The sum
assured under this term plan decreases every year in collaboration with the decreasing debt amount at the specified rate over the policy term.
Critical illness Benefit: In case the life assured is diagnosed with any of the covered critical illnesses, all future premiums
payable under the term plan will be waived.
The cover
under these term plans rises at a pre-specified rate and keeps increasing until the overall value of the cover is 1.5 times the original cover under the term policy.
Please Note: Kindly read the «Exclusions» as mentioned in the policy wordings / document before filing a death claim as it will help you to file a death
claim under a term plan without any difficulty.
Riders that you can
choose under a term plan include Accidental death benefit Rider, Disability Rider, Critical Illness Rider, Income Benefit Rider, Waiver of Premium Rider, etc..
Choose Appropriate Riders: Arider helps enhance
protection under a term plan and by choosing a suitable rider, you can avail additional protection with different scenarios such as Accidental death benefit, Disability, Critical Illness, etc..
If you have financial plans which can only be fulfilled with a continuous monthly income like education of your child, then always go for a staggered payment
option under term plan.
Life insurance offers a range of options to choose from - investments under a unit - linked plan, funds for child's education / marriage under a child plan, regular income under a pension plan, death
benefits under a term plan, etc..
Accidental & Total Permanent Disability (ATPD): In case the life assured suffers an accidental total permanent disability, all future premiums
payable under the term plan will be waived off.
Though commissions (for agents)
under a term plan are not encouraging, in long term it will benefit everyone.
Benefits
Under Term Plan and BSLI Immediate Annuity can an important point of comparison between the two plans.
Benefits
Under Term Plan and Star Union D I Assured Income can an important point of comparison between the two plans.
The insurance amount (sum assured)
under the term plan should adequately take into account — inflation, rising costs, expenses and other such factors so that needs and aspirations of the family are taken care of well.
Provisions
under Term Plan and Max Life Fast Track Super mainly include policy renewal and different types of riders.
Provisions
under Term Plan and HDFC Assured Pension mainly include policy renewal and different types of riders.
Under this term plan, you can choose to get a monthly income paid out instead of a lump sum when the policyholder passes away.
If death is due to a sexually transmitted illness like HIV, AIDS, etc. then, the same is not covered
under Term Plans and the claim may not be admissible.
Provisions
under Term Plan and Max Life Shiksha Plus Super mainly include policy renewal and different types of riders.
Alternatively,
under the term plans, as they don't have any surrender value, you can merely stop making the payment of the premiums the minute you do not feel the requirement for life insurance.
Under a term plan, the insured person does not receive any survival or maturity benefits.
Dangerous activities - Death due to race car driving, SCUBA diving, rock climbing etc. are not covered
under a term plan.
Provisions
under Term Plan and Edelweiss Tokio Immediate Annuity mainly include policy renewal and different types of riders.
Extra Life Option:
Under this term plan, an additional accidental death rider is attached.
Under this term plan, you can also avail illness benefit.
Wider options: Life Insurance gives you a variety of options such as death benefits
under term plan, finance for child education, regular income under pension plans, investment under unit - linked plan, etc..
Act of war - Any death occurred due to acts of war or due to natural calamities like drought, floods, earthquake etc. are not covered
under a term plan.
Drugs abuse or alcoholism - Any death occurred due to consumption of alcohol or drugs is not covered
under a term plan.