Term insurance is the cheapest and purest form of the protection plan. It is a popular type of life insurance. Under this, you have to pay a fixed premium for a certain period of time. In the case of the insured’s demise, the sum assured amount will be provided to the nominee or the beneficiary as per stated in the policy documents.
It is popularly known as the ‘pure-risk policies’ and ‘pure life plans’; it is not a savings or an investment plan, rather, it is a protection plan.
It is highly recommended for you to compare term insurance plans online to get the best at an affordable price.
Why Term insurance?
There are several benefits of having a term insurance plan in your insurance portfolio-
– It is less expensive,
-You will get tax benefits under SEC 80C of Income Tax Act
– In the case of taking a house or car loan, the risk is high. Purchasing a term plan will protect your dependants financially in case of your untimely demise.
Available options In the Market?
There is a wide range of insurance-related products in the market. When it comes to purchasing a plan, you must go online and compare term insurance plans that will help you in choosing the best.
Which plan suits whom?
Basically, term insurance plans are suitable for everyone and you will be able to get the same at affordable prices. Compare term insurance plans online, as there is a plan for everyone.
Useful information and tips on the same are also available online that will help you to compare term insurance plans easily.
What should a buyer know?
Before going to purchase any term insurance plan, it is advisable for you to first check your needs, the tenure of policy which you are looking for and the amount that you can pay easily as premium. This will help you in easy comparison and choose the best out of the lot. It is advisable to determine your retirement age.
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