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Term Insurance

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Types of Term plans

Pure Term

This option gives a lump-sum amount of Sum Assured at the time of Death of the insured person.

Whole Life

This is a pure term plan covers you all through your life. Term of this plan is equal to span of your life.

Term - Return of Premium

This option gives the premium back in case the Insured person survives the Policy Term.

Term - Lumpsum + Monthly Payout

This option gives the a lump-sum Sum Assured at the time of death if the insured person + a monthly income for specified term of years will also be paid.

Term - Lumpsum + increasing Monthly Payout

This option gives the a lump-sum Sum Assured at the time of death if the insured person + monthly income will increased every year.

Add-ons

Critical illness Rider, Waiver of Premium Rider, Accidental death Rider, Permanent disability Rider.​

Types of TermLife insurance

Pure Life Term

This option gives a lump-sum amount of Sum Assured at the time of Death of the insured person. No payout if insured survives or outlives the policy term. Pure Life Term Insurance plan is the most commonly found types of term plan made available in India. The life cover, as well as the premiums you pay annually does not change during the entire policy period. The most common terms available are 10, 15, 20 and 30 years. This is one of the most regular types of term insurance available in the market.

Whole Life

This is a term plan covers you all through your life instead of fixed term. Term of this plan is equal to span of your life. So, whenever insured passes away nominee receives a Sum assured. Premiums will not be refunded in any scenario in term insurance policies unless a genuine claim against death of the insured is made, in which case a hefty sum assured will be paid out. Whole life plans provide death benefit payout whenever insured dies instead of fixed term, insured will pay premium as long as he survives.

Term - Return of Premium

This option gives the premium back in case the Insured person survives the Policy Term. This policy has death benefit or survival benefit. TROP policies, just return the premium paid by the insured person over the tenure of the plan. The survival or maturity benefits for a TROP plan is what makes it different from a traditional term policy. Under a term plan, the insured person does not receive any survival or maturity benefits. TROP policies are bit costlier in comparison to pure or traditional term life plans.

TROP - Lumpsum + Monthly Payout

This option gives the a lump-sum Sum Assured at the time of death if the insured person + a monthly income for specified term of years will also be paid.

TROP - Lumpsum + increasing Monthly Payout

This option gives the a lump-sum Sum Assured at the time of death if the insured person + monthly income will increased every year.

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

Couples can either opt for separate term life insurance covers or joint life insurance cover as listed below:

• Nuclear Double Income Families: Families with both the spouses working and sharing the household expenses take a joint term insurance cover or separate cover. According to experts, a working couple must buy term insurance policies to cover their family and dependants. The sum assured should be 10 times their annual income./p>

• Cover for life: Securing the lives of their partners with the right policies will make their future less uncertain and more secure, come what may./p>

• Future requirements: Marriage entails various kinds of expenses at various stages of life. It is important that couples save enough to cater to their family's future financial requirements such as tuition fees, house renovation and so forth./p>

• Health concerns: Given that with increasing age, the health of most individuals, in this day and age, goes for a toes, it is advisable to opt for a critical rider benefit in term insurance plans to deal with any untoward health contingencies./p>

Separate Versus Joint Term Insurance Policies

There are several differences between separate and joint term insurance policies as listed below:

• Terms and conditions: If a couple takes separate term insurance policies, the cost and terms and conditions of the policies can be chosen by each according to his or her specific requirements.

• First death: Many joint life plans entail pay out upon the first death or first-claim basis. However, some joint plans entail payment of sum assured upon demise of each insured partner.

• Single payout: In a joint policy, if a couple dies in an accident, the nominees will receive only one death-payment. In an individual policy, however, the nominees will receive two separate payouts.

• Divorce/separation: In case a couple chooses to divorce, a joint insurance policy cannot be divided in that if one partner does not pay up (premium), the policy will cease. Experts, therefore, suggest that a couple should have separate policies, just in case.

• Affordability: A joint term insurance policy, more often than not, is cheaper than two separate life insurance policies for a couple.

• Convenience: Many couples opt for term life insurance policies owing to the ease of documentation in terms of coverage for both partners at one go.

Riders

Rider is an extension of life cover based on other type of risk ones life might be endangered with

These can be added to base cover with some addition premium payment.

Types of Riders

1. Critical illness Rider

A rider added to a life insurance policy to protect the insured against financial loss in the event of a terminal illness. A critical illness rider makes living benefits payable to the insured for medical expenses prior to death. Generally, the extra cover is equal to the sum assured on the base policy and is paid upon diagnosis of the illness. While the illnesses covered and the premiums vary among insurers, most insurers cover cancer, coronary artery bypass, heart attack, kidney/renal failure, major organ transplant and paralytic stroke

2. Waiver of Premium Rider

A waiver of premium rider is a clause in an insurance policy that waives the policyholder's obligation to pay any further premiums should he become seriously ill or disabled, so the waiver of premium allows people to benefit from an insurance policy, even when they cannot work. For an upfront charge, most insurance companies will incorporate a waiver of premium into a policy. The waiver is usually associated with life insurance policies, and requires the policyholder to be disabled for a specified amount of time, such as being incapacitated for six months, and to have a waiver of premium, some companies may also place other requirements on the policyholder, such as being healthy and below a certain age.

3. Accidental death Rider

The accidental death benefit is payment due to the beneficiary of an accidental death insurance policy, which is often a clause or rider connected to a life insurance policy. The accidental death benefit is usually an amount paid in addition to the standard benefit payable if the insured died of natural causes. Depending on the issuer of the policy, the accidental death benefit may extend up to a year after the initial accident occurred, so long as the accident led to the insured's death.

4. Permanent disability Rider

Permanent Disability Benefit Rider is aimed at providing support to you and your family in case of unforeseen situations arising out of Total and Permanent disability due to accident. Partial Disability riders are helpful in case you are partially or temporarily disabled due to accident. In that case most of the policies pay for next 5-10 yrs a certain percentage of Sum Assured. This rider provides you with income in such cases. But do note that the rider is helpful only in case the disability happens due to accidents.

Benefits of Term Plan

Low premium, High cover is offered.

Tax saving - The premium paid is also exempted from taxation up to a maximum of Rs.1.50 lakh under Section 80C of the Income Tax Act, 1961.

Right protection for family in case of your unfortunate and sudden demise

Why and When to take a Term plan

Term plan is a must buy insurance, If you have people dependent on you and your earnings, you want insurance to give them amount more or less equal to your salary or annual income, even after your death. Taking it while young and healthy is a good idea, because, the younger the age and healthy you are, lower will be the premium. Premium remains same all through the policy term (Service tax may vary). Spouse and children can be added later as Nominees or beneficiaries in the insurance contract.

How much amount of cover to take

The amount of life insurance you need depends on number of dependents on you and your earnings. Cover you are eligible is given as multiples of annual income, higher the income higher the cover you can take.

Take these into consideration while choosing Term insurance

• Amount immediately required by your family after your death.

• Amount more or less equal to annual salary should be given to dependents.

• How long would your dependents need support.

• Amount immediately required by your family after your death.

• Money that you would like to leave for your nominees spouse retirement or child’s education and marriage.