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Term Life Insurance: Coverage For A Particular Period

By kamleshjat : A how to tutorial about Life Insurance India, Life Protection Plans, Insurance with step by step guide from kamleshjat.

Term life insurance offers coverage to the life of an individual for a particular period of time. The risk cover is known as Sum Assured, which is paid to beneficiary (ies) after the demise of the policyholder. A person can cover his/her life for a particular time period by paying stipulated amount on monthly or annually basis. The risk cover lasts policy term, which can be up to 30 years. If the policyholder survives this period, no amount will be paid.

As term insurance offers coverage for a particular time period, it is less expensive as compared to other insurance policies.

Why should we buy term insurance?

Term insurance has following advantages:

Security to family: Term insurance becomes imperative when you are the sole bread-winner for family. If a policyholder will die within the policy term, death benefit will be paid to your family, so that they can lead a financially-stable life.
Protection against liabilities: There can be several outstanding liabilities, which adversely affect your familys financial condition, after your death.Term Life Insurance India takes care of your all financial worries.

Helpful to nuclear families: In your absence, situations could turn uncontrollable for your small and sweet family. In such a time, term life insurance will help in dealing with monetary repercussions.

Tips to consider before buying term insurance policy

For smokers, it is important to look for the smoking clause in your term insurance policy. Generally, companies charge more for smokers; therefore, here you need to compare plans and select the one that charges minimum additional amount to regular premium.

It is always advisable to have a plan with annual premium payout option. This way, you can avoid monthly charges levied on your policy. Always compare term plans of different insurance companies before choosing a particular policy.

It is necessary to ascertain your requirements before buying a policy. It is necessary because too much coverage can converts to overpaying for insurance and less coverage means that you will remain under-insured.

Always, determine your health condition accurately as little concerns like that of high blood pressure, regular fever, cholesterol, diabetes, etc. can mean increase in premium charges.

Tax Benefits for Term Life Insurance

Under Section 80C, tax benefits can be availed for term life policy. Death claim is completely exempted from tax under Section 10(10D).
Few popular term life insurance policies

SBI Life-Saral Shield
HDFC Term Assurance Plan
BSLI Term InsurancePlan
e-Preferred Term
Smart Life
iTerm Plan
iProtect

Original article published on PubArticles.com

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