These plans are focused to cover the risk of unexpected early demise of an individual or a main Bread-winner or transferring huge liabilities to Insurance Company.
It is preferred as a short-term solution for huge risks.
If death happens during the term, then only term policy is triggered.
| Title | Description |
|---|---|
| Details | Term plan is the simplest and purest form of life insurance. It provides financial protections to your family at the most affordable rates. With term plans, you can get large amount of life cove at a relatively low premium rate. The benefit is paid out to the nominee in case of death of the person insured during the term of the policy. |
| Death Benefit | On unexpected demise of the policy holder, his/her nominee will receive death benefit from the Insurance Company. |
| Survival Benefit | There is no Maturity benefit in term plans |
Minimum & Maximum age at Entry: Varies from company to company.
Minimum & Maximum Term: Varies from company to company.
Minimum & Maximum Sum Assured: Varies from company to company.
Conditions varies from company to company.
Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines. As per Income Tax Slabs.
Tax Benefits for Corporates: As per Government & Regulatory body’s Guideline. Mostly treated as an expense.
| DEATH BENEFITS | MATURITY BENEFITS |
|---|---|
| If there happens an unexpected demise of policy holder in the policy term, nominee gets the death benefit. Benefits are tax free. | No Maturity benefits are given in term plans. |
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