Term Life Insurance or a term plan is a no – frills life insurance policy, that pays the family a specified sum of money called as sum assured, in case of any eventuality to the life assured. This policy is for a specific period called as the term of the policy. You can take a term plan to protect your financial goal, or cover the loan obligation for specific term. By paying a very small amount of money called as the premium you can insure yourself for a large sum assured. If the Life assured dies during the period of a term plan the nominee gets the sum assured from the life insurance company. In case of a pure term plan there is no maturity benefit to the life assured. Therefore premium paid for buying a Term plan is cost of securing family’s future. While evaluating an insurance company the premium payable, soundness of the insurance company, claim settlement etc are important factors. Other than the premium you should refer to IRDA website for claim settlement history of the insurance company.
At Fiducia Money we recommend buying a term plan for protecting future financial goals of an individual. We believe that an individual can have 10 - 15 times his annual salary as SUM ASSURED. If you have taken a home loan or any other large debt in which case it is highly recommendable to have a Term Insurance. We study the client profile and assess his requirement for term plan and accordingly suggest him a suitable term plan.
If you have got a query regarding a term plan or interested in knowing more about a Term Plan you can submit your query here: TERM PLAN
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