Term insurance covers the risk of an untimely death of the insured during the policy term. A term plan offers a life cover to the insured at the lowest premium.
Why is Term Insurance Plan Necessary?
Life is too unpredictable and uncertainties can rip you off emotionally, financially and physically too. This is because no one has control over one’s death, neither, can anyone predict it. Death of the breadwinner of the family can cause disastrous turbulence in the family member’s life.
To find solutions for these problems, term insurance plays a vital role in your life. Moreover, term plans are an excellent way to build a financial safety net and are the simplest and most affordable type of term life insurance. It will help your family to settle your loans and pay-off certain requirements in your absence. The death benefits are paid to the beneficiary or the nominee only upon the insured’s death. Therefore, in simple words, the death benefits are zero if the insured dies after the policy is expired.
Benefits of Term Insurance Plan
- Get lumpsum amount in the event sudden death
- See off all your loans and liabilities
- Provide money so that your family continues to live with pride
- Term Insurance also takes care of family in case of your disability or critical illness:
- Provides supplementary income in case of loss of income due to accidental disability or illness
- Get lumpsum amount if diagnosed with critical illness
- Additional sum insured in case of accidental death