Title: Term Insurance
1Term Insurance
2What is Term Insurance?
- Term insurance is life insurance that pays out in
case of the death of the insured person, during
the term of the insurance policy. - This type of insurance is cost-effective with
highly affordable premiums. - These premiums can be paid as Single Premium or
Regular premiums, as per the policy you have
selected. - In term insurance, a fixed premium has to be paid
at regular intervals. - In return, the insurance company provides a
specific amount as insurance cover.
3Why do you need Term Insurance?
- Your family depends on you The term insurance
money can be used to meet your familys monthly
expenses and important goals like your childs
education. - Your assets need protection You may take loans
for assets like a house or a car. However, if
something happens to you, your loved ones might
be burdened with loan repayments. In such a
situation, the term insurance payout which your
family will receive can be utilized in paying off
outstanding loans. - Lifestyle risks Modern day lifestyle problems
can lead to a host of ailments. Some term
insurance dont just protect your family after
death but also during your lifetime by offering
critical illness protection.
4Benefits of a Term Insurance Plan
- High Life Insurance Amount at affordable
premiums Term insurance plans provide high life
insurance cover. The cover compensates for
several years of lost earnings and hence can be
extremely high compared to the annual premium. - Support In Case Of Disability In new-age Term
plans such as ICICI Pru iProtect Smart, the
insurance company pays your future premiums in
case of total and permanent disability. As a
result, your life insurance cover continues even
if you are unable to pay premiums.