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If there’s one thing we know about life, it is that things can take a turn any moment. That doesn’t mean we can sit with our hands folded and wait for an emergency to crush us. Instead, it is critical to find solutions that don’t just safeguard our finances, but also protect our families in case of unforeseen circumstances. That’s where a term life insurance policy steps in.
Even if the family loses its breadwinner, a term life insurance policy ensures they do not have to compromise on their lifestyle. Many people are increasingly opting for a 10-year term insurance that offers cover for a period of 10 years on the payment of regular premium. In this case, you do not have to commit to a long-term insurance policy for 20-30 years, and at the same time, you receive substantial benefits.
The process works exactly the same as other term insurance policies. The policyholder must pay regular premiums. In this case, since the duration is 10 years, the premiums must be paid after certain intervals to ensure coverage for a period of 10 years. What if the policyholder loses his life during this tenure? His/her family will be offered a death benefit to cover them in their absence.
A 10-year term insurance policy works well for those who want to safeguard their family in their absence. It is also advantageous for those who foresee certain huge expenses like their child’s education or marriage after 10 years.
Now that we know who it can cater to, let’s discuss the benefits of a 10-year term insurance plan:
The premium is calculated based on several factors, including the age of the policyholder, annual income, sum assured, medical history, and if they have a history of smoking. If someone has greater health risk, the premium may be higher accounting for potential consequences in the long run.
Anyone who falls under the bracket of 18-65 years can go for this policy.
No. The benefits are applicable only until the tenure of the policy.
Every insurance provider has a different set of rules. While most offer a grace period, the benefits will lapse if you fail to pay the premium within that time.
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##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2021-22.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
ARN - ED/05/23/1812