what is the Term policy and benefits of term insurance plan

Term policy tenure, What is the premium for term policy, best term insurance policy , term policy providing banks or financial institutions.

Term Insurance is kind of policy which could provides financial secure for his/her family at the time of family head disabilities, illness and unfortunate demise. The maturity amount can be received by nominee which helps for family needs in-case of any unfortunate things happens in term. At the same time Term policy could and could be works under certain rules and policy holder have to satisfy eligibilities from respective policy provider. Term Insurance policy has providing by all major insurance companies in India with different additional benefits like rider.

Why we should go for Term Policy:

No one know the future, let we assume if incase anything unexpected happen to family head, this term insurance will helps financially to their family. So it is beneficial, fast settlement/ delivery, online availability, less premium high returns. Another major benefit from term plans even death caused with suicide (after one year of policy taken date) as well maturity amount will grant.

What are the different plans in term policy:

1. Term policy plans will starts from 10 Lakh , 25 Lakh, 50 lakh, 1core and more based on provider.

2.  Rider, the additional to term policy is rider, here rider means who will inability to work cause of accident policy premium waiver and monthly benefits like as salary have avail for some term(10 years or more) and health insurance based on plans.

What is the premium and assured amount (Maturity amount) with Term plans:  

1. Premium will be vary based on date of birth, if policy holder age is 24 years then premium per month is 1000 Rs/- approximately have to pay up to 60 years of policy holder.

2. Premium will pay as monthly, quarterly, half yearly and yearly basis.

3. Premium may increase for smoker/liquor.

Here are few term policy providers and plans.

Company NameTerm insurance plansPolicy term in years (for few companies it varies)Coverage in  yearsSum assured in min.Min premium per month (at age 24 years) approximately
HDFC Life 18-6585 and whole life10 lakhs200 Rs
LICTech Term Plan18-6580 years50 lakhs700 Rs.
ICICIIprotect smart term plan18-6585 years50 lakhs700 Rs.
MaxlifeOnline term plan plus18-6085 years25 lakhs350 Rs.

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