Archive for month: May, 2016
Term plan is the most basic kind of life insurance wherein if the policyholder dies during the policy period then his family member (nominated person) gets a certain amount (sum assured). This is called the death benefit. But if the policy period is over and the policyholder is still alive then the insurance company does not remit any money back. Thus, there is no benefit on maturity of the policy. However, the most important feature of a term plan is that you will get a very high sum assured for a really low premium amount. For example, A 50-lac cover for a 35-year old male will cost him approximately Rs.5,000/- per annum. This is a really good deal!
Asvita was in a state of shock after she got to know her best friend Ananya has lost her husband. Ananya, who is a homemaker, has a 3-year old son, and does not know how she will be able to sustain her livelihood. Asvita is wondering – what has she done to protect her family in case of such an extreme situation.
If you can to relate to the hypothetical situation above and are seeking answers, TERM PLAN is the answer.
Ankita was not sure whether to buy another insurance plan as she was already covered by her company, but the sum was not enough. Would they allow us to claim from two different insurers was her another doubt? If you also have similar doubts and apprehensions, read our post to get an insight whether getting insured from multiple insurers serves the purpose or not?