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Features Of Term Insurance Policies

By Author: Edelweiss
Total Articles: 8

A basic term insurance policy in this day and age is a must for almost everyone. The low premiums and ease of buying and online life insurance policy have increased the access to the best term plans from the comfort of home, work or even on the move. Some of the important features of a term insurance plan that make it a must buy life insurance product, are,

Affordable

One of the biggest highlights of term insurance plans is that they are very affordable. A basic term insurance plan provides life cover to the insured person for a specified amount, called the sum assured, and for a specified tenure, called the policy term. In the unfortunate event that the insured person dies during the policy term, the insured person’s nominee will receive the death benefit from the life insurance company. In a basic term insurance plan, there is no maturity benefit that the policyholder will receive in case he/she outlives the policy term. Since the insurer only has to pay the death benefit and not any maturity benefit, the term insurance plans are quite cheap.

Easily Availed

Term insurance plans, including online life insurance policies, are easy to buy. In fact, one can quite easily buy a life insurance policy online from the comfort of home, from work or even on the move. Apart from buying a life insurance policy online, one can also buy a life insurance policy through an agent of the insurance company of their choice.

Term plan can have return on premiums

There is another variant of a term insurance plan that offers a maturity value that is equal to the return of all the paid premiums if the insured person survives the policy term. These types of term insurance plans are slightly more expensive than basic term insurance plans since they provide life cover as well as a maturity benefit.

Option for staggered claims payout

All term insurance plans, including an online life insurance policy, provide a lump sum amount to the nominee of the insured person in the event that the insured person dies. There is also the option of receiving the death benefit as a staggered payout, meaning that the entire death benefit will not be received at once, but as a series of payments through time. This can be extremely useful for people who may not know what to do with such a large initial sum of money and who would be better served by receiving smaller amounts of money at a regular interval of time.

Flexibility to pay premiums

Term plans allow the customer the flexibility to pay the premiums, which can be paid annually, half-yearly, quarterly, or monthly. Some plans also offer single-pay and limited pay premium options based on the policyholders financial capacity.

One can easily buy a life insurance policy online after comparing and reviewing the available options. Thus, the ease of buying online life insurance, such as Term insurance plans offered by reputable insurance providers, has made buying life coverage readily available and affordable. Thus, offering policyholders a chance to plan ahead and secure their loved ones from financial distress in their absence.

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