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As human beings, we always want to be in control of situations. But life works differently – when things turn around, they leave you perplexed and frantic. Unpredictability is certainly the name of the game, but there are some steps one can take to minimise the challenges. This is particularly applicable in the case of breadwinners, who are responsible for their families.
That’s where a term insurance policy can help. It may sometimes feel confusing to choose from a sea of insurance plans available today, but if you are looking to safeguard your family in the long run, there’s nothing better than a 20-year term insurance plan.
Once the policyholder signs up for a 20-year term policy, it is mandatory for them to pay regular premiums to avail the benefits of the plan. In this case, a death benefit is offered if the policyholder loses his life during the tenure. There is no maturity benefit that’s extended if the policyholder survives through the tenure.
If you’re planning to sign up for a 20-year term insurance policy, here are a few benefits you should be aware of:
The premium is calculated based on a range of factors, including the age of the policyholder, family size, annual income, sum assured, medical history, and if they have a history of smoking or any other major health risks. If someone has greater health risk, be prepared to pay a higher premium.
It is definitely a good idea for those individuals who are looking to safeguard their family’s financial needs in their absence for a tenure of 20 years.
No. If the policyholder survives the term, they do not receive any maturity benefit.
There are two ways to approach this. You could reach out to your insurance company and let them know your decision. Alternatively, you can choose not to pay regular premiums. After a certain grace period, your policy will be canceled.
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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/05/23/1814