4 Things To Expect From Your Term Insurance Plan

Term Insurance Plan

A term insurance plan can be a suitable option for your financial needs. It is the purest form of life insurance that provides you and your family with the financial stability of knowing it will cover the final expenses in case of your death. You can expect more from your term insurance.

No matter what your financial goals are, term insurance can help you achieve them. From buying a home to saving for your child’s education, there’s a term life insurance plan that can fit your needs and budget. Term insurance is affordable and simple — no medical exams, no health questions asked!

Easily fits in your Monthly Budget

Term insurance is available as a single plan or a combo plan (or family floater) where the same amount of cover can be extended to two or more lives. In both these scenarios, it involves unbelievably affordable premium rates. If you are 30 years of age, a smoker and need to buy a term cover worth Rs 1 crore, the premium you have to pay may even cost you as low as Rs 834 a month. That is perhaps cheaper than the monthly DTH bill.

Adequate Financial Support for Your Family

A term insurance plan provides you and your family assistance in an event of an untimely death. It offers you adequate financial support throughout your policy period. The premiums are nominal and the cover amount can be customized as per your requirements. Moreover, you can take a term plan for 10, 20, or even 30 years with flexible renewal options. Additional covers like Accidental Death and Disability (AD&D) and Critical Illness (CI) may also be added to enhance your policy with life protection benefits.

These additional benefits help your family sail through even when you are hit with a hazardous life-threatening disease like a heart attack or cancer. The biggest challenge during disabilities and critical diseases is that your income may stop while the expenses pile up.

Zero Stress for Family’s Income after Death

With a regular income from a life insurance plan, you can secure your family’s future through retirement. If you pass away with a Paybima plan, your nominee would receive a monthly payout for the rest of her life. This is what we call the Regular Income Advantage. Managing a lump sum usually becomes difficult. By converting that to a regular income, your family can sleep easily.

The right term insurance plan can help you plan your family’s future in your absence. It makes life easy for your family by first, making timely claim settlements and by offering you options to convert a part of the total sum assured to regular income for the nominee, disbursed as a monthly amount. You must look for the claim settlement ratio, which is usually a percentage like it is 98.12%

Zero Payment after Retirement

Zero Payment After Retirement Policy is the best solution for those who want to have a long coverage tenure beyond retirement. A person with this policy gets full life cover even after retirement and as such can take easy decisions on other financial needs without worrying about his/her family’s life protection. This policy helps in increasing your loved ones’ standard of living in case of your demise. Contact Mahindra insurance toll-free number to resolve any query related term plan.