In this article we have covered comprehensive details about term insurance plan, term life insurance, term insurance policies, and the best term insurance plans.
What is Term Life Insurance?
Table of Contents
Term insurance is a life insurance policy that provides full financial coverage to the people for a fixed period of time. In case of death of the insured during the term of the policy, death benefit is provided to the beneficiary by the company.
Who Should Buy a Term Insurance Policy?
Financially dependent people should buy a term insurance policy. These include parents, businessmen and self-employed, professionals, SIP investors.
Therefore, individuals who enjoy any of the three notable benefits associated with term insurance should consider purchasing such a policy.
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Parents: Parents are usually the only source of financial support for their children. This policy will provide a single amount of money to cover the expenses of their children, in the event of a parental accident.
Self-Employed: Normally, self-employed persons face many challenges. A term life insurance policy helps your family member financially secure, even in your death.
Working women: Today’s women are on equal footing with men, be it financial management or providing for their families. Today, a family is as dependent on women as it is on men. The term insurance cover helps to take care of outstanding liabilities like home loans, auto loans, education loans, and many more.
Retired: Retirees must have term insurance if they have a dependent spouse or family. Buying term life insurance can also be a way to leave a legacy for their family. This is because, in case of an accident with the insured, the nominees are provided with term insurance.
Terms Related To Term Insurance
Claim Settlement Ratio
Claim Settlement Ratio (CSR) is the ratio of the total number of claims raised in one year to the number of claims settled by the insurer in one year.
Term Insurance Premium
Premium can be done in monthly, half-yearly and annual installments. Premiums increase with age.
Death benefits
It is the equivalent of an insurance policy and is paid to the nominee in case of an unfortunate event.
Add-on facility (rider)
To increase your plan coverage, you can add benefits to your plan, such as a critically ill rider, an accidental death rider, or a permanent disability rider. Riders come at a nominal cost rather than a premium
Features of Term Insurance
- The minimum age for a term insurance plan is 18 years.
- Term insurance can be purchased online in a minimum of steps. You can do document submission, premium payment, and all other customer questions can be submitted online from your home to get the Term Insurance.
- The Term Insurance Plan offers a long policy term of up to 40 years which allows you to protect your family members for a longer period of time
- Term insurance plans offer flexible premium payment options such as monthly, quarterly, or yearly payments
- Term insurance plan is used for your family’s financial security and help to protects them from debt obligations.
Benefits of Term Insurances
Amount of high life insurance at an affordable premium
Term insurance plans offer a huge amount of life insurance cover at an affordable premium. This cover can compensate for lost earnings for several years.
Cover against serious illness
For a small extra premium, Critical Illness Cover pays a single fee when a serious illness such as heart attack, cancer, kidney failure, or any other serious illness is diagnosed first.
Disability Support
Company pays your future premiums in case of permanent disability. As a result, your life insurance cover continues even if you cannot pay the premium.
Additional financial security
To increase the safety of your family, a term policy provides extra pay (up to 2 million) in the event of accidental death. For example, if your life cover is `1 crore, a term insurance plan with accidental death cover pays your family.
Additional financial security:
To increase the safety of your family, a term policy provides extra pay in the event of accidental death.
For example, if your life cover is Rs. 1 crore, then a term insurance plan with accidental death cover pays your family.
Death benefits
In the unfortunate event of death during the term of the policy, your family gets death benefits from term insurance. Your nominee may choose to receive a regular income with a one-time benefit in your absence.
Survival benefits
If you survive the term, standard term insurance does not offer any benefits. The term plan refunds a sum that is at least equal to the total premium paid. You get these guaranteed benefits at the end of the term.
Types of term Plans
There are 4 types of Term Plan provided by ICICI Pru iProtect.
Basic Term Plan
The Basic Term Plan comes with a life cover which is paid in a single amount in case of any mishap with the policyholder during the term of the policy.
Term Insurance with Accidental Death Cover
A term plan that provides extra cover in the event of an accident due to an accident.
Term Insurance with Critical Illness cover
In addition to the life cover, this term plan brings a critical illness cover that is provided to policyholders if diagnosed with 34 specific serious illnesses such as cancer, heart attack and other.
Term Insurance with Limited Pay
A term plan that allows you to complete all your premium payments within a few years for the last for the entire policy term.
Term Insurance Cover
KIndly Use, Human Life Value of HLV to calculate what Term Insurance covers.
Buy Term Plan online
Here are the 3 online steps to buy Term Plan Online.
- First, Calculate your Term Insurance Premium at icicprulife.com
- Then fill up your application form with personal details.
- At last, Review the application form and Make Payment.
Why you need a Term Plan?
- Insurance can be used for your family’s monthly expenses and your child’s education.
- You can also take loans for assets like houses or cars. n this case, the term your family will pay for the insurance can be used to pay the arrears.
- Modern-day lifestyle problems can lead to many illnesses. This feature pays for the diagnosis of certain complex diseases such as cancer or heart attack.
Why Choose ICICI Prulife?
Here are the 5 reason of why you can choose ICICI Prulife.
| 1 | It gives you a longer cover with your Budget. |
| 2 | It gives you the option to cover a total of 34 critical illnesses. |
| 3 | It provides you protection against other claims. |
| 4 | It provides you the option of a lumpsum or periodic payouts. |
| 5 | It gives you an accelerated payout in case of a terminal illness. |
Term Policy Period
Normally, People Buy The Term Policy Period for 60 Years. But, the Policyholder can choose life cover up to the age of 99.
Term Insurance: Buy Online
If you want to buy Term Insurance. ICICI Prulife provide offer on Term Insurance.
Check more details for term Insurance visit the Offical Webisite .
Reference (Content Source): ICICI Pru iProtect Smart Term Plan
PDF Download : Brochure ICICI Pru iProtect Smart Term Plan
ICICI Pru iProtect Smart Term Plan – Customer Contact Number
Contact Number : 180030069777
Term Insurance: Accidental death benefit up to 2 crore (optional) .