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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 person dies while the term insurance policy is still active, the nominee will receive the death benefits.
Term Insurance plans are not as expensive as permanent life insurance plans since there is no cash value to it. Therefore, the only value is the guaranteed death benefit from the policy.
Income
- Nominee will receive a regular monthly income for 10 years.
- 10% of the benefit amount is payable every year in advance, with monthly instalment at the rate 0.8333% of the total benefit amount.
- Your nominee can also choose to receive the first year’s income, equal to Rs 10 lakh, as lump sum.
- After this, the monthly instalments will continue from the subsequent month for 9 years at the rate of 0.80% of the total benefit amount.
Increasing Income
- Nominee will receive an increasing regular income.
- Monthly instalments will be received for 10 years.
- The income amount will increase by 10% per annum simple interest every year.
- The total amount received by the nominee will be 1.45 times of the life cover chosen.
Lump Sum
- Nominee will receive the complete claim amount in one go.
Lump Sum plus Income
- Nominee will receive claim amount in 2 parts as decided by you while buying the policy.
- You can choose to give part as lump sum and the remaining will be paid out in equal monthly installments at the rate of 0.833% per month over 10 years.
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