Term insurance plan is a type of life insurance contract according to which if the policyholder dies during the policy term, a lump sum amount is paid to the member nominated by the policyholder.
Term Life Insurance: Insurance is an essential tool. The importance of insurance has been well understood by the corona pandemic. The demand for term insurance is very high in the market today. People are giving more importance to term life insurance so that the family does not have to face financial problems if they do not live in any untoward incident.
Emergency or unfortunate circumstances like the death of the breadwinner in the family can make the rest of the family financially backward. By taking term insurance, you can ensure that your family continues to get financial support even after you.
Life secured for a fixed period
According to Max Life Insurance, a term insurance plan is a type of life insurance contract according to which a lump sum amount is paid to the nominee by the policyholder if the policyholder dies during the policy term.
This insurance policy is called term insurance because it covers the life of the policyholder for a specified period. If the policyholder remains safe at the end of the policy term, then the term plan does not provide any maturity amount to him. This is the reason why term insurance is so cheap.
Insurance companies are also showing interest in selling term plans. There are a lot of advertisements for term life insurance on TV. There are many types of insurance products in the market too.
While giving term life insurance, insurance companies ask for the medical test report of the policyholder. But there are some companies that do not pay much attention to medical tests.
Insurance experts say that insurance companies which are not strict in terms of terms or conditions, should not be trusted. Because in the absence of proper medical test report, the claim can be canceled.
Because, many times the claim is rejected saying that the policyholder who had not given full information about his health and in such a situation, the nominee may face a lot of problem in adjusting the claim.
Term insurance only after proper medical test
Whenever you take term insurance, definitely get your medical test done properly. After the medical test, the responsibility of the report lies with the insurance company and the doctor. In such a situation, the nominee does not face much trouble while making the claim settlement.
Benefits of term insurance
- Term insurance provides financial security to the person buying the policy and his family.
- on term planIncome TaxThe benefit of tax exemption is available under section 80C of the Act.
- Option to pay the sum insured in lump sum or monthly to the nominee.
- Policy cover period from minimum 10 years to maximum 50 years.
