What is term insurance and what is the use of it, read full information

What is term insurance and what is the use of it, read full information

In today's time, insurance is the name known at home. People of all age groups, including children and older people, come under insurance cover under various schemes offered by insurance providers. During the Emergency this is very important for the person. Various types of insurance are available as per the individual's needs. Similarly, term insurance is also a form of insurance.

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What is term insurance?

Term Insurance is a type of life insurance policy that provides coverage at a fixed rate for a limited period. If the life insured dies during the term of the policy then the death benefit amount is payable to the nominee. It is designed to provide security to the family in the event of uncertainty or death.

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What is the premium for term insurance?
The term insurance policy is the lowest in comparison to other types of life insurance. Premium is low because there is no investment component and the amount of premium is used to cover the risk. There is no maturity benefit after the expiry of the policy term. On the death of the policyholder the survivor will get the amount of the policy.

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When to buy term insurance?
It is best to buy term insurance at the age of 30. In this age the person becomes a responsible adult. At the age of thirty, you are healthy, you have a good salary job and your financial condition is also fine. You are either planning to get married or you have recently started making family. You are planning to buy or make a house

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The lower the premium as soon as you start
If you are under age then the insurance premium will also decrease. For example, if you are 30 years of age, you can buy term insurance up to Rs. 1 crore, they also pay the premium of Rs. 523 per month. For this amount, the amount of premium is increased for a person who has received a term insurance of 40 years. He will have to pay 914 rupees for Term Insurance of Rs. 1 crore. Therefore, the sooner you buy Term Insurance, the lesser the premium you have to pay.

Economic advisors mostly recommend taking a term policy. It helps in tackling death of the most important risk of life. It provides financial security to your family in your absence; When the life insured dies, the survivor gets the benefit of it.

Benefits in tax

On the amount of premium paid, the policyholder receives tax benefits under Section 80C and Section 10 (10D) under the Income Tax Act of 1961.

Death benefit

It provides death benefit to the nominee. If the policyholder dies during the term of the policy, the survivor person is given benefits.

Maturity benefits

If the policy continues till the expiry of the policy term then the maturity benefit is paid on the amount of premium paid so far.

Special coverage

Term insurance also provides additional benefits such as death or disability among serious illnesses or accidents.

Lower premiums

If the policyholder starts term insurance early in his life then he has to pay less premium. The less you can be when you buy insurance, the lower the insurance premium.

Discount opportunity

Life Insurance companies offer special exemption to the amount of sum insured, or non-smokers or women investors, because no special risk is associated with their life and thus honors them.

Term insurance companies in india
The following companies in India provide term insurance.

Aegon Religare
Bharti Axa
Birla Sun Life

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