What is Term Insurance?
Really good question! Term is a type of life insurance that provides a potential death benefit for a fixed period or "term." This is commonly a flat premium for say, 5, 10, 15, 20, or 30 years. After the end of the term the policy no longer provides a death benefit. The other common characteristic of term life is there is generally no cash accumulation, which helps keep the cost relatively low. Term is often characterized as temporary insurance.
Term plans are specifically designed to secure your family needs in case of death or uncertainty. It is a form of life cover, which provides coverage for defined period of time, and if the insured expires during the term of the policy then death benefit is payable to nominee.
Why Term Insurance is better?
Term plans provide pure life cover. This means there is no savings or profits component. They are basic plans which make life insurance more affordable. It is possible for the policyholder to opt for a larger life cover at a lower premium as compared to a similar endowment plans.
Why you should buy Term Insurance?
- Get easy and affordable protection
- Get adequate cover based on your liabilities
- Protect your family against unforeseen circumstances
- Ensure your family lives a comfortable life, no matter what
- Enhance your protection through riders
Who should buy Term Plan?
- If your age is between 18 - 60 years
- If you are providing for your family's financial needs
- If you want them to continue their lifestyle even in your absence
How Spike Insurance Solutions helps you to choose best Term Plan?
Spike Insurance Solutions helps you to choose the best Term Insurance Plan for you in following ways:
- Our research works helps you to choose good insurance company based on your budget, your need, insurance premium, claim settlement ratio, etc.
- We help you to calculate and understand how much cover do you need?
- By comparing the terms and conditions of various insurance companies
Difference in premium across term plans?
The premium in the term plan could vary from one company to another and as the tenure of your policy increases, the premium for the same sum assured increases.