Finkompas

What is Term Life Insurance?

Term Life insurance is the purest and most cost effective form of life insurance. Such term insurance provides financial protection to the nominee in case policyholder dies during policy term. Term Insurance policies provide great life cover benefits at low rates. E. g: Premium for Rs 1 Cr Term Insurance cover could be bought for as low as Rs 499* p.m. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period of time. Premium amount varies basis the type of the premium payment method opted by the buyer.

* This is an assumed premium amount for an 18-year-old healthy male life with the monthly mode of payment and premiums paid regularly for the policy term of 18 years with an income payout option with Life Cover of ₹ 1 crore. GST tax and/or applicable cesses (if any) as per applicable rates will be charged extra.

Why do you need Term Insurance?

• Your family depends on you: The term insurance payout can be used to meet your family’s monthly expenses and other important goals such as your child’s education, wedding, etc.
• To protect your assets: You may take loans for assets like a home. However, if anything happens to you, your dear ones might have to bear the burden of unplanned loan EMIs. In such a situation, the term insurance payout can be utilized by your family for paying off outstanding loan amount.
• Risks of lifestyle ailments: Modern day lifestyle problems can lead to a host of ailments. Our term insurance plans, which besides protecting your family after death, also give you the option to choose add on critical illness protection during the lifetime. This feature pays out on the diagnosis of certain critical ailments like heart attack or cancer. This payout can provide financial support to your family during such tough times.