Life Insurance

Life is uncertain. Unfortunate events like an untimely death of the breadwinner can put a family at a great risk of being financially insecure.

The Term Plan is a pure risk cover plan and an economical means of providing an adequate level of financial protection. In this plan, the life cover amount (sum assured) is paid to the beneficiary in case of the unfortunate death of the life insured. As a result, the family of life insured is well cushioned financially even if the life insured is no longer around to provide.

Term Insurance plans or protection plans are the simplest form of life insurance providing coverage for a defined period of time, at a fixed rate of payment. If the insured expires during the relevant term, the death benefit is payable to the nominee, who is typically a family member. However, in case of survival, the coverage at the earlier rate of premiums is not guaranteed after the expiry of the policy. The customer has to either obtain extended coverage with different payment conditions or forgo coverage entirely.

Term insurance plans are the least expensive ways of buying substantial life cover over a particular period of time. Unlike other life insurance plans, term insurance does not have any investment component or cash build up value. It only extends guaranteed level of premiums and a specific amount of coverage for a specific period of time.

What is Term Insurance?

Term insurance is life cover that provides a death benefit to the beneficiary if the insured dies during the specified policy period.If the insured survives until the end of the policy term, the coverage ceases without value and a payout or death claim cannot be made.
These are the cheapest insurance plans with high cover.

Why Term Insurance?

Term life insurance provides you with a high cover at very low cost and cover you comprehensively for large periods of time.The plans are simple to understand and give you choice to choose your plan, inclusions, premiums and payment frequency.

How much life cover would you like?

Though the need varies from one person to other, as a rule of the thumb, your term insurance cover should have at least “number(eg 10,20)” times of your gross annual income. Depending upon your age, the multiplier will decrease as you grow older.