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Term Life Insurance

What is a term insurance plan and how does it work?

Term insurance plans are a type of life insurance plans which provide coverage for specified period of time. Term insurance plans are specifically designed to secure your family in case of death or uncertainty of the policy holder. Plans provide agreed benefits to the nominee in case of death of the policy holder within the policy term. But if the policy holder does not die within the policy term and the policy gets maturity, then some plans return your paid premiums while some plans do not pay anything. Please read the terms and conditions of the policy document before entering into a contract.

What happens to term life insurance if you don t die?

On Maturity some plans return the premiums you paid while some plans do not pay anything. It all depends on the type of plan you have chosen.

Can you renew a term life insurance policy?

Not all terms plans are renewable. It all depends on the policy guidelines which the policy holder is having. Some plans are renewable for another term or so while some others are not renewable.

Additional benefits of Term life insurance:
In addition to protection against death, Term life insurance also provides several other benefits (to be purchased as riders) as well.
Some of the kinds of riders available with term insurance policy include:
  • Waiver of Premium
  • Accidental Death Benefit
  • Critical Illness
  • Return of Premium.
  • Permanent And Partial Disability.
  • Income Benefit
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Term Life Insurance Policies

Decreasing Term Insurance

Decreasing term insurance is a term life insurance plan that provides a death benefit that decreases at a predetermined rate over the life of the policy. Premiums remains constant while reductions in policy payout typically occur monthly or annually.
For example if your insurance cover Rs. 50 Lakhs for 20 years and suppose the cover decreases by 5% every year, then after 10 years your cover will be Rs.25 Lakhs.

Increasing Premium Term Insurance

Increasing Term Insurance is a term life insurance plan wherein the sum insured rises at a predetermined rate over the life of the policy. The premiums may or may not vary depending on the plan chosen
For example if your insurance cover is Rs. 50 lakhs for 20 years and suppose the cover increases by 5% every year, then after 10 years your cover will be Rs.75 Lakhs.

Return of Premium Term Insurance

As the name suggests the return of premium term insurance is a type of term insurance which will pay back the premium paid by you at the end of the term, in case you survive.
if you pay Rs.10,000 per year for 25 years for a cover of Rs.50 lakhs, the insurance company would repay to you Rs.2.5 lakhs at the end of 25 years in case you survive.
5 Year Level Term Insurance
The face amount of this 5 year term life policy remains level for the entire 5 year period and so does the premium. Upon death the face amount is paid either in one lump sum or in the form of an income.If you have a short term need for life insurance, like covering a bank loan, then this may be the plan for you.
10 Year Term Insurance
Like the 5 year term policy, the 10 year term life policy can be used to cover a bank loan, but it can do considerably more. It can be used for family protection and a myriad of other needs. The face amount of the policy remains level for the duration and so does the premium. Some companies allow you to continue the policy after 10 years with an increase in premium.
20 Year Term Insurance
The 20 year term insurance policy is probably the most popular of term life policies. The death benefit remains level for the duration and in some cases so does the premium. With some companies, however, the premiums increase after the first 10 years to reflect the cost of the additional risk to which the insurance company is exposed as the insured gets older. All in all, the 20 tear term life insurance policy is fairly inexpensive and does the job it is intended to do.
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