Term Insurance is a type of life insurance that provides coverage for a specified period, known as the term. In the event of the policyholder's demise during the term, the insurance company pays out a death benefit to the beneficiaries.
Types:
- Level Term Insurance: Offers a fixed sum assured throughout the policy term, providing stable coverage.
- Decreasing Term Insurance: Sum assured decreases gradually over the policy term, typically suited for covering outstanding loans and mortgages.
- Increasing Term Insurance: Sum assured increases over time to keep pace with inflation and changing financial needs.
Features:
- Affordable Premiums: Term Insurance plans offer high coverage at comparatively lower premiums, making it accessible for individuals from all income groups.
- Flexible Policy Terms: Choose from a range of policy terms based on your financial goals and requirements, with options ranging from 5 to 40 years.
- Tax Benefits: Enjoy tax deductions on premiums paid under Section 80C of the Income Tax Act, providing additional savings.
- Additional Riders: Customize your policy with optional riders such as accidental death benefit, critical illness cover, and waiver of premium rider for enhanced protection.
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