Term insurance is a type of life insurance policy; offered by the insurance companies to cover dependents on an untimely demise. The death benefit is only paid to the nominee of the policyholder, in case of death of the insured, within the term of the plan. Term life plan has no survival benefit.
A term insurance plan helps meet financial goals. The death benefit can be used to pay back loans and meet daily family expenses. The importance of the term insurance plan is realized in the absence of the primary breadwinner of the family.
Purchasing term insurance is of utmost importance for the sole breadwinner and people with dependents. Buy a term insurance plan and secure your family in these turbulent times.
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See Also: Term Insurance For Indians
Buying online term insurance is really simple. Most of the insurers offer a convenient interface and a streamlined process, which enables the users to easily avail term life plans online. Buying term insurance online from the insurer’s website involves the following steps:
See Also: Benefits of Buying Term Insurance Online
Standard Term Life Plan: This is the most basic type of term insurance plan. This type of term insurance is immensely popular among the masses; as it offers the option of annual premium payment and provides a lump sum in case of death of the insured within the tenure. These plans are very affordable and are easy on the pocket.
Term Insurance Return of Premium or TROP: This type of term insurance plan comes with a maturity benefit. The Term Insurance Return of Premium plan refunds the premium; in case the policyholder survives the policy tenure. These plans are increasing in popularity as the premiums are returned. However, these plans are offered at a slightly higher rate than the standard term life plan.
Group Term Insurance Plans: The group term plans are tailor-made to suit the insurance needs of corporate, societies, enterprises and firms. These plans are availed to provide term insurance to all the members of the group. The policy offers the same set of benefits to all the members and the policies are generally customized to suit the needs of the policy buyers.
See Also: Why You Need A Term Insurance Plan?
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