But when the plan of a family is in the realms of future, there is no better product than term insurance to protect your family's financial future in the event of the unexpected passing of the head of the family. In this Age of Uncertainty, timely-pitched Life Insurance for Family Protection is a promise of financial security to your dependents' future in the event of your early demise.
What Is Term Insurance?
Term life insurance contract is an insurance contract, allowing financial protection for a period of time, also known as the "term. During this period of contract, he/she dies the policyholder's nominee will receive a lump sum called the "death benefit. In contrast to other life insurance products, Affordable Life Insurance in Bangalore provide only protection and there is no maturity benefit.
Why Do You Need Term Insurance?
- Safeguard family funds in case of death
- covering the expense of children's education loans, or ongoing requirements.
Relatively Cheaper Premiums
Compared to other types of life insurance products, term insurance has a higher sum of insurance with a lower cost.
Tax Deduction
The premium paid for term insurance in Section 80C of the Income Tax Act is valid for tax deduction. Also, death benefits are tax-free as per Section 10(10D).
Customizable Coverage
The majority of insurance companies provide riders such as critical illness cover, accidental death, and waiver of premium, which enables the policyholder to customize his/her policy to meet his/her requirements.
Key Features of Term Insurance
High Sum Assured at Low Cost: Get complete coverage at an affordable premium.
Flexible Tenure: Select a policy word that is relevant to your financial objective.
Payout Options: Select lump sum or monthly payout for the death benefit based on family requirements.
Riders for Enhanced Protection: For example, critical illness or accidental disability cover provides supplementary benefits.
How to Choose the Best Term Insurance Policy
Assess Your Coverage Needs: Describe the amount of financial help your family could potentially require in the event of your death, taking into account existing liabilities, future expenses and inflation.
Compare Premiums: Using comparison websites to pursue best value policies, etc.
Check Claim Settlement Ratio: Prefer insurers with an acceptable claim settlement ratio so claim settlement procedure is hassle-free.
Look for Riders: For example, it may be wise to consider add-ons (e.g., critical illness or permanent premium waiver) to enhance your coverage.
Read the Policy Details: Before making a decision, please read the terms and conditions including the exclusions.
Why Choose Insurewinsure for Term Insurance?
- Specializing in custom term insurance plans, at Insurewinsure we focus on meeting your personalized requirements. Our policies ensure:
- Comprehensive coverage at competitive premiums.
- Easy claim process with expert assistance.
- Multiple payout options for maximum flexibility.
- Customizable riders for enhanced security.
Common Myths About Term Insurance
- "It's expensive."
Term insurance is one of the cheapest Life Insurance for Family Protection.
- “I don’t need it; I’m healthy.”
The lowest premium rate (for purchase of term insurance) is during the favourable period (i.e., young and healthy) in which insurance is sold.
- “It’s only for those with dependents.”
People who are not dependent, for example, can also be helped by gaining low premiums and protection against future liability such as loans.
Take Action Today!
Life is unceasing ocean of the unforeseen, yet your family's financial fate need not be.
Visit www.insurewinsure.com for more information or talk to one of our experts and choose the Affordable Life Insurance in Bangalore for you.
FAQs About Term Insurance
- What is the ideal age to buy term insurance?
The earlier, the better. It is feasible to buy term insurance at an early age due to low premiums and better benefits.
- Can I buy term insurance online?
Yes, online purchased term insurance is fast, easy, and in some cases is cheaper than purchasing offline.
- What happens if I survive the policy term?
Term insurance does not have a maturity benefit. However, you may choose a return-of-premium rider, under which you are paid the benefit of the paid premiums.
