Page 1

Know About Different Types of Best Online Term Insurance Plans and Policy in India Most people nowadays buy term insurance plans as early on as possible in life. This is chiefly done to avoid getting a higher insurance premium later on. Also, many people get the plans simply because everyone around them is getting term life insurance. This is not a very healthy practice as in doing so, people often end up making an incorrect choice. If you are in the process of buying a Best Term Insurance Plans and Policy in India, make sure you understand the options available to you. Know about the types of term insurance and then decide what’s best for you. Read on to know more. Types of Online Term Insurance Plans Available in India As we all know, term insurance online is very popular these days. All the top life insurance companies in India offer term insurance online. The process to buy term insurance online is very simple. However you need to first know the types of term life covers you can choose between. Here’s a detailed account:• Level term insurance - This is the most common type of term insurance available in the life insurance industry in India. A level term plan is a basic term cover that offers a life cover for a specific number of years. You pay the insurance premium on time and in return the insurance provider promises to pay a death benefit to your nominee if you die. The volume of the sum assured remains the same throughout the duration of the term insurance policy. If you outlive the insurance policy period, you do not get anything in return. • Increasing term insurance - As the name suggests, the sum assured of such a term life insurance cover keeps increasing with time. An increasing term insurance plan is usually bought to deal with the increasing responsibilities of life. You buy the term insurance plan when you are single, with very few responsibilities. Then you get married and your spouse becomes your depending, pushing your responsibility. Then you have children and your responsibilities further rise. Keeping these in mind, you buy term insurance with an increasing life cover. • Decreasing term insurance - decreasing term life insurance cover is the exact opposite of the increasing cover. Here, the life cover decreases as the plan proceeds. This is an ideal plan if you want to cover a large financial liability like a home loan or a mortgage. As you pay off your loan and it reduces in value, the cover of your term life cover also reduces. • Return to premium term insurance - This is a special type of term life insurance where you


get the premium you paid, back if you outlive the insurance policy period. It is very easy to buy term insurance but only after you understand what the specific term life insurance policy offers. Life insurance needs are people centric. This means that your needs will differ from those of your best friend. So rather than blindly buying a particular term insurance plan that your friend did, assess your own needs, go over the options, narrow your search down and then compare between the plans of the most suitable category. That will enable you to get the best term life insurance coverage for yourself.

Profile for WishPolicy

Know About Different Types of Best Online Term Insurance Plans and Policy in India  

Know Each and Everything About the Different Types of Best Online Term Insurance Plans and Policy in India. Buy Term Insurance Plans from Wi...

Know About Different Types of Best Online Term Insurance Plans and Policy in India  

Know Each and Everything About the Different Types of Best Online Term Insurance Plans and Policy in India. Buy Term Insurance Plans from Wi...

Advertisement