Pure term plans are not an investment option, but a means to fi nancially secure the lives of your loved ones and help them meet their lifestyle needs in the unfortunate event of death of the insured. As the years roll by, however, the insurance cover must be revised from time to time to meet the changing needs.

When it comes to term plans, fl exibility is one of its many advantages. You can opt for an online or an offline plan. Also, for many online policies, companies do not insist on health check-ups if the cover amount is less than or equal to Rs50 lakh.

The premium for a term plan is relatively lower than all other insurance plans because there is no investment element in the amount insured.

Term plans come with a host of riders which provide extra benefi ts at a nominal cost. Accidental death, permanent or partial disability, critical illnesses, waiver of premium and income benefi ts are some of the available options. There is no set rule as to who can avail a plan.

Term Insurance plan or Term Life Insurance plan is a pure risk cover and most cost-effective form of life insurance. This type of life insurance provides
financial protection to your family in your absence. This helps the family members to live a life that they have been living and also pay off loans if any.

If your main purpose is to financially protect your family like your wife, children or parents in your absence, then you could opt for a term insurance plan.
Term insurance plans give you adequate life insurance cover at a much lower cost. However, if you are looking for insurance as well as savings returns,
then you may go for traditional life insurance policies like endowment plans or ULIPs .

Term life insurance is one of the best ways to secure your family financially in case of your untimely demise. Term insurance coverage provides a fixed
amount of sum as a death benefit if you meet with life’s eventuality during the policy period. It is a good idea to invest in a term life insurance policy as
you only need to pay small annual premiums against a considerable sum. Moreover, this premium amount is subject to tax deductions, which adds the cherry on the cake. For example- When you buy an online term insurance coverage worth Rs. 1 Crore, for a 30-yearpolicy term, in the event of your untimely demise (within the policy term), your family will receive the entire 1 crore Sum Assured as a death benefit, subject to terms and conditions The term insurance coverage amount, thus, enables the insured’s loved ones to lead a decent life and achieve all their goals even in the absence of the breadwinner. The minimum entry age to purchase term insurance is 18 years, while the maximum entry age while purchasing can be up to 60 years. Term insurance acts as a backup income for your family, incase of an unfortunate death. Hence, you also need to have regular source of income to be eligible to purchase term insurance.

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a term plan insurance.

Maximum age of applicant at loan maturity: 60 years

Minimum Net Monthly Income: Rs 15,000

Applicant should have the bank specified credit score.