6 Salient Features Of A Term Insurance Plan

Life is full of uncertainties. You never know what will happen tomorrow. Diseases and accidents do not come informed. They leave us emotionally and financially drained. If you are the only earning member in your family, you have several responsibilities to shoulder. However, have you thought about what will happen in case of your sudden and unexpected death ? How will they deal with the shock? From where will the regular monthly expenses come? Your limited savings will not suffice. Neither can your investments get liquidated with ease. Therein lies the importance of term life insurance. It will save your family from falling into deep trouble.

Let us look at the salient features of a term insurance plan before you purchase one.

It Is Easy To Buy

Are you wondering how to buy a term plan? Well, it is super simple. Nowadays, it has become just as easy as shopping for your favourite clothes online. You do not have to go anywhere. Purchase your policy with a few clicks from the comfort of your house. The framework of term life insurance is quite simple. You do not have to bother yourself about the returns on investment. Just choose the relevant sum assured depending on your lifestyle and expenses.

It Is Affordable

You do not need to spend a lot of money on a term insurance plan. It is super affordable. The policy gives you a life cover of a certain amount for a fixed period. If you die within this tenure, the nominee will get the death benefit. However, if you survive the duration of the plan, there will be no maturity benefit. So, term life insurance is relatively cheap since the company has to pay only the death claim. Thus there is no need to worry. You can buy a term plan to secure the future of your family .

It Offers Great Flexibility

You will get flexible options to pay your premium when you buy a term insurance plan. You can pay it monthly, quarterly, or annually. If you find it hard to give regular premiums, you can opt for a one-time payment. Isn’t that great? So, you can choose any option according to your budget. However, do not forget to compare term plan options before you make the purchase. It will help you choose the best plan.

You Can Get A Return Of Premiums

Most of the term life insurance plans pay only the death benefit. If you outlive the duration of the policy, there is no maturity benefit. However, some of them offer a return of premiums. You will get back all your payments on maturity. Moreover, it will be tax-free. That is because the government will not count it as your income. You can compare term plan options to check which policies offer a return on premiums.

Segmented Payout Of Claims

Most of the term plans offer a lump sum payment in case of untimely death. However, that has several risks. What if the money does not get used properly? It will create a lot of problems for your family . The amount can also get misused by a greedy relative. You would never want that to happen. In that case, a segmented payout is the best option. Your family will get a part of the claim at once. They can use it to ward off the immediate financial crisis after your death. The remaining amount will get paid in monthly or yearly instalments. It will help them meet recurring expenses.

When you compare online term plan options, make sure to choose a policy that offers a staggered claims payout option.

Final Word

PayBima lets you compare term plan options. You can get the details of all the plans. Do not worry. They will make all the complicated terms easy for you to understand. You only need to visit the PayBima website and mention your details. A list of plans will appear before you. Choose the one that suits your budget. Do not wait. You never know what will happen tomorrow. Visit the PayBima website and compare online term plan options to secure the future of your loved ones.