About Life & Term Insurance
Life insurance and term insurance are two popular types of insurance policies in India that provide financial protection to individuals and their families in the event of unforeseen circumstances such as death, disability, or critical illness.
Life insurance in India is a type of insurance policy that provides coverage for a specified sum assured to the nominee or beneficiary of the policy in the event of the death of the policyholder. The premium for a life insurance policy in India is based on factors such as the age, health, and lifestyle of the policyholder. There are various types of life insurance policies available in India, such as term insurance, endowment insurance, and unit-linked insurance plans (ULIPs).
Term insurance in India is a type of life insurance policy that provides coverage for a specific term or duration. If the policyholder passes away during the term of the policy, the nominee or beneficiary of the policy receives the sum assured. If the policyholder survives the term of the policy, no benefits are payable. Term insurance policies in India offer high coverage at affordable premiums and are ideal for individuals looking for pure protection.
Some common features of life and term insurance policies in India include:
- 1. Death Benefit: This is the amount payable to the nominee or beneficiary of the policy in the event of the death of the policyholder.
- 2. Maturity Benefit: This is the amount payable to the policyholder at the end of the policy term if he/she survives the term of the policy.
- 3. Premium Payment Options: Policyholders in India can choose to pay premiums for their life or term insurance policies in various modes such as yearly, half-yearly, quarterly, or monthly.
- 4. Riders: Some life insurance policies in India offer riders or add-on covers such as accidental death benefit, critical illness cover, and waiver of premium.
It is important to compare the coverage and premiums of different life and term insurance policies in India to select the policy that best meets your needs and budget.