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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