Who should buy a Term Insurance Policy?

Any individual with financial dependents should consider purchasing a Term Life Insurance Policy. This is a broad category that includes people from various backgrounds, such as SIP investors, self-employed individuals, business owners, married couples, young professionals, etc.

What is a Term Insurance Plan?

Term Insurance, as the name suggests, provides coverage for a specific time, also called term. In this case, if there is an unfortunate demise of the insured during the policy term, the nominee is offered financial benefit also called death benefit. This sum of money helps the nominee to:

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Benefits of buying a Term Insurance Plan

An effective Term Life Insurance Plan protects you and your family members, providing a financial cushion even in your absence. It is never too late to purchase your policy and pave the way for a financially secure future.

Financial Protection

One of the most significant benefits of Term Life Insurance is the financial protection it offers. In the event of your untimely death,it provides a financial cushion to your loved one. This comes in the form of a death benefit to your dependents, helping bridge the gap in their expenses.

Protection against Critical Illnesses

Term Insurance offers various payouts in the case of critical illnesses, including conditions such as kidney failure, brain damage,and more.The plan offers several riders that can be added based on your financial requirements and goals. it is essential to check if it also provides protection against terminal or critical illnesses..

Financial Support for Disability

Term Insurance Plans also provide support for total and permanent disability due to an accident. This is an add-on cover that helps you maintain financial stability, even if disability leads to reduced earning prospects.

Tax Advantages

Term Insurance Plans usually offer a regular income option. Under this, you receive the entire sum at the policy's expiry if you survive. This typically begins after the age of 60 and pays you as a regular monthly income.

Features of a Term Insurance Plan

A reliable Term Insurance Plan is synonymous with financial security and a well-planned future. Below,you will find some essential features of a Term Insurance Plan.

Flexible-Premium Payment Options

Term Insurance Plans offer flexibility in premium payments, which can be made in a lump sum or over several years, such as 5, 10, 15, etc.

Add-on Covers

You can enhance your policy with various additional insurance covers and benefits, including accidental death and disability cover, critical illness cover, and child support benefits.

Payment Modes

Term Insurance Plans provide death benefit payments in various forms, including a lump sum, regular monthly income, or a combination of both.

Low entry age

You can start securing your loved ones' future by purchasing a Term Insurance Plan as early as 18 years of age.

Long term protection

Term Insurance Plans offer protection for you and your family with policy tenures extending up to 40 years.

Easy to buy

The process of buying Term Insurance is straightforward and efficient. The purchase process allows you to submit all the required documents from the comfort of your home.

How to choose the best Term Insurance Plan?

Check Claim Settlement Ratio of Insurance Company

The claim settlement ratio represents the total number of claims settled by an insurance company in a given year. Out of the total claims filed by individuals, the higher the number of claims settled, the higher the claim settlement ratio.

Remember to Understand the Solvency Ratio

The solvency ratio indicates how well a company is able to meet its debt obligations. This includes cases where the insurer needs to pay the insurance cover to the beneficiary in case of the policyholder's death. It is advisable to choose companies with a good solvency ratio.

Know the Benefits Offered in the Term Plan

When selecting a Term Plan, it is essential to consider the benefits offered in that specific plan. Some of the significant benefits of a term plan include accidental death benefits, regular income, payout options, and premium waivers in case of disability.

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The Trustedge Life Mark displayed belongs to 'The Prudential Insurance Company of America' and is used by Trustedge Life Insurance Limited under license.

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