Term Insurance Plan – How to Choose Best Term Insurance Plan

Term Insurance Plan

If you have taken a big loan, you have liabilities, you have a family then you should definitely take term insurance. Term insurance is the cheapest life insurance in which you can take high cover by paying a low premium. So in today’s post I am going to tell you about term insurance in detail, what is term insurance, why should one take term insurance and most important how you choose and take the best term insurance plan for yourself. So let’s get started.

Also Read – Max Life Insurance Term Plan

What is Term Insurance?

Term insurance is a life cover for a specified period of time. It is pure insurance. In this only death benefit is available, no maturity benefit is available.

For example, as your age is 29 years and you have bought term insurance of Rs 1 crore for 15 years. So for this, you have to pay a premium to the company of around Rs 7,500 every year. If you die during the maturity of this policy, then your family will get this Rs 1 crore. But if the policyholder remains in good health for 15 years, he does not die, then he will not get anything in return for the premium he had paid. If the policyholder dies in the term insurance policy period, then the one who made the nominee will get the sum assured amount or will get a lump sum amount or will get a monthly payment. If you want your family to continue getting a regular income after you, then you can also opt for the monthly payment option.

Premium

If we talk about term insurance premiums then it depends on age, smoking habits and existing diseases. The lower your age, the lesser you will have to pay a premium. In this way, if you have a habit of smoking, then you will have to pay more premiums. But if you do not smoke then you will have to pay less premium.

Payment

Now let’s talk about payment, then you can choose any mode single or regular, either you can pay 1 time for any plan, or you can choose a regular mode in which you can choose yearly, half-yearly or You can pay quarterly or monthly.

Cover Amount

If we talk about the cover amount, then you can get 20 times your annual income.

Example – If your annual income is 5 lakh rupees, then you will get a cover of one crore rupees easily.

It also comes with a join term plan in which both husband and wife can be covered. It also comes with add-ons that cover critical illnesses, permanent and parcel disabilities, and accidental death add-ons.

Also Read – What is Insurance?

Why should one take term insurance?

There are many reasons to take term insurance. such as –

• This policy covers all your loans and liabilities. If the policyholder dies, the loans and liabilities owed to him can be paid off from this cover. And there will be no burden on the family, but they will get financial help.

• Term insurance can also cover critical illnesses, permanent and parcel disabilities and accidental death. This is the most affordable form of life insurance in which a low premium has to be paid and a high cover is available. And it also gets text benefits under section 80c.

So term insurance plays an important role in paying off the loans and liabilities of the policyholder after his death and in providing financial protection to his family. That’s why you should definitely take term insurance.

How to choose a good term insurance plan and what are its benefits?

So the best platform to choose a good term life insurance plan is policy bazaar. So the benefits you get for taking term insurance from the policy market are –

• The first advantage is that you get cheap plans up to 5.5% on the policy market. If you take a term life insurance plan offline, then you will get it cheaper in online policy market. It has the guarantee of the lowest price i.e. cheaper than it anywhere.

• The second advantage is that in the policy market, all the same companies will go to the same place, which makes it very easy to compare them and choose the best plan.

• The third advantage is that if you take a term insurance plan from the policy market, then you do not need to go to the company to claim, rather you can claim from the policy market itself. policy bazaar has a dedicated claim assistance program which is absolutely free. In this, you will get claim support, free document pickup, free counseling and claim assistance card. In this, you will also get a claim helpline. So you will get this benefit only when you take a term insurance plan from the policy market.

How to get Term Insurance Plan from policy market?

To take a term insurance plan from policy bazaar, you have to visit the website of policy bazaar. In this you have to fill a form in which you have to enter your gender, date of birth, full name and your mobile number and click on View Free Quotes.

After that many plans will come in front of you. Here you will get to see the list of many companies that will be offering term insurance plans. Here you will get all the details along with the names of all the companies. So here you can buy any company’s plan you like from here.

Hope you must have liked this information (Term Insurance Plan) Don’t have to face it.

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