What is Term Insurance | Complete Information about Term Insurance and its Features best-insurance-plans-review.conceptsmadeeasy.com/what-is-term-insurance
What is Term Insurance | Complete Information about Term Insurance and its Features
Best Insurance Plans Review | Best Life Insurance Plans Review | Best Health Insurance Plans Review What is Term Insurance ? Term insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is also called as Term life insurance or Term Assurance. Term insurance plans are life insurance plans which promise to pay a benefit only if the insured dies during the term of the policy. There is, usually, no maturity benefit payable under the plan. Term plans are, therefore, called pure protection plans. This article is about “What is Term Insurance | Complete Information about Term Insurance and its Features“
What are Features of Term Insurance ?
Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified term of years. If the insured dies during the time period specified in a term policy and the policy is active, a death benefit will be paid. Many term policies offer level premiums for the duration of the policy. Other term policies offer decreasing or increasing benefits over time as well as the option to convert from term to permanent insurance. Term Insurance Plans are the simplest and most affordable form of Life Insurance. Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse. Term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Like other life insurance plans, term plans give tax benefits under Section 80C of the Income Tax Act on the premiums paid. The death benefit received under the plan is also tax-free under Section 10 (10D), subject to certain conditions, like in case of other life insurance plans. There are return of premium term plans which promise a maturity benefit like other life insurance plans. The main factors on Term Insurance depends are age, gender, personal and family’s medical history, geographical location, occupation, BMI index, and lifestyle. High coverage at affordable premiums is the only important factor which differentiates a term insurance plan from other plans of life insurance.
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