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Features of Term Insurance Plan - You Need to Know Before Buying

May 24, 2019 1531
 

Term insurance is a life insurance plan one can take to secure the family's future in case of death. You can choose your nominee who gets the death benefit of a certain pre-decided amount by you after your demise. You can either choose a lump sum payment or a monthly payment for your nominee. The nominee can be anyone from your family. Term insurance provides coverage to your beneficiary for a defined period of time.

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It is important to have a good term insurance policy so that your family can have the maximum benefits. Some important features of a good plan include:

  • Policy term:

    The term of the policy can be anywhere between five years to 25 years. Experts suggest taking a term policy of a longer tenure because the premium amount gets locked and then you only have to pay the same amount of premium over the years.
  • Type of plan:

    You can decide to opt for a plan on single life basis or joint life basis. Single life basis plan will provide cover only for the insured party, and in joint life plan, you and your spouse both can get covered through a single term plan. This means the plan pays on the death of either of the people insured.
  • Entry age:

    The minimum age to buy a term insurance plan is 18 and the maximum is 65. The premium is less when you start early so it is advised to take a policy early in life and for a longer period, so that you get the maximum cover.
  • Age of maturity:

    The best insurance plans to take are the ones covering for the entire lifetime of the insured. A good plan will give you cover up to 65-70 years of age. Term plan with higher maturity age will also have a higher premium amount.
  • Survival benefits:

    A standard term insurance plan doesn't have any survival benefits but companies are changing the terms in these policies. Few policies have a Term Return of Premium, where they return they premium amount when the person insured survives the term period of the policy. This is a good option for people who are looking at insurance and savings both.
  • Additional rider benefits:

    There are policies that offer additional rider benefits like accidental death cover, critical illness plan, etc. These features are available at an extra premium. The best policy is the one that will offer you these options at a lower premium than what you would get if you take these covers separately.

HDFC Life offers you the best of term insurance and savings policies. For more information, visit https://www.hdfclife.com/term-insurance-plans

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Features of Term Insurance Plan - You Need to Know Before Buying

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