1.
What is a term life insurance plan?
A term insurance plan is a type of a life insurance that provides comprehensive coverage to safeguard the financial future of your loved ones. In case the policyholder passes away during the policy term, the nominee will receive a death benefit amount.
Term Insurance plans are affordable, and the premium amount is less if you buy at a younger age. Term insurance plans are a must-have for anyone who is a breadwinner for their family and has loved one’s dependent on their income.
2.
What are insurance riders?
Riders21 are additional benefits that can be added to your basic life insurance policy. They provide extra coverage or specific benefits tailored to your needs, often at a nominal additional cost.
3.
Who should consider buying a Term Insurance Plan?
A Term Insurance Plan is ideal for:
● Individuals looking for a simple and affordable insurance plan to secure their family's financial future.
● Have dependents like a spouse, children, or aging parents to take care of.
● Those who want to cover financial liabilities like a home loan, education loan, or any other debts.
4.
What are the key features of a Term Insurance Plan?
● Affordability: A term premium plan is affordable if purchased early. With increase in age, the premiums may also increase hence it is suggested to buy a term plan as early as possible to secure the financial future of your family.
● High Sum Assured at Lower Premiums: You can choose a high sum assured at a relatively low premium, thus ensuring that your family’s future is secured.
● Flexible Premium Payments: You can select the policy term and the premium payment term based on your financial needs.
● Tax Benefits: Premiums paid for term insurance plans are eligible for income tax benefits under Section 80C of the Income Tax Act, and the death benefit is usually tax-free under Section 10(10D).
5.
What are the additional benefits for women policyholders?
Women policyholders who purchase Tata AIA Sampoorna Raksha Promise will get a 15% discount on their premium amount, making this plan more affordable for them.
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