Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. With term insurance, you can get a large amount of life cover^ (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of the death of the person insured during the term of the policy.
Why do you need Term Insurance?
- Financial security for your family:
If you are the primary earner, buying a term plan would take care of the monthly financial needs of your family in your absence. - Secure your Assets:
You might have taken a loan like an education loan, home loan, personal loan, or a vehicle loan. The repayment of these loans can financially weigh down your family in your absence. The proceeds from your term insurance plan pay off your loans and ensure that the financial burden does not fall upon your family. - Risks related to lifestyle:
The probability of developing a lifestyle disease increases with age#. Some term insurance plans offer critical illness protection which not only protects your family in case of uncertain eventualities but also during your lifetime. Critical illness2 benefit provides you financial security against various life-threatening health conditions such as cancer & heart attack.