Term insurance protects your family against risk. On an untimely demise of the policyholder within the term of the plan, the insurer pays the death benefit to the nominees. The term life plan has no survival benefits.
After availing the term life plan, the insured must pay premiums regularly, to enjoy coverage under the plan. The sum assured and insurance tenure depend on liabilities, number of dependents, current income and lifestyle expenses.
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In today’s fast-paced life, term insurance is a must-have policy to cope up with uncertainty. Term insurance serves as a safety net in uncertain times, when your family is going through the emotional trauma of losing a family member.
The term insurance plan helps dependents meet financial liabilities and live a stable life on death of the breadwinner. Term insurance ensures your family doesn’t have to go through financial loss along with the emotional grief.
The term insurance plan is risk protection that can be availed to offer financial security to family members and dependents of the policyholder, on loss of the breadwinner.
In case of demise of the policyholder due to a medical condition or an accident within the term, the nominee gets a lump sum payment called the death benefit. The insurance cover can be increased by availing the add-on benefits like accidental death benefit, critical illness cover and so on. Listed below are some categories of people who must purchase a term insurance plan:
See Also: Best Age to Buy a Term Insurance Plan
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