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Why should You buy a Term Plan?

Author :  R.K.Suman

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. COVERAGE AGAINST BIGGEST RISK Most financial advisors recommend term insurance to cover your family against the biggest risk: death. BUY SOONER, LOCK PREMIUM Younger people are charged less. So, pay the same amount in annual premium throughout the policy term. Single Premium Policy - Higher of : 125% of Single Premium Sum Assured Regular Premium Policy - Higher of : 10 times the annualized premium 105% of all the premiums paid as on date of death Sum Assured Life Option: The death benefit specified above is paid as lump sum on death. Income Option: 10% of the Death Benefit paid as a lump sum upon death remaining 90% of the Death Benefit shall be paid as monthly income over next 10-15 years Income Plus Option: 100% of the Death Benefit specified above shall be paid as a lump sum upon death In addition, a monthly income equal to 0.5% of the Sum Assured shall be payable for a period of 10 years. The monthly income can be level or increasing at 10% p.a. as chosen by the policyholder. (Term life insurance, Term Plan, term life insurance quote) Tax Benefit Save Tax under sections 80C and 10(10D) of the Income Tax Act 1961 as per prevailing tax laws.

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