Term insurance is a type of life insurance policy. It can be defined as a life cover for a certain period of time or term. Term insurance policy is the cheapest plan because it does not have any cash value. This policy can be beneficial only if the policy holder dies within the term or before completing the time interval of the policy. One can avail term insurance for 10 to 30 years. This policy comes with a feature that it can be converted to a permanent life insurance policy at any point of the policy term.
Benefits of Term Insurance:
- This policy will provide financial security to the family of the policy holder in case of an uncalled death
- It also provides financial help in case of any illness and disability.
- Avail additional amount insured in case of any accident death.
- Avail different options of the premium payment named as single pay, regular pay, and limited payment.
- Get tax benefits under Section 80C and save money.
- Minimum age of the policy holder should be 18 years.
- Maximum age should be 65 years.
- Policy term: from 5 years to 55 years
- The maturity age of the policy should be 75 years to the whole life.
If you want to provide survival benefits to your family even in your absence, avail term insurance plan. Get the cheapest life cover for your family. Check the documents, charges, premium details with Dialabank. Apply online and choose the best plan.