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Term Insurance: Buy Indiau2019s best term insurance online with a life cover of u20b91 crore at just u20b9520 per month and 17% discount. Get term insurance plan with claim settlement ratio of 99.50%, cover against critical illness and term insurance return of premium.
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Term Insurance Term life insurance is one of the simplest and most fundamental types of life insurance. It offers financial protection for a set period in exchange for a fixed premium. A term life insurance plan ensures that your loved ones are financially secure in your absence, providing a lump sum amount that can help them meet various living expenses. By purchasing a term life insurance policy with sufficient coverage, you can safeguard your family's financial future and ensure peace of mind.
What is Term Insurance? Term Insurance is one of the most basic forms of life insurance that only offers financial cover for a specific number of years. A term insurance plan provides a financial benefit to your nominee in case of your death during the term of the policy. A term insurance policy is a pure life insurance product that offers financial benefits only in case of the policyholder's death during the term, in return for the premiums paid. It does not return any financial value in case you survive the term of the policy. If you wish to get your premiums back after the term of the policy you can opt for term insurance with return of premium. You can buy term insurance by paying regular premiums, in exchange for a financial benefit that goes to your nominee in case of your untimely death. For example, a healthy 25-year-old non-smoker male would have to pay Rs. 780 per month over 30 years for 1 crore term insurance.
How does a Term Insurance Work? Let’s understand how a term life insurance works with the help of a real-life example: Ajay is a 25 years old male who doesn't smoke and decides to purchase a Rs.1 Crore term insurance10 from HDFC Life for 35 years at a monthly premium9 of Rs.14128. Here is a step-by-step flow on how it works: Policy Purchase: Ajay completes his health assessment, under goes medical tests and starts paying premiums. During Policy Term: He continues to pay premiums to maintain the life coverage. Death during the policy term: If Ajay passes away during the tenure of the policy then his beneficiary/nominee which is his wife receives the tax-free7 death benefit amount of Rs. 1 Crore. Outlives the policy term: The coverage of the term plan ends on Ajay's 60th birthday. If Ajay had opted for the term plan return of premium option then he would get back all his premiums.
