[et_pb_section bb_built=”1″ fullwidth=”on” _builder_version=”3.22.4″ inner_width_tablet=”50px” inner_max_width_tablet=”50px” z_index_tablet=”500″ next_background_color=”#000000″][et_pb_fullwidth_image src=”http://www.swadeshijamnagar.com/wp-content/uploads/2019/04/insurance.jpg” _builder_version=”3.22.4″ z_index_tablet=”500″ /][et_pb_fullwidth_header title=”Life Insurance” text_orientation=”center” _builder_version=”3.22.4″ title_font=”Verdana|600|||||||” title_text_align=”center” background_color=”#ffffff” background_layout=”light” animation_style=”zoom” z_index_tablet=”500″ custom_padding=”0px||0px|||” /][/et_pb_section][et_pb_section bb_built=”1″ fullwidth=”off” specialty=”off” prev_background_color=”#000000″ inner_width=”auto” inner_max_width=”none”][et_pb_row][et_pb_column type=”1_4″ custom_padding__hover=”|||” custom_padding=”|||”][et_pb_code _builder_version=”3.25.3″ z_index_tablet=”500″]

[/et_pb_code][/et_pb_column][et_pb_column type=”3_4″ custom_padding__hover=”|||” custom_padding=”|||”][et_pb_text admin_label=”What is Life Insurance?” _builder_version=”3.22.7″ animation_style=”slide” animation_direction=”top” z_index_tablet=”500″ text_text_shadow_horizontal_length=”text_text_shadow_style,%91object Object%93″ text_text_shadow_vertical_length=”text_text_shadow_style,%91object Object%93″ text_text_shadow_blur_strength=”text_text_shadow_style,%91object Object%93″ link_text_shadow_horizontal_length=”link_text_shadow_style,%91object Object%93″ link_text_shadow_vertical_length=”link_text_shadow_style,%91object Object%93″ link_text_shadow_blur_strength=”link_text_shadow_style,%91object Object%93″ ul_text_shadow_horizontal_length=”ul_text_shadow_style,%91object Object%93″ ul_text_shadow_vertical_length=”ul_text_shadow_style,%91object Object%93″ ul_text_shadow_blur_strength=”ul_text_shadow_style,%91object Object%93″ ol_text_shadow_horizontal_length=”ol_text_shadow_style,%91object Object%93″ ol_text_shadow_vertical_length=”ol_text_shadow_style,%91object Object%93″ ol_text_shadow_blur_strength=”ol_text_shadow_style,%91object Object%93″ quote_text_shadow_horizontal_length=”quote_text_shadow_style,%91object Object%93″ quote_text_shadow_vertical_length=”quote_text_shadow_style,%91object Object%93″ quote_text_shadow_blur_strength=”quote_text_shadow_style,%91object Object%93″ header_text_shadow_horizontal_length=”header_text_shadow_style,%91object Object%93″ header_text_shadow_vertical_length=”header_text_shadow_style,%91object Object%93″ header_text_shadow_blur_strength=”header_text_shadow_style,%91object Object%93″ header_2_text_shadow_horizontal_length=”header_2_text_shadow_style,%91object Object%93″ header_2_text_shadow_vertical_length=”header_2_text_shadow_style,%91object Object%93″ header_2_text_shadow_blur_strength=”header_2_text_shadow_style,%91object Object%93″ header_3_text_shadow_horizontal_length=”header_3_text_shadow_style,%91object Object%93″ header_3_text_shadow_vertical_length=”header_3_text_shadow_style,%91object Object%93″ header_3_text_shadow_blur_strength=”header_3_text_shadow_style,%91object Object%93″ header_4_text_shadow_horizontal_length=”header_4_text_shadow_style,%91object Object%93″ header_4_text_shadow_vertical_length=”header_4_text_shadow_style,%91object Object%93″ header_4_text_shadow_blur_strength=”header_4_text_shadow_style,%91object Object%93″ header_5_text_shadow_horizontal_length=”header_5_text_shadow_style,%91object Object%93″ header_5_text_shadow_vertical_length=”header_5_text_shadow_style,%91object Object%93″ header_5_text_shadow_blur_strength=”header_5_text_shadow_style,%91object Object%93″ header_6_text_shadow_horizontal_length=”header_6_text_shadow_style,%91object Object%93″ header_6_text_shadow_vertical_length=”header_6_text_shadow_style,%91object Object%93″ header_6_text_shadow_blur_strength=”header_6_text_shadow_style,%91object Object%93″]

What is Term Insurance?

Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of the death of term insurance policyholder during the policy term, the beneficiary can claim death benefits from the insurance company. The death benefit is payable to the nominee or beneficiary who is usually a family member. You can choose to get a lump-sum amount or a combination of lump-sum and monthly amount as per your requirement. Some Insurance Companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.

Note: In case of survival of the policyholder the coverage at the earlier rate of premiums is not guaranteed after the expiry of the policy. The buyer has to either obtain extended coverage with different payment condition or forgo the coverage entirely.

[/et_pb_text][et_pb_image _builder_version=”3.22.7″ src=”http://www.swadeshijamnagar.com/wp-content/uploads/2019/05/term-insurance-buying-guide.jpg” align=”center” z_index_tablet=”500″ align_last_edited=”on|desktop” align_tablet=”center” /][et_pb_text admin_label=”Why You Should Buy Term Insurance?” _builder_version=”3.22.7″ animation_style=”slide” animation_direction=”bottom” z_index_tablet=”500″ text_text_shadow_horizontal_length=”text_text_shadow_style,%91object Object%93″ text_text_shadow_vertical_length=”text_text_shadow_style,%91object Object%93″ text_text_shadow_blur_strength=”text_text_shadow_style,%91object Object%93″ link_text_shadow_horizontal_length=”link_text_shadow_style,%91object Object%93″ link_text_shadow_vertical_length=”link_text_shadow_style,%91object Object%93″ link_text_shadow_blur_strength=”link_text_shadow_style,%91object Object%93″ ul_text_shadow_horizontal_length=”ul_text_shadow_style,%91object Object%93″ ul_text_shadow_vertical_length=”ul_text_shadow_style,%91object Object%93″ ul_text_shadow_blur_strength=”ul_text_shadow_style,%91object Object%93″ ol_text_shadow_horizontal_length=”ol_text_shadow_style,%91object Object%93″ ol_text_shadow_vertical_length=”ol_text_shadow_style,%91object Object%93″ ol_text_shadow_blur_strength=”ol_text_shadow_style,%91object Object%93″ quote_text_shadow_horizontal_length=”quote_text_shadow_style,%91object Object%93″ quote_text_shadow_vertical_length=”quote_text_shadow_style,%91object Object%93″ quote_text_shadow_blur_strength=”quote_text_shadow_style,%91object Object%93″ header_text_shadow_horizontal_length=”header_text_shadow_style,%91object Object%93″ header_text_shadow_vertical_length=”header_text_shadow_style,%91object Object%93″ header_text_shadow_blur_strength=”header_text_shadow_style,%91object Object%93″ header_2_text_shadow_horizontal_length=”header_2_text_shadow_style,%91object Object%93″ header_2_text_shadow_vertical_length=”header_2_text_shadow_style,%91object Object%93″ header_2_text_shadow_blur_strength=”header_2_text_shadow_style,%91object Object%93″ header_3_text_shadow_horizontal_length=”header_3_text_shadow_style,%91object Object%93″ header_3_text_shadow_vertical_length=”header_3_text_shadow_style,%91object Object%93″ header_3_text_shadow_blur_strength=”header_3_text_shadow_style,%91object Object%93″ header_4_text_shadow_horizontal_length=”header_4_text_shadow_style,%91object Object%93″ header_4_text_shadow_vertical_length=”header_4_text_shadow_style,%91object Object%93″ header_4_text_shadow_blur_strength=”header_4_text_shadow_style,%91object Object%93″ header_5_text_shadow_horizontal_length=”header_5_text_shadow_style,%91object Object%93″ header_5_text_shadow_vertical_length=”header_5_text_shadow_style,%91object Object%93″ header_5_text_shadow_blur_strength=”header_5_text_shadow_style,%91object Object%93″ header_6_text_shadow_horizontal_length=”header_6_text_shadow_style,%91object Object%93″ header_6_text_shadow_vertical_length=”header_6_text_shadow_style,%91object Object%93″ header_6_text_shadow_blur_strength=”header_6_text_shadow_style,%91object Object%93″]

Why You Should Buy Term Insurance?

Life insurance, specially tailored to meet financial needs. Today, there is no shortage of investment options for a person to choose from. Modern-day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs – saving for life’s important goals and protecting your assets. Let us look at these unique benefits of life insurance in detail.

Don’t be short-sighted. Get Term Insurance and secure your family’s future. Save their harassment by financially securing them through a term plan. In the event of an unforeseen situation who will take care of your liabilities and responsibilities? It is here that the importance of term insurance is felt. The lump sum that your family will get a death benefit can bring financial stability and pay off the liabilities.

It is the real support that your family can have if something happens to you. Term insurance is important for everyone and especially more for the bread earner of the family.

“Family is not an important thing, it’s everything.”– Michael J. Fox

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Benefits of Term Insurance Plan

• Get lumpsum amount in the event sudden death
• See off all your loans and liabilities
• Provide money so that your family continues to live with pride
• Term Insurance also takes care of the family in case of your disability or critical illness.
• Provides supplementary income in case of loss of income due to accidental disability or illness
• Get lumpsum amount if diagnosed with a critical illness.
• Additional sum insured in case of accidental death.

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Key Features of Term Life Insurance Plans

Term Insurance Plans are specifically designed to secure your family’s core financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness, if applied for, of the life insured and during the term of the policy. Such an insurance plan can help your family to have sound financial independence, even if you are not around.

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Tax Benefits: Term life insurance plans come with excellent tax benefits. You can avail lucrative tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Additionally, the premiums paid for the Critical Illness Benefit also qualifies for a deduction under Section 80D.

Policy Term: The minimum policy term is 5 years, with the maximum varying from 25 years to whole life span for equated monthly premium payments. For single premium payment policies, the policy term is 5 to 15 years. People can opt for the term plan period they think works for them. Experts suggest going for a longer period term plan as the premium amount generally gets locked and the insured party gets to pay the same premium over the tenure of the term plan for the same amount of cover.

Plan Choice: Term insurance provides flexibility in terms of choosing the plan on a single life basis or joint life basis. Single life means that the term plan will only provide cover for the life of the insured party who is generally the breadwinner of the family. A joint life term plan, on the other hand, covers the life of both the husband and the wife through a single term plan. Most term insurance plans offer the term plan on a first claim basis. This means that the term plan pays the sum insured on the expiry of either of the two insured people. There are also other term plans that pay on the death of both the insured persons.

Entry Age: To be eligible for term insurance plans, the minimum age of entry is 18 years, with a maximum age limit of 65 years with optional add on benefits. The premium of the term plan increases with age and people who are looking for a term policy for a longer period should opt for the best term insurance plan when they are relatively young. This will ensure they have a locked-in premium amount that does not change much most of these term plans.

Maturity Age: The best term insurance plans are those that offer cover well into the lifetime of the insured. Most term plans offer to cover the insured to up to 65-70 years of age. Term plans that have a higher maturity age may also charge a higher premium rate as they offer a term insurance cover against life risks for a longer tenure. Also, the risks increase with age and this is reflected in the premium amount.

Survival Benefits: A standard term plan does not have any survival benefits. However, the demand from investors has meant that various companies have opted to launch term insurance plans with survival benefits. Called Term Return of Premium (TROP) plans, the term plan refunds the premium at the end of the term plan tenure if the insured person survives the period. The TROP plan is becoming popular with people who are looking for savings as well as insurance with their term plan. This term life insurance plan has a higher premium than the standard term plan but has the advantage of assurance that the policyholder will get back the premium he or she paid to the life insurance company for the cover. Investors should read the insurance terms and conditions carefully to ensure they know the amount of money they will get back as survival benefits. Check out the term insurance plan that meets your needs with our term plan comparison.

Death Benefits: On the death of the life assured during the term of the plan, the nominee or assignee, in the case where the policy has been assigned to someone else, will receive the total/ assigned death benefit chosen at the time of commencement. Depending on the type of plan, the death benefit may stay the same over the whole tenure of the plan (standard term plans), decrease (decreasing term plans) or increase (increasing term plans). The insurers provide various options for payment for the term plan. These include a lump sum payment, lump sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.

Maturity Benefits: Term insurance plans don’t come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.

Additional Rider Benefits: Additional optional benefits such as critical illness and accidental death/ disability or Accelerated Sum Assured are also available. The benefits can be added to the term plan by paying an additional premium amount. The best term plan in India is the one that offers these riders at a comparatively lower price than opting for such cover through individual plans. Choose the additional optional benefits for your term insurance plan with our website. Use the term plan comparison features to shortlist the additional benefits you need. Some common term insurance riders are:

• Critical Illness Rider
• Total and Permanent Disability Benefit Rider
• Accidental Death Benefit Rider
• Hospital Cash Rider
• Waiver of Premium Rider

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