A Term Insurance Plan Can Offer More Than Just Life Cover

Nowadays, there is an array of innovative Term plans making rounds in the market. Despite their sheer number and variety; however, term insurance plans are mostly a financial safety net that protects those whom you love against the uncertainties of life.

Moreover, Term plans offer a comprehensive list of benefits and features, otherwise missing from the traditional life insurance plans. These benefits are the reasons that make Term Insurance plans more than just a life cover and clear winner of the Term insurance vs Life insurance debate. Don’t believe us? Look for yourself.

Get Your Money Back While You Are Still Alive

Yes! You read it right. Buying a term plan policy with the premium return feature would make you eligible to receive the premiums that you have been paying after the policy matures. There’s a small catch here though; this feature would only kick in after you have completed the premium payment tenure of the plan and outlived the policy period successfully. These term plan variants are a good source of investment as they not only provide you with the life cover but also help you earn the time value of your money. In addition to this, you also get a tax deduction on the premium paid under Section 80C, which makes such plans an absolute triple threat.

Accidental Death Coverage and Much More

Accidental Death/Disability Rider is the add-on rider benefit that you can avail while choosing a term plan. Opting for this rider facility will help you get an accidental death cover along with a disability cover, that would help take care of your financial needs in case you become disabled after an accident. With the increase in the number of vehicles and transportation facilities, you get to read and see some cases of accidental death almost daily. Hence, getting this rider benefit is a must for everyone today.

Say Goodbye to Financial Crunches due to Critical Illnesses

Another rider option that reputable insurers including Max Life Insurance offer is the critical illness protection. Anyone can become ill, and there’s very less that we can do to prevent getting sick altogether. What we can do; however, is to make sure that we are financially prepared to tackle any unexpected medical expenses and hospital bill payments. Therefore, having a critical illness rider along with a comprehensive term plan would come a long way in helping you handle any financial liability hassle-free.

Surprise - Premium Can Be Waived!

Finding it hard to believe? Aren’t you? However, major players in the insurance sector offer to waive the premiums under their respective term plans while the cover continues. Premium waiver usually happens under certain circumstances, such as terminal illness, accidental disability/death, or diagnosis of any critical illness for the policyholder. Hence, term insurance plans are not only available at low premiums, but they also offer to waive off any remaining premium payments in case of death or other eventualities.

A Life Stage Benefit for Every Milestone

There are instances when you may feel that your policy cover isn’t enough. After all, no one can effectively predict what amount would be enough to sustain the current lifestyle throughout let’s say, 35 years into the future. Factors such as inflation have a significant part to play in rendering any future valuation moot with your requirements. What you need; therefore, is a plan that allows you to revisit your original term insurance proposition and increase the cover amount on important milestones of life such as marriage, availing home loan, or the birth of a child (on payment of additional premium). This way, you can not only have a better understanding of your financial requirements but would also be able to step up your life cover as and when required.

The insurance sector is buzzing right now with debates over the relevance of term plans and which one of the available offerings is the best term life insurance plan? Putting all confusion at rest, term plans can be best described as a low premium, pure life insurance plan that can help you tackle any eventuality head-first. It all depends on the choice of investment and the life cover amount that you make. Therefore, you need to stop being overwhelmed by life’s unpredictability or your family’s welfare. Let a term plan take care of that.