Beneficial covers of term insurance plan

If you are looking for an insurance plan, which provides the highest coverage at the same time charges you fewer premiums annually than any other life insurance plans, then Term insurance plan is the best choice for you. The insurance plan provides coverage for you and your family for the premiums you pay for a term you choose for yourself. Generally, the terms vary from 10 to 70 years.  The entry age for term insurance varies from 18 years to 65 years. Upon the death of the policyholder, the nominee or the dependents get to claim the life insurance. The lump sum amount will be paid out according to the payout option you have chosen at the policy enrolment time.

  • Coverage for a long-term – Term insurance is the only insurance plan to offer you long coverage plans, which generally vary from 10 to 50 years with a low premium payments
  • Low premiums – The premium payment for term insurance is generally lower than that of other insurance plans available in the market.
  • Additional coverage options – You can include the additional coverage options on top of your insurance plan. There are certain terms and conditions for the coverage options. You should opt for the options within six months of the enrolment into the insurance plan.
  • Flexible payout options – When you enroll to an insurance plan, you can choose the payout option you want to avail after your claim is processed. The flexible payout options generally help you to protect your family when you are not around.
  • Discounts on the premium – In a highly competitive insurance market, it is certainly possible for the insurance company to offer you discount on the premium payments. Comparing the available options in the market on insurance aggregator webistes like, you will able to choose the best insurance for yourself.
  • Flexible payment options- Term nsurance also offers you to pay for your premiums at your choice. The payment option is available on a monthly, quarterly, semi-annually and on an annual basis. The premium for the monthly option is lesser than that of the annual payment. Based on your requirement you can choose the payment option.

Additional covers in basic term insurance plan

It is better to buy additional insurance plan rather than adding topping to the existing insurance plan. Most of the term insurance plan offers life stage protection feature. Where you can increase the sum assured by a certain percentage of existing cover in two milestones. The first is your marriage and second is the birth of your children. The premium payment will be calculated based on your age and on the number of terms.  You can add the additional covers without any medical tests. However, most of the additional coverage plans are available for pure term insurance only.

The additional services or covers provided under the term insurance plan is sometimes called term insurance riders. These riders help you to strengthen your insurance plan. There are several riders available. You can opt for each of the riders in your insurance plan to avail the benefits.

  • Waiver of premium – This cover plan waives your premium in case there is an accidental death to the policyholder.
  • Accidental death benefits – In case of the death of the policyholder, the sum assured will be given to the nominee or the dependents.
  • Critical Illness – In case of the critical illness, the lump sum assured amount will be given to the nominee or dependents of the policyholder.
  • Total and permanent disability waiver – In case the policyholder suffers from an unexpected disability, the entire premium amount will be waived.

Duration limits for covers in term insurance

There is a certain age limit to enroll in a term insurance plan. The entry age varies between 18 to 65 years. Additionally, the duration of the term insurance plan varies between 10 to 50 years. If you want to add additional covers on your insurance plan, you must do it within six months of the enrolment. By enrolling to the additional coverage, you increase the sum assured for your plan and pay higher premiums than the premiums you were paying before.

It is critical for everyone to get an insurance. Term insurance is the simplest and cheapest plan available in the market compared to all other plans. You can find all possible options on It provides financial benefits to the dependents and family members in case of the sudden death of the policyholder. Based on your income, age and dependents choose the right plan that will secure your family through pay-outs in a long term.