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WHAT IS TERM INSURANCE?

Term insurance plans are pure protection plans. If an unfortunate event of death occurs to the policyholder during the policy term the nominee receives a sum assured also known as death benefit. Term insurance plans are income replacement plans which provide financial protection to the family members if the breadwinner of the family is no more. The policyholder will not receive any survival benefit if he outlives the policy term. Hence, it is recommended to opt for a longer life cover.

BENEFITS OF TERM PLANS

  • 01

    PEACE OF

    Comprehensive protection that gives complete peace of mind

  • 02

    ADDITIONAL RIDERS

    You can add riders for enhanced protection

  • 03

    LUMPSUM AMOUNT

    Provides a lumpsum amount on the diagnosis of a critical illness

  • 04

    CRITICAL ILLNESS

    Cover yourself against 35 critical illnesses

  • 05

    TAX BENEFIT

    Save tax u/s 80C and section 10 (10D) of Income Tax Act, 1961

  • 06

    FINANCIAL STABILITY

    Secures your family’s future by providing financial stability in your absence

  • 07

    HIGH COVERAGE

    Provides high coverage at affordable premium rates

  • 08

    LONGER PROTECTION

    Provides Longer protection. One can choose up to the age of 80

WHY CHOOSE A TERM PLAN?

WHY CHOOSE A TERM PLAN?

While you strive hard to fulfill all your family’s needs at present, you wouldn’t want them to compromise or face financial difficulties in your absence! Unlike an investment plan, a term plan will not provide a return to you when you are alive but it will secure your family’s future in your absence by providing a high coverage at a nominal rate.

A term plan will take care of all your responsibilities like your child's education, marriage, etc. and liabilities in your absence.Your family will be financially stable in case a mishap occurs to you.

If you have loans, a term plan will provide financial support so that your family can pay off all your liabilities. Life is uncertain and relying on luck may not be a wise decision.

WHAT'S MORE? YOU CAN OPT FOR COMPREHENSIVE PROTECTION!

We all know that death is inevitable! But death is not the only thing that makes life is uncertain. What’s even more worrisome is being diagnosed with a critical illness! Critical illness not only impacts a person physically and mentally but also financially. The cost involved in treating critical illnesses like cancer, heart disease, kidney failure, etc. is extremely high and may hamper a person’s lifelong savings.

WHAT'S MORE? YOU CAN OPT FOR COMPREHENSIVE PROTECTION!

A basic term plan will provide security against death but what about security against critical illnesses? There are comprehensive protection plans that will secure your family’s future and also provide a cover for you against multiple critical illnesses. Such plans provide a lumpsum amount on the diagnosis of a critical illness. Unlike, health insurance you don’t have to submit bills to claim, the lumpsum amount will be provided on diagnosis itself.

A critical illness will hamper your current lifestyle extensively. You may need to take a sabbatical or quit your job for some time. Now, if you are the sole earner of your family this can be a major setback. Because your income might have been slowed down or paused but the bills, EMIs and household expenses continue. This lumpsum amount you receive as a critical illness benefit can be utilized for your advanced medical treatment, paying your EMIs/loans, household expenses, etc. Hence a critical illness benefit is an income replacement incase you are diagnosed with a critical illness. This added benefit can make your term insurance plan comprehensive.

ARTICLES WORTH READING

  • How-much-life-cover-do-you-need

    How much life cover do you need?

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  • Term-Plan-vs-Comprehensive-Plan

    Term Plan vs Comprehensive Plan

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  • Tips-While-Buying-Term-Insurance

    Tips While Buying Term Insurance

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  • Why-opt-for-a-term-plan-at-an-early-age

    Why opt for a term plan at an early age?

    read more
  • Why-do-you-need-a-Term-Plan

    Why do you need a Term Plan?

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  • Know-All-About-Term-Insurance

    Know All About Term Insurance

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FREQUENTLY ASKED QUESTIONS

  • The minimum life cover one has to take is 25 lakhs INR. The minimum critical care cover cannot be less than 5 lakhs INR. The minimum annual premium a policyholder needs to pay is 3000 INR p.a.

  • The following Riders are available with TotalSecure+: Accidental Death Benefit Rider (UIN: 147B002V02) Accidental Total and Permanent Disability Rider (UIN: 147B001V02) Waiver of Premium Rider (UIN: 147B003V03) Hospital Cash Benefit Rider (UIN: 147B006V02) For more details about the aforementioned riders, please refer to the respective rider brochures.

  • The riders provide additional benefits in addition to the cover chosen by the policyholder. It not only complements the base plan but also provides additional cover for accidents that may affect the financial planning of the policyholder.

  • The claim is paid on the diagnosis of the critical illness. It is an accelerated benefit which means, the policy will continue with the life cover reduced to the extent of the critical illness cover paid. The policy will continue after the critical illness cover is paid unless it is equal to the life cover. Thus, the future premiums payable for the life cover will also get reduced proportionally based on the reduced amount.

  • TotalSecure+ provides cover that goes beyond term insurance. It has an inbuilt accelerated critical illness benefit options (health cover). Thus it offers buyers the flexibility to choose cover based on their needs. The plan offers the following options for the policyholders. 1. Life Cover 2. Life Cover with ‘Basic Health Cover’ (7 Critical Illnesses) 3. Life Cover with ‘Comprehensive Health Cover’ (35 Critical Illnesses)

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