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The Covid-19 pandemic situation has brought dramatic changes in the perception of life insurance by common people. Many have realized the importance of adequate financial resources when there is a medical emergency. They have also felt the extent of family suffering when the only earning member passes away.
Demographic aspects like the growing middle class, rising insurable population beginning coverage, and the sudden increase in the awareness of the need for financial protection have increased the growth aspects of insurance in India.
Term Insurance is the simplest and purest form of life insurance that will suffice the basic needs for overall financial security. At present, insurers offer an online term plan that ensures easy and quick availability. It is extremely cost-effective as well. Let us discuss the different aspects about a term insurance plan in detail here.
Term Insurance is a basic life insurance plan wherein the insurance company and the person seeking coverage enter into a contract. The insurance company agrees to pay a lump sum amount, that is, the sum assured to the family members if the person meets with an unexpected death during the policy term. This amount is provided against the monthly premium amounts paid by the person for the set policy duration.
To understand the best term insurance plan for you in India, you should consider the different types of term insurance plans and the basic features that will serve the purpose best. Let us understand them in detail.
Based on the sum assured and the pattern of premium payments, the term policy is classified into four different types. It can be utilized by people based on their income and requirements.
Having discussed the different types of term insurance policies, we must discuss the basic features that term insurance policies should offer. The quality of these features, their usability and accessibility are important.
There must be flexibility in the premium payment mode and frequency that allows for monthly, quarterly or half-yearly payments. After deciding on the frequency of payments, you can use a premium calculator to compare the amount with different companies and choose an affordable solution. You can buy term plan online and pay the premium regularly.
To extend the benefits of term insurance, the insurers provide add-on rider options. The commonly provided riders are accidental death rider, terminal illness rider, critical illness rider and disability rider and hospitalization benefit rider.
The terminal illness and the critical illness riders will make the sum assured payable when the illness is first diagnosed. There is a list of critical illness disorders that are covered.
With the disability rider, the sum assured becomes payable when the policyholder gets permanently disabled due to an accident. With the accidental death rider, the sum assured is paid if the insured person dies due to an accident as against natural death.
It is preferable if multiple payout options like a lump sum amount or a regular monthly income or a combination of a lump sum and a regular income for a set period are provided.
Understanding the financial commitments and choosing the right plan requires a lot of effort. We must get expert guidance and the right support to understand the terminologies for the right policy. Good customer service can help in this regard.
Tata AIA Term Plan offers a dedicated team of insurance experts to provide efficient and quick customer support, digitally and otherwise.
We have discussed the importance of term insurance, the different types of plans and the necessary features required from a plan. Now, it is time to evaluate your financial commitments, the budget for premium and long-term goals to zero in on the right plan for you. Consider the type of insurance based on your needs. It is different and definite for every individual! The exact term insurance that satisfies your need and provides all the essential features will be the Best term insurance for you in India.
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Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
#Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch