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Term Life Insurance
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A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.
The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan.
About Term Life Insurance
Term Life Insurance
- Term Life insurance provides coverage for a fixed period of time at a fixed premium rate.
- In case of untimely death of the life insured during the policy term , the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly payout.
- Therefore Term insurance plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.
Benefits of Term Life Insurance
- Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
- Lump sum amount to take care of immediate financial liabilities.
- Monthly income to sustain the family lifestyle.
- Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.
- Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
- Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
- Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
- Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
- Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
- Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child.
Key Terms when comparing Term Life insurance plans
- Total Payout of each plan
- Premium amount paid for desired Total Payout
- Policy term offered
- High claim settlement ratio
- Riders offered with the plan
Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.
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Disclaimer* - Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank which you have opted for and we do not charge any fee from our customers. Tech Reveals has no sales team on its own and we just help you to compare loans. We do not provide any dsa of Banks. All loans are on discretion of the associated Banks