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Ravi Protects His Family with a Term Insurance Plan of Rs 15 a Day Research Team | Posted On Monday, August 19,2019, 06:29 PM

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Ravi Protects His Family with a Term Insurance Plan of Rs 15 a Day



What is Term Insurance?

Term insurance is a type of life insurance policy; where dependents get the death benefit; if the policyholder dies within the term of the plan.

To buy a term insurance plan; the insured must fill the proposal form and go through a medical check-up; before availing the term life policy (applicable only after a certain age).

The insurer verifies the proposal form and the documents and fixes the premium based on the medical reports. If the policyholder is a smoker then he will likely have to pay an extra premium known as loading. The insurance companies offer term insurance at special prices for non-smokers. Heavy smokers are denied term life insurance plans.

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Term Insurance Plans That cost 15 Per Day:

Reliance Life Insurance Company: Reliance Life Insurance Company has launched the reliance online term insurance plan; which is an online term plan. This term life insurance is the most cost-effective and sought after plan; as it offers coverage of Rs 1 Crore at Rs 15 a day for a 25 year old.

This term insurance plan offers best premium rates and coverage up to 75 years through a seamless and user-friendly online process; which allows the customer avail the facility of health check-up at home. The plan is very popular due to the adequate coverage it offers at minimum premiums.

See Also: Best Term Insurance Plans In India

Kotak e-Term Plan: The Kotak e-Term Plan is specially designed to meet the insurance needs of an individual and is pure risk cover.  The plan offers safety and security to your family and also ensures they receive the financial security needed when you are not around. The speciality of this plan is that it comes at a very pocket-friendly price of Rs 15 per day.

ICICI Pru Protect Smart: The ICICI Pru Protect Smart is a pure risk cover life insurance policy; that is designed to provide adequate insurance coverage at best premium prices. A policy buyer can avail life coverage until the age of 99 years under this plan at affordable rates. The policy comes with accidental and critical rider option to help avail comprehensive benefits from the plan.

A non-smoker of 25 years age can avail the base term insurance policy for tenure of 15 years at a minimal cost of Rs 15 a day. The plan comes with a host of benefits that can be availed by the insured at additional premium. This is an online term plan that comes with payment options like net banking, e-wallet payment, UPI Payments and Bharat QR code. 

See Also: What to Consider While Buying a Term Insurance Plan?

Term Insurance at the Cost of Tea:

The above-mentioned term insurance plans offer life insurance coverage of up to Rs 1 Crore and can be availed at affordable premiums. These online term insurance plans come at just Rs 15 a day which is equal to the price of a cup of tea. Can you imagine purchasing term insurance at the price of a cup of tea?

Ravi, an employee in a private firm in Bengaluru; purchased a term insurance plan; at the age of 25 for just Rs 15 a day. He wanted to avail adequate coverage for dependents at affordable premiums; which would secure his family’s financial future in his absence.

See Also: Why You Need A Term Insurance Plan?

He availed an online term insurance plan with sum assured of Rs 1 Crore; at just Rs 15 a day. Ravi took good care of his wife and young daughter. At the age of 31, Ravi fell from the terrace of his apartment and passed away.

But, in spite of the emotional loss, Ravi’s family was financially secure. His wife got the death benefit of Rs 1 Crore and was able to give her daughter a quality education.

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