A term life insurance plan offers pure risk protection. If a policyholder dies within the term of the plan, the insurer pays your family the sum assured. Your family meets living expenses, children get good education and loans are repaid. Term life insurance has no survival benefits.
Level term life insurance plans: In Level term life insurance plans, the sum assured does not change during the tenure of the policy. The benefits are paid to the nominee (This may be a beneficial nominee) on death of the policy holder, within the term of the plan.
Return of Premium plans: Unlike normal term life insurance plans, the return of premium plans have a maturity benefit.
Increasing term plans: You can opt for an increase in the sum assured at an annual frequency during the term of the plan. The premiums would remain the same.
Decreasing term life insurance plans: These plans are the exact opposite of the increasing term plans. The sum assured would decrease each year, so as to match the financial needs of the policyholder.
Convertible term plans: The convertible term plans have an option where these plans can be converted into other types of plans at a future date.
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If you are availing term life insurance online, you can upload the relevant attested documents.
SEE ALSO: Term Insurance for NRIs in India
Opt for sufficient coverage in the term life insurance plan. You don’t want the money nominees get to dry up. The amount of term life insurance depends on life goals. If life goals increase (let’s say the size of family increases), you need increasing term life insurance.
Avail riders in term life insurance which is additional protection at a slightly higher cost. Opt for a critical illness rider, where you get money on diagnosis of a critical illness like heart ailments, stroke or kidney failure. You can also opt for the accidental death benefit rider, which is an amount over and above the sum assured, on death of the policyholder in an accident.
Before choosing the term life insurance plan, take a look at the features of top 5 best term life insurance plans.
If you want to know more on life insurance, get in touch with our wealth doctors. Our wealth doctors are qualified, well trained and offer free unbiased financial advice.
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