What is Term Life Insurance?

Some people will know about turn life insurance but there will be some people who are not aware of it, so today in this article we will give you complete information about it.

Term life insurance is a life cover for a specified period of time. It is an original protection life insurance plan, in which only death benefit is available, no maturity benefit is available.

Example– Suppose you are 29 years old and you have bought term life insurance of Rs 1 crore for 15 years, then for this you will have to pay a premium to the company about 7 thousand 500 rupees every year. If there is a death during the maturity of this policy, then your family will get this 1 crore rupee. But if the policyholder remains correct for 15 years, he does not die, then he will not get anything in return for the premium he had paid. If the death of the policyholder happens during the term insurance policy, then the person who was made the nominee will get the sum assured amount or monthly payment.

If you want your family to get a regular income, then you can also choose the option of the up monthly payment. Term insurance premium depends on age, smoking habit, and existing diseases, the lower your age, the less premium you will have to pay. If you have a habit of smoking then you will have to pay more premium but if you do not smoke then you will have to pay less premium. You can choose either a single or regular mode of payment. If we talk about the cover amount, then you can get twenty times your annual income. 

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Example– If your annual income is Rs 5 lakh then you will easily get a cover of Rs 1 crore.

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There is also a joint plan in which both husband and wife can be covered, it also comes with addons in which critical diseases, permanent and partial disability, accidental death come.

Why should you take Term Life Insurance?

These policies cover all your loans, and abilities, if the policyholder dies, then whatever losses and liabilities are on him can be covered by this and the family will also get help from this. Critical illnesses, permanent and partial disability, and accidental death can also be covered in term insurance. This is the cheapest form of life insurance, in which you have to pay a low premium and get high cover and also get tax benefit under section 80, then term insurance policyholder to pay off his loans and liabilities after the death of the policyholder and his family. It helps a lot in providing financial protection, that’s why you should go for term insurance.

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How to choose a good term life insurance plan?

The best platform to choose a good term life insurance is the policy market. You get 5.5% cheap plans on the policy market and if you take a term life insurance plan offline, then it is cheaper than that in the online policy market. Will get, which has the guarantee of the lowest plan. In the policy market, you will find many companies in one place, which makes it easy to choose the best plan.

If you take a term insurance plan from the policy market, then you do not need to go to the company to claim, you can claim from the policy market itself. Policy Bazaar is a dedicated claim assistance program that is free of cost, in which you will get claim support, free document pickup, free counseling, and a claim assistance card, and you will also get a claim helpline. But you will get these benefits only when you take a term insurance plan from the policy market.

To take term life insurance, you have to go to the term life website, there you have to fill in gender, full name, death of birth, and your mobile number and click on View Free Quotes and many plans will open in front of you, and there But you will also get information about the plans. How much premium will you have to pay every month if you take a plan from which company, apart from this, if you want to pay the premium annually, then you can also choose a plan with pay yearly? If you want to compare plans, then you can compare plans by clicking on Compare Plans and from here you can choose the best plan for you.

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