Term Insurance Plan For Family

Term Insurance is the finest type of life insurance policy offered to families by the insurers. It offers life insurance plans at very affordable rates in order to protect your family from any uncertain events of life. The term insurance policy will provide the beneficiary with the sum assured in case of your demise during the active policy period. It is the best term insurance plan for family because it not only provides financial aid to them, but it also helps in securing their future such as your child’s education or wedding, etc.

There is a lot more to understand about the term insurance and the Hello policy team is here to help you out with that. After researching, studying and understanding all the insurance plans, we can assure you that a term insurance plan is the best product you can get because it offers maximum benefits with a minimum premium during the term of the policy.

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The benefits and a few terms and conditions can vary from insurer to insurer, for instance, some companies offer coverage for situations wherein, the regular income of the policyholder is deranged due to permanent or partial disability.

What Are The Merits Of Buying Term Insurance Plan For Family?

For countless people it is hard to articulate the criticality of buying term insurance, so we have hand-selected the merits for you. We at Hellopolicy believe that it is a must to buy an insurance plan for everyone because its sole purpose is protection. There can never be enough protection for anyone in this world, and one can use the benefits that a term insurance plan for family provides.

Best term insurance plans for family
  1. Coverage For Critical Illness

    Not only term insurance offers life cover, but it also offers protection against critical illnesses such as cancer or kidney failure or cardiac arrest, etc. So if you get detected with a serious illness that is covered under the ride, you will get paid a lump sum amount of money to avoid any type of financial setbacks.

    It is a possibility that your perfect looking body gives you a healthy vibe, and you may think that you are fine. However, if and when you fall sick, your body will become weaker and so will your bank account. And that is where a term insurance policy will help you with both problems.

  2. Accidental Death Cover and Disability Support

    We have already established that a term insurance plan covers your life, after all, it is a type of life insurance. But, if you add on an accidental death cover to your existing term plan, then your family will get a much bigger coverage after your ultimate demise which was caused due to an accident.

  3. Protection From Loans And Other Liabilities

    Well, everyone hopes of having the luxuries of life such as your own home, a vehicle, etc. To avoid any type of financial burden, people opt for loans. But what will happen after the demise of the person who was the bread earner of the house and was repaying the loan? Naturally, the burden will fall on the shoulders of other family members.

    A term plan will protect your family and the dependents from those loans and fiscal liabilities including debts. This merit is not known to all and you might not find it on other online platforms, but Hellopolicy covers all aspects including non-common factors.

  4. Affordable premiums with High Sum Assured

    Unlike other life insurance products offered by companies, term insurance plan for family, offer lower premiums. And when compared with the premium, the sum assured is much higher with this life insurance product. This sum assured covers many lost earnings and salaries.

    Now you may ask how affordable a term insurance plan is. Many insurance companies such as ICICI Prudential, HDFC Life, Max Life, TATA AIA, etc, offer term insurance of ?1 Cr with a premium of less than ?1000 per month with inclusive taxes.

  5. Tax Benefits

    Under Section 80C, term insurance offers a tax benefit on the premium paid by the insured. And under Section 80D, additional tax benefits are availed for the premium paid for the critical illness cover. And at the time of claim settlement after your demise, your family will receive tax benefits under section 10D. There are hardly any insurance policies that offer tax benefits to this extent.

Other Merits of Term Insurance Plan For Family

Above mentioned merits were a bit too technical based on the insurance plan that you buy. However, there are some generic merits of a term insurance plan that will make you want to buy a term insurance plan right away.

  1. Long Term Protection

    We already know that term insurance covers your life and protects your family from financial setbacks. But the question is for how long? Well, the simple answer is, you decide the duration of the term insurance plan. Depending on the plan you select to be insured, you can choose a term life cover till you reach the age of 50 years. Of course, this number varies from company to company and policy to policy.

  2. Payment Convenience

    These insurance plans are very flexible with their payments. You choose to make payments on a monthly, quarterly, half-yearly or on yearly basis depending on whichever is convenient for you.

  3. Cost-effective

    Compared to any other life insurance plan, the premiums of the term insurance plan for family lower, with higher coverage. This makes it the most cost-effective insurance plan of them all. It does not burn a hole in your pocket instead it does quite the contrary by providing a solution.

  4. Easy To Buy

    Unlike earlier times, buying life insurance has become much easier. In fact, gone are the days when you had to stand in a queue and undergo tons of paperwork. Now you can visit the company’s website online, choose the plan that suits you the best and buy it, as simple as that. If you have any doubts, you can go through the website and read the FAQs, reviews by the customers to get real feedback, or, if you still have doubts, you can dial the customer care number anytime.

  5. Rider Benefits

    If term insurance is a cake, then rider benefit is the icing on the cake that enhances it even more. You can opt for any riders and make your term insurance plan even better than before. Visit our website Hellopolicy and compare different riders offered by different insurance providers. Use the comparison feature and shortlist the appropriate plans in order to buy the best-suited one. Just a little hint, buy an insurance plan that offers riders at a lower price just like the premiums to get the best out of it.

Some of the Common Riders are:
  • a. Premium waive off
  • b. Rider for critical illness
  • c. Rider for accidental death
  • d. Rider for complete and/or partial accidental disability
  • e. Rider for income benefits

Types Of Term Insurance Plan For Family In India

A lot of companies in India offer term insurance plans. And they all have a different set of features and benefits that they offer to their customers. The world is going digital, so why not insurance, which is why all the companies have become flexible and proffer both online and offline purchase of term insurance plans. Let us understand the different types of term insurance plans.

Term insurance plans
  • Standard Term Insurance Plan

    In a standard term insurance plan, the insured gets cover against all the uncertainties and risks against the premium he/she pays. This is the most popular type and one of the best term insurance plans for family. And among the standard term insurance, the one that requires you to pay a yearly premium for an annual cover is the best type of plan in standard term insurance plan.

  • Level Term Insurance Plan

    This is one of the simplest forms of life insurance in which the sum assured is fixed during the purchase and remains the same throughout. After the demise of the life assured, the sum assured will be received by the nominee also known as the beneficiary. This life insurance is offered by numerous insurance companies pan India. However, there is one catch here, the size of the premium depends on your age at the time of purchasing the policy. The younger you are, the lower will be the premium and the older you are, the higher will be the premium.

  • Term Return Of Premium Plan

    Term return of premium plan, also known as TROP plan is the type of term insurance plan wherein premium paid is returned in case the life assured partly survives the policy tenure. This is a slightly unusual insurance policy that people, especially the younger generation, are interested in because it repays you (policyholder) the among at the end of the tenure, that you have invested in the term insurance.

    Other than that, this insurance plan also provides the policyholder with an option to add on any riders that they think are necessary and can enhance their policy. Just like any other policy or plan, you can add on the riders, there is no other type of formality.

  • Group Term Insurance Plan

    As the name suggests, these insurance plans are specially designed for group/s of people collectively. Any group of people can apply for this type of term insurance such as a joint family, a large nuclear family, business companies, associations, societies, etc. The benefits that these term insurance policies offer are the same as any other term insurance plan, however, they are mostly concerned with critical illnesses and other risky elements that are excluded from the individual term insurance plans.

    Apart from that, these types of term insurance policies are usually not available online because the plans are generally customized according to the group of people and are made suitable for them.

  • Decreasing Term Insurance Plan

    The name might have given you the idea that in decreasing term insurance plans, the sum assured decreases by a specified percentage every year. These insurance policies typically act as mortgage clearing plans to repay and clear all the debts and loans. So, during the active period of the policy, if the life assured dies, the sum assured will be used as the repayment of the loans and debts.

    These insurance plans not only provide financial security to the family of the deceased but also provide tax exemption benefits at an affordable rate.

  • Convertible Term Insurance Plan

    Convertible term insurance plans are usually offered by a few companies in India, and the reason being is their flexible nature. In a convertible term insurance plan, you buy an insurance policy that you find suitable but you also have the option to convert into another insurance plan. For instance, if you bought a standard term insurance plan for 30 years, however, somewhere down the line, you felt that an endowment insurance plan is better suited. So, this insurance plan gives you the option of converting your previous insurance plan.

  • Joint Life Term Insurance Plan

    You might think that this is similar to buying two individual term insurance plans, but let us tell you it is not entirely true. A Joint life term insurance plan will cost you less than buying two individual term insurance plans. The benefits received in this term plan is the same as the ones received in the individual plans and not to forget, both the partners will get the same benefits and features.

    Normally, the people who buy these life insurance plans are couples with children, where they don’t want their children to worry about their future and face financial setbacks in case of the demise of both parents. A joint life term insurance plan also provides cover for the surviving spouse or partner, and that is why this is the best term insurance plan for family, especially if you have a nuclear family.

These are just a few term insurance plans

That are available in India for more details you can visit Hellopolicy and clear all your doubts. Have all your questions answered by Hellopolicy by juxtaposing different term insurance policies and the companies that offer those policies. You can compare their price, amount of premium and the sum assured.