What is Term Insurance?

Term insurance is a safety net for your dependents in case of unfortunate and untimely death. This insurance is recommended especially for those who are sole breadwinner of their family. It is the cheapest way to cover yourself which enables you to support a worry-free financial future for your family.

How Term Insurance Works?

When you buy a term insurance policy, the insurance company determines the premiums based on your age, gender, sum assured and health conditions. The insurance company may also inquire about your current medications, smoking status, occupation, hobbies, and family history. If there is an unfortunate death of the life assured during the policy term, the insurer will pay the policy’s face value to your beneficiaries. The benefit pay-outs may be used by beneficiaries to settle pending debts and have a stable living in your absence. However, if the policy expires before life assured’s death, there is no pay out given to anyone. But today there are plans available in the market which helps you get back your premiums on maturity.

Benefits of purchasing Term Insurance:

• To replace lost income and pay living expenses
• Cater to your family's lifestyle requirements
• Ensures financial protection against liabilities
• Tax savings
• Financial security for Kids in your absence

Additional Covers

Term Insurance offers customers to add additional riders to their base life policies. The benefits can be added at an additional nominal cost. Below are few additional coverages offered:

• Accidental Death Benefit rider
• Critical Illness rider
• Return of Premium rider
• Waiver of Premium rider