Insurance plans are of the utmost importance when it comes to dealing with serious losses such as death or critical illnesses. These are the events in an individual's life, where any kind of insurance proves to be most beneficial. Insurance plans provide financial assistance and support to the family during difficult times.
With various prevailing plans in the market, insurance offers different options. One of the simplest insurance plans is the TERM PLAN.
What exactly is a Term Insurance Plan?
A term insurance plan, in general, is a low-cost insurance plan, that offers absolute protection and major financial strength to the family in case of unforeseen events occurring with the policyholder. It is availed for a specific duration, for example, a term period of 10 years, 20 years, or 30 years. During these years, it provides coverage to the policyholder under any unfortunate events that occur within those years.
Thus,term insurance is one of the most important financial tools that help your family to survive in case of any mishap that occurs with you. It helps your family to go through the household expenses, education plans, debts and other important life events. You need term insurance to secure your family's future.
Here are the top 3 reasons for you to buy a term insurance plan :
Benefits of term insurance are many. The most prominent benefit is the financial security to the family after the death of the policyholder. Apart from that, you must know the entire list of benefits before you buy a suitable term insurance plan.
Here, we are going to discuss some of the top benefits you and your family will get if you hold a Term Insurance Policy :
Other benefits :
At Cover 360 you can compare a range of term plans offered by various insurance providers and buy the most suitable plan as per your individual needs, at just a few clicks.
Term plans come in various forms to cater to different needs of the customers. Here some basic types of term plans for your understanding.
Term insurance plans are carefully designed to provide meaningful financial cover to the family in the event of the death of the policyholder. But, there are certain exclusions in term insurance that are important to understand.
On this page, you are going to read about the included and excluded cover in term insurance.
Types of Deaths Covered and Not Covered by Term Insurance :
You can always compare various insurance plans to find out the best suited and land at the lowest premium for term insurance. But, you must also know and understand various factors that affect the premium for a term plan.
Here are those:
You must buy term insurance with proper planning and considerations because it is a lifetime plan. You should know your expectations from term insurance clearly and find a suitable plan accordingly. It may sound like a difficult task to select the perfect plan, but if you consider these points and make your research according to this, you can find the most suited plan that offers maximum insurance benefits at reasonable premium amount.
Here are the things you must consider before buying a term insurance plan :
Buying a term insurance policy is a very important decision of life! It should not be taken carelessly.
With a huge number of insurance providers present in the market and many options available on term insurance, it becomes important that you must compare insurance policies available and then buy the best which suits yours and your family’s needs.
Here are some clear benefits of comparing term plans :
Term Insurance claim process is very simple. If you wish to know how to claim term insurance, you must read this.
Here are the steps you need to follow to get a term insurance claim through with the insurance provider.
While you file the term insurance claim, here are a few important things to remember :
Make sure you check the insurance provider's background and claim settlement ratios thoroughly before you buy a term plan.
There are two reasons you may need to renew your term insurance plan. First, your term plan lapsed, second; it got expired. Lapse happens when you fail to pay the premium for a month. The term plan is expired after the stipulated date on the policy. In both cases, term insurance renewal becomes important.
Your insurance company might send you a renewal notice before the policy expires but they are not obliged to do so. It is your responsibility to renew your policy on time. It should ideally be renewed within 15 days before the expiry date. However, if the policy has expired already, renewals can be made up to 15 days of a grace period from the expiry date. After that, you can only buy a new policy.
Term Insurance renewal process is simple if your policy has lapsed or expired.
Other Popular Term Insurance Companies in India in Private Sector
Term insurance plan is a complete cover against unforeseen situations in life. It is also an effective long-term investment plan. This insurance plan comes with many assured benefits. Top insurance companies are offering different types of term insurance plans in India.
Here, we are providing a list for your ready reference:
You do not have to look any further if you have reached Cover 360!
We are your one-stop-platform for everything you need to know and understand related to term insurance policies!
This is what makes Cover 360 the best and your number one partner to buy the best term insurance plan:
Apart from all the above, we can assist you with all the queries you may have related to the term insurance plan you want to buy.