Term Insurance

Term Plan Insurance Service By Dhanalakshmi Securities

Term insurance plans are one of the most affordable ways to keep your family’s life goals on track in case you are not around to provide for them, or life takes an untoward turn.


What Is A Term Plan Insurance

Term insurance is one of the types of life insurance policy in India that you can buy for a specific period of 10, 20, 30 or more years, hence the name.

This is one of the most affordable type of life insurance. While some other types of life insurance policy offer maturity benefits, term insurance does not. It is one reason why term insurance, being the best insurance policy in India, is comparatively cheaper than other types of life insurance schemes. Term insurance is pure life cover, unlike other types of life insurance policies which have a saving component. You can also opt for a significant life cover at a lower premium as compared to other types of life insurance policy which are costlier but have built-in saving components.

What does Term Plan Insurance cover?
  • Death due to medical condition/natural death
  • Accident related death

Benefits Of Term Plan Insurance

Low cost of premium : The best feature about a term insurance plan is that you can get a large cover at an affordable premium. Plus, the earlier you buy, the lesser the premium you pay.

Complete life cover : May term plans come with an option of coverage till the age of 100 years. This is known as a whole life term insurance plan.

Financial protection : Your family will receive the sum assured from the insurer in the form of a regular payout or as a lump sum in case of your death. The payout will take care of your family’s needs.

Tax benefit : Premiums paid towards a term insurance plan and the money received on death are eligible for tax exemption under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Rider options : You can get multiple rider options for your existing term insurance plan such as Terminal Illness Cover, Critical Illness Cover, Accidental Death Benefit, Waiver of Premium, Daily Hospital Cash, Personal Accident Cover, Partial/Permanent Disability Cover, and many more. Riders come at the cost of an additional premium.

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Term Plan Importance

The risk to your life makes your family vulnerable. Being an earning member, any unforeseen incident can disrupt the financial stability of your family. A term insurance plan ensures that your family does not have to compromise with their lifestyle in your absence. The payout from a term plan can be used to meet the monthly expenses of the household. The sum assured can also be utilized to fulfil the crucial life goals of your children like schooling and higher education.


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