When it comes to life insurance policies, you have a number of options at your disposal. From unit-linked plans to endowment and money back, there is a long list of options to choose from. Term insurance plans also referred to as protection plans. Such policies usually have a time period assigned to them, also known as the “ policy term” of the plan. In case the life assured dies during this policy term, the nominees listed under the insurance policy receives the sum assured of the policy.
The sum assured of the policy is the coverage the policyholder agrees to at the time of purchasing the policy. It should be noted that term policies do not have a maturity value. This means that in case the plan completes its term and the life assured is still alive, no benefit will be paid to the nominee Due to the same, term plans are usually the affordable life insurance policies available to customers. Since term policies are usually the most economical way to ensure that you secure the future of you and your family, they are also popular in India.
In order to cater to the varying demands of consumers, insurance companies offer a variety of term insurance plans that customers can choose from. So before jumping into signing a policy document, it is important you understand the varying forms of term insurance plans you can choose from.
If you know the kind of policy you would like to go for, you can simply opt to buy the same online and eliminate any hassle or time-consuming documentation process. Opt to buy a term insurance plan immediately to secure your family’s financial future and your peace of mind.
Often consumers misunderstand the benefits of a term insurance policy as most of them do not offer a maturity or other benefits at the end of the policy term. The reason term plans have become so popular again is that consumers have begun to recognize their ability to provide a financial security net at an affordable rate of premium, which is beneficial for them and their family. There are many benefits of opting for a term insurance policy. These include :
Flexible coverage options : You can opt to get a lump sum payout on your death or can choose the income protection option, whereby, your nominee gets monthly income on your death till the time you would have turned 60 (or for 10 years, whichever is higher).
Longer protection : You can get life cover up to the age of 75 years.
Higher sum assured discount : You can get a discount on the rate of premium that you pay in case you opt for a higher sum assured.
Free look period : In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 15 days (30 days if you have purchased this policy through distance marketing mode) of its receipt for cancellation, stating your objections. Company will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.
30 day grace period : If you miss your premium payment under the annual payment plan, you get a grace period of 30 days where you will continue to be insured and entitled to receive death benefits. The grace period is 15 days for monthly premium payment.
Eligibility criteria : For basic life cover plan you must be between 18-55 years of age and for the income protection plan you must be 25-55 years of age at the time of applying for the plan.
Minimum maturity age : 28 years for basic life cover plan and 45 years for the income protection plan.
Answer : The amount of life cover you can opt for will be influenced by a range of factors including your monthly income, your family’s lifestyle, members in your household amongst others. Usually, it is advisable to have about 20-25 times of your annual income to sustain your family and help them achieve major financial and life goals.
Answer : With the Future Generali Flexi Online Term insurance plan you can add the Future Generali Accidental Benefit Rider. Adding this rider will ensure that if during the term of the policy, the insured passes away in an accident the nominee will receive an additional sum assured. Alternatively, for the Flexi Online Plan, you can also opt for Accidental Death and Accidental Total & Permanent Disability Protection whereby you will have coverage against accidental death or total and permanent disability.
