Term Plan is a type of insurance policy in which you will cover more benefits at a low premium cost. The term plan insurance policy is a very good or beneficial policy as in very low premium you can have insurance for lakhs & cores also.
The term policies can be taken for 10 years, 15, 20, 25, 30 years.
The term plan insurance policy has good benefits which are given below:
- Death benefit: During the time of policy if the policyholder is accidentally dead then the nominee of that policy will get all cover amounts of the insurance policy.
- Tax benefit: According to rule and tax policy 80c, the policyholder has to pay no taxes after the premium and cover of the plan.
- Rider: You may also avail benefits like Accidental Insurance, Critical Insurance Cover, Premium Waiver & increasing sum assured benefit. These are available as product features or separate riders.