What is current trend in term insurance?
If you are seeking a simple and uncomplicated protection plan for your loved ones, a term insurance plan can be an ideal option.
Unlike traditional life insurance plans, a term insurance plan works differently. A traditional life insurance plan offers the complete death benefit i.e. the sum assured to the nominee(s) of the policy holder in the event of the policy holder's demise during the plan term. In addition to this, if the policy holder survives the policy term, she/he is entitled to receive maturity proceeds in the form of policy maturity benefits. However, a standard term insurance plan offers financial coverage only as sum assured to the nominee(s) of the policy holder in the event of her/his death during the policy term. There are no maturity benefits to which the policy holder is entitled. Although some insurers do have the clause of some benefits upon maturity of the plan term, yet such clauses also indicate a direct impact on the payable premiums.
In the current scenario of Indian markets, owing to the increased financial knowledge and its dissemination among the various segments of the society, many people have started opting for a multi-faceted investment portfolio. This means that instead of having a lop-sided value of funds tied in a certain type of investment, the bulk of funds are distributed and therefore, the balanced utilization of various schemes is done. What this essentially means is that term insurance forms an important part of the insurance portfolio of people these days. In addition to this, there is one more important factor to be considered. Term-insurance plans, especially the ones that come with additional riders are very famous among potential customers these days. This is because in return for a certain amount of additional premium, these riders offer coverage scopes for critical illnesses, accidental disabilities, hospitalization etc. Therefore, in proportion to the payable premium amount, one can now avail of significant coverage benefits in shape of additional riders, as an extra feature of the traditional benefits that come with a standard term insurance plan.
HDFC Life offers various term insurance plans that are directed towards safeguarding your financial future and protecting the future of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.
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