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Term insurance is one of the simplest and most sought-after life insurance policies. It is a life insurance policy that provides financial safety to your beneficiary if you as the insured expire during the active term of the policy. An assured amount is paid to your beneficiary in this case. You can also choose between payout options like a lump sum, lump sum plus annuity, or annuity.
Most people depend on the life cover provided by their employer. It isn’t adequate, both in terms of the cover and duration. The cover amount is minimal and ends when you move on to another company. What you need is the best term plan whose benefits last for a lifetime and beyond.
A comprehensive term insurance plan goes a long way in ensuring financial protection for your family. IDFC FIRST Bank brings you some of the best term insurance plans from three of the leading life insurance companies in the Industry – ICICI Prudential, HDFC Life, and Bajaj Allianz.Read More
You can access our Protection Planning Tool (use the right name) to help you select the right amount of life cover you will need. Read Less
DID YOU KNOW
A term insurance policy is a must for every person, and one cannot articulate its importance completely. Term insurance plans are the only life insurance products that are specifically designed to solve the sole purpose of protection.
Let’s look at the salient features of the term insurance Plan.
Note: Tax benefits are subject to changes in tax laws. Please consult your tax advisor for details.
Listed below are some of the major factors that affect term insurance premium:
To select the best term insurance plan, a purchaser should look into the following factors:
Any individual with financial dependents should consider purchasing an online term insurance policy. This includes young professionals, parents, married couples and people who want to gain tax benefit as term insurance plan provides tax benefit under section 80C of Income Tax Act 1961.
Riders are the add-on coverages which can be purchased by the policyholder along with the basic term plan in order to enhance the coverage of the policy. The rider benefit can be availed by paying an extra premium to the insurer along with the basic premium of the term policy. Some of the riders offered with term plan are:
There are various factors which determine how much term insurance coverage one should take. For the convenience of the insurance buyers, here we have discussed some of the factors.