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Term Insurance

Term insurance offers life cover at a low premium rate. It is valid for a specific time period.<br><br>https://www.sbilife.co.in/en/online-insurance-plans/eshield

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Term Insurance

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  1. Term Insurance

  2. What is Term Insurance Term insurance offers life cover at a low premium rate. It is valid for a specific time period. The benefit amount is paid to the nominee in case of the death of the insured. You can receive security for your family based on the chosen structure. The online application process is seamless and easy.

  3. Why Should We Take Term Insurance • Security- Offering financial protection to your dependents, in your absence. • Affordability- Insured can obtain substantial coverage with a reasonable premium. • Simplicity- Easy to understand product’s terms and conditions. • Term Illness Benefit: Upon diagnosed with life threatening diseases, the benefit equals to death is paid.

  4. Benefits of Term Insurance Plan • Offers two structures: Level Cover Benefit and Increasing Cover Benefit • The sum assured remains the same throughout under Level Cover Benefit but the amount automatically increases by 10% at the end of 5th year policy under Increasing Cover Benefit. • Tax benefits are available as per Income Tax Laws. However, this is subject to change. • Collateral security: Can be used to back-up mortgages for houses, education, and consumer goods. • Rider Benefit: Rider sum assured is payable in case the life assured dies within 120 days of the accident.

  5. How to Choose the Best Term Insurance • Determine the amount needed to maintain your family’s lifestyle. • Keep your financial responsibilities and liabilities in mind. • Understand which rider plan can maximise and add value to your coverage. • Pick a company which has a smooth claim settlement ratio and a seamless online process. • Keep the customer service in mind to resolve grievances and issues on time.

  6. How to Calculate Term Insurance Premium A term insurance calculator will help you calculate the premiums you require to pay. Enter a few basic details : policy term, premium payment frequency, smoker/non-smoker, gender, date of birth and other basic details like name and mobile number. Simply click on ‘Calculate Premium’ to see the amount.

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