Indian Money Review - how to buy the right term insurance plan



What is term insurance Plan?
In simple words a term insurance plan is a form of life cover that provides coverage against a specific set of risks for a defined period of time. The term insurance plan aims to provide coverage to secure family needs of the policy holder in case of a sudden demise. In this type of policy, there is no saving component like an endowment policy. An individual can opt for a term insurance policy as the premiums are very affordable compared to other life insurance policies.
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Types of term insurance plans:
A term insurance policy is a traditional form of life cover that can be availed for a fixed term. Almost all major insurers offer term plans at affordable rates. A number of insurers offer policyholders a choice when it comes to the type of plan they wish to avail. Policyholders can choose between single or joint life plans, depending on their need.
Regular term insurance plans: this is a term insurance plan where the insured gets coverage against various risks in return for a premium. The premium that needs to be paid is pre-decided by the insurance company and the policy holder. This is the most basic form of life cover that comes with lower premiums and higher returns. These plans do not offer any benefit after maturity.
Group term insurance plans: Group insurance policies are life cover that is made to suit the needs of an organization, companies, society or an association. The group insurance plans offer similar benefits as individual term insurance plans; the difference is that it covers a group of individuals in an organization rather than a single person.
Term return of premium plans (TROP): This a term insurance policy that refunds the money paid for the cover, in case the policy holder survives the term of the policy. This type of policy also allows the policy holder to add riders to existing plans to increase coverage.
Joint term plans: joint term plans are the policies where the policy covers more than a single person. These schemes can be availed by individuals for the inclusion of spouse under a single policy. This scheme offers financial protection to families with dependent children and helps maintain financial stability in case of demise of any one or both the insured members.
Convertible term insurance plans: as the name suggests, a convertible term plan provides an option to the policy holder to convert the term plan into endowment or a whole life assurance plan. This is savings with insurance. Consequently, convertible term policies are more expensive than other term plans and have higher premiums.
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