to provide affordable and straightforward life insurance coverage for a specific period, making them a popular choice for individuals looking to protect their loved ones financially in case of unexpected events.
Popular Term Insurance Plans in India
| Plan Name | Coverage Options | Premium Payment Options | Additional Benefits | Riders Available |
|---|---|---|---|---|
ICICI Pru iProtect Smart |
Life cover, critical illness cover, accidental death cover, waiver of premium on permanent disability | Single pay, limited pay, regular pay | Terminal illness benefit, lump sum or monthly income payout options, tax benefits under Section 80C and Section 10(10D) | Accidental death benefit rider, critical illness benefit rider, income benefit rider |
HDFC Life Click 2 Protect 3D Plus |
Life cover, extra life cover for accidental death, critical illness cover | Regular pay, limited pay, single pay | Terminal illness benefit, waiver of premium on permanent disability, tax benefits under Section 80C and Section 10(10D) | Accidental death benefit rider, income benefit rider, critical illness rider |
Max Life Smart Term Plan |
Life cover, monthly income benefit, increasing monthly income benefit, lump sum payout | Regular pay, limited pay, single pay | Terminal illness benefit, premium waiver on critical illness, accidental death benefit, tax benefits | Critical illness benefit rider, accidental death benefit rider, premium waiver benefit rider |
SBI Life eShield |
Level cover, increasing cover | Regular pay, limited pay | Terminal illness benefit, accidental death benefit, tax benefits under Section 80C and Section 10(10D) | Not specified (check with SBI Life for available riders) |
Tata AIA Sampoorna Raksha |
Life cover, accidental death cover, critical illness cover | Regular pay, limited pay, single pay | Terminal illness benefit, premium waiver on critical illness, tax benefits under Section 80C and Section 10(10D) | Accidental death benefit rider, critical illness benefit rider, waiver of premium rider |
LIC e-Term Plan |
Pure life cover with various sum assured options | Regular pay | No maturity or survival benefits, terminal illness benefit | LIC's Accidental Death Benefit Rider |
Kotak e-Term Plan |
Life cover, life cover with return of premium | Regular pay, limited pay | Terminal illness benefit, tax benefits | Kotak's Accidental Death Benefit Rider, Permanent Disability Benefit Rider |
Bajaj Allianz Smart Protect Goal |
Life cover, life cover with return of premium, life cover with increasing monthly income | Regular pay, limited pay, single pay | Terminal illness benefit, tax benefits | Bajaj Allianz's Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Benefit Rider |
Aviva i-Life Plan |
Pure life cover with flexible sum assured options | Regular pay | Terminal illness benefit, tax benefits | Aviva's Accidental Death Benefit Rider, Critical Illness Benefit Rider, Premium Waiver Benefit Rider |
PNB MetLife Mera Term Plan |
Life cover, life cover with return of premium, increasing life cover | Regular pay, limited pay | Terminal illness benefit, tax benefits | PNB MetLife's Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Benefit Rider |
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