Ad­van­tages

Consumer Voice - - Bfsi -

Term in­sur­ance is the cheap­est form of in­sur­ance. It is sim­ple to un­der­stand. Op­tion to se­lect the length of the term for which you would like cov­er­age and the pre­mium amount is fixed and does not in­crease dur­ing your term pe­riod. Dur­ing the early years of a term pol­icy, the pre­mium will usu­ally be sig­nif­i­cantly lower than for cash­value life in­sur­ance. In case of an un­timely death, de­pen­dents will re­ceive the ben­e­fit amount spec­i­fied in the in­sur­ance agree­ment di­rectly on fil­ing the claim with sup­port­ing doc­u­ments. You can cus­tom­ize term life in­sur­ance with the ad­di­tion of rid­ers, such as child ben­e­fit or ac­ci­den­tal death. An­other pop­u­lar fea­ture of term in­sur­ance is the re­turn of the pre­mium. They may give the ben­e­fit of re­turn­ing 100 per cent of what­ever you have paid.

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