IRDAI/I NTAII/BA/51/2018
CIN: U72900KA2018PTC110119
CIN: U72900KA2018PTC110119
Your legacy and loved ones deserve the utmost protection. InsureMile’s Terms Insurance Plan offers a robust shield against life’s uncertainties, ensuring that your family’s financial future remains secure even in your absence.
When it comes to planning for the future, selecting the right insurance coverage is crucial. Two of the most common types of insurance are Term Insurance and Life Insurance. Each serves distinct purposes and comes with its own set of benefits. Understanding these options can help you make an informed decision about which policy aligns best with your financial goals and needs.
Term Insurance is a type of life insurance that provides coverage for a specific period, known as the “term.” These terms can range from 10 to 30 years or more, depending on the policy. The primary function of Term Insurance is to offer a death benefit to the beneficiaries if the insured person passes away during the policy term. If the policyholder survives the term, the coverage expires without any payout, unless the policy is renewed or converted into another type of insurance.
Affordability: One of the main advantages of Term Insurance is its cost-effectiveness. Premiums are generally lower compared to whole life policies, making it a budget-friendly option for individuals seeking substantial coverage at an affordable rate.
Simplicity: Term Insurance is straightforward. It focuses solely on providing a death benefit without additional investment components or complex features. This simplicity can be appealing to those who want a clear and easy-to-understand policy.
Flexibility: Term Insurance plans offer flexibility in terms of the coverage period. You can choose a term length that aligns with your financial responsibilities, such as until your children are financially independent or your mortgage is paid off.
Renewal and Conversion Options: Many Term Insurance policies offer options to renew or convert to a permanent policy at the end of the term, often without requiring a medical exam.
Financial Security: Our plan provides a lump sum payout to your beneficiaries in the event of your untimely demise, offering them financial stability and support during challenging times.
Customized Coverage: We understand that everyone’s needs are unique. That’s why our Terms Insurance Plan allows you to customize coverage levels and choose the policy duration that best fits your requirements.
Flexible Premium Options: With flexible premium payment options, you can choose a payment schedule that suits your budget and financial goals, ensuring affordability without compromising on coverage.
Additional Riders: Enhance your coverage with optional riders such as critical illness cover, accidental death benefit, disability rider, and more, providing comprehensive protection tailored to your specific needs.
Term Insurance is accessible to a wide range of individuals. Here’s who can typically purchase a Term Insurance policy:
Adults of Legal Age: Individuals who are of legal age (usually 18 years or older) can purchase a Term Insurance policy. Most insurance providers have a maximum age limit, often around 60-65 years, for buying a new Term Insurance policy.
Individuals with Financial Dependents: Term Insurance is particularly suited for those with financial dependents, such as parents, children, or a spouse. If you have family members relying on your income, a Term Insurance policy can provide them with financial security in case of your untimely demise.
Homeowners: People with mortgages or other significant financial liabilities may benefit from Term Insurance. The policy can be set to cover the term of the mortgage, ensuring that the loan is paid off if the insured person passes away.
Young Professionals: Young professionals starting their careers may find Term Insurance an affordable way to secure substantial coverage. It helps lock in lower premiums at a younger age, potentially making it more cost-effective in the long run.
Individuals with Specific Financial Goals: Those who want coverage for a defined period, such as until their children are grown or their debts are cleared, will find Term Insurance suitable. It allows for tailored coverage based on specific financial goals and responsibilities.
Life Insurance is a broader category that includes various types of policies, such as whole life, universal life, and variable life insurance. Unlike Term Insurance, Life Insurance provides lifelong coverage, as long as premiums are paid. Additionally, Life Insurance policies often include a savings or investment component that builds cash value over time.
Lifetime Coverage: Life Insurance offers coverage for the insured’s entire lifetime, which means the beneficiaries will receive a death benefit regardless of when the insured passes away, provided premiums are up to date.
Cash Value Accumulation: Many Life Insurance policies build cash value over time. This cash value grows at a guaranteed rate or is linked to investment options, depending on the policy type. The cash value can be borrowed against or used to pay premiums.
Investment Component: Some Life Insurance policies, such as variable life insurance, include investment opportunities. Policyholders can allocate cash value to various investment options, potentially increasing the policy’s value.
Flexibility in Premiums and Benefits: Certain types of Life Insurance, such as universal life, offer flexibility in premium payments and death benefits, allowing policyholders to adjust their coverage as their needs change.
| Factor | Term Insurance | Life Insurance |
|---|---|---|
| Coverage Purpose | Ideal for those who need coverage for a specific period. For example, if you want to ensure financial protection for your family until your children are grown or your mortgage is paid off, Term Insurance can be a practical choice. | Best for individuals seeking lifelong coverage with a savings or investment component. It suits those who want to build cash value, plan for estate taxes, or leave a financial legacy. |
| Cost | Generally more affordable due to its temporary nature and lack of cash value accumulation. Lower premiums make it accessible for those on a tighter budget. | Typically more expensive because it provides lifelong coverage and includes a cash value component. Premiums can vary significantly based on the policy type and coverage amount. |
| Investment Goals | Primarily focused on providing a death benefit. If you’re not interested in combining insurance with investment opportunities, Term Insurance is a straightforward option. | Offers investment opportunities and cash value growth. If you want to combine insurance with financial planning and investment growth, Life Insurance may be the better option. |
| Flexibility | Provides coverage for a fixed period but often includes options to renew or convert. This flexibility can be beneficial if your needs change over time. | Offers lifelong coverage with flexible premium payments and benefits. It can adapt to changing financial situations and goals. |
InsureMile’s Terms Insurance Plan offers comprehensive coverage, ensuring that your loved ones are financially protected in the event of your unfortunate demise.
We understand that your family’s needs evolve over time. Our plan allows you to adjust coverage and beneficiaries as per your changing life circumstances, providing flexibility and peace of mind.
Our experienced insurance advisors are available to provide personalized guidance, answer your questions, and assist you in making informed decisions about your insurance coverage.
With InsureMile’s Terms Insurance Plan, you can have peace of mind knowing that your legacy and loved ones are safeguarded against unforeseen challenges, allowing you to focus on living life to the fullest.
Don’t leave your family’s financial future to chance. Protect your legacy and loved ones with InsureMile’s comprehensive and customizable Terms Insurance Plan. Get started today and ensure a secure tomorrow for your family.
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Term insurance policy is a type of Life Risk cover, provides financial protection coverage to the insured person for a defined period of time. In the absence of the policy holder or insured person during the during the policy term, insurer pay death benefit sum insured money to policy holder nominee.
The plan promises a considerable sum of money in difficult times when the family needs a source of income after the death of the breadwinner. By providing this source of income, term plans take away a great deal of financial burden faced by the deceaseds family. Moreover, the plans are priced very low and thus become easily affordable by every individual. This plan is the basis of life insurance and should be bought to secure your family.
Term insurance plans are plans designed to meet the income protection need of individuals who want to create a corpus for their families in the event of their untimely demise. The plan offers benefits to the policyholders family in case of death and costs very little. No other benefit is provided in case of maturity though some term plans do offer the premiums paid over the course of the tenure to the policyholder if he survives till maturity but such plans are priced higher.
Nominee has to be submit Policy bond, Death certificate and Nominee ID proof. Process can start by these primary documents. Additional requirement can be raised by the company.
Term insurance helps protect your family from a financial shock in case of death. For example if you earn Rs. 5 lakhs/month and buy a 1 cr. term plan for Rs. 500/month. In the unfortunate case of your demise your loved onces will get a lumpsum amount of Rs. 10 lakhs. This amount invested at safe interest rate of 6% per annum. Your family will receive ~Rs. 50 thousand/month.
Term plan is the most important insurance which every earning member of the family should buy. We are taking this Insurance for our family and not for us. Term insurance is a primary investment in our financial planning. If we care about our family and love them, our first priority becomes our family protection. We have maintained our family lifestyle according to our current earning situation, so we will definitely want give them the same lifestyle even if we are not there.
Yes, Insurance companies allow customers to buy multiple-term insurance plans based on their insurance needs.
The ideal duration of term insurance varies depending on individual circumstances and financial goals. However, most insurance companies offer policy terms ranging from 5 to 40 years.
It is generally recommended to have a term insurance cover that is at least 10 to 12 times your annual income. This amount provides adequate coverage to meet future financial needs and account for inflation rates.
Term insurance provides comprehensive and reliable financial security for your loved ones. In…
Term insurance plans ensure your family’s financial stability even when you’re not around.…
