Term insurance is a type of protection plan for your family. It provides coverage for a specific period of time or years. This type of life insurance provides financial protection to your family in case of your unfortunate demise. Term Insurance policies provide high life cover at lower premiums. The premium amount shall vary on the basis of the premium payment frequency and term opted by the policy holder.
Why a term plan is essential?
- It will protect your family when you are not around.
- It will provide financial stability and assistance for your family needs.
- The payout will help your family live a comfortable life.
- Your family can clear all your existing debts.
- A term plan provides high cover at the cost of affordable premium.
Features Of Term Policy
- Policy terms are available upto 100 years of age.
- Coverage available ranges from Rs. 5 lacs to Rs 5 crores.
- Tax Benefit on the basis premium is available under Sec 80 C.