Term Insurance Plan: Which Insurance Policy is Best for You? Find Out Like The Analysts

Term Insurance Plan

Term Insurance Plan: At Present Customers Have Different Types Of Insurance Policies. Basically These Policies Are Made Depending On The Income, Age And Various Factors Of The Customers. Know The Details.

Term Insurance Policy
Term Insurance Policy

Term Insurance Plan

Insurance Companies Have Created Multiple Plans Keeping in Mind Different Buyers And Situations. But Every Buyer’s Requirements Are Different. Especially Some People Focus On Life Insurance, Others Focus On Savings. Insurance Companies Have Basically Come Up With Several Types Of Plans Based On The Needs Of Such Buyers. Find Out Which Plan Might Be Right For You.


Increasing Cover Plan

Life Cover Plans Increase Over Time To Combat Inflation. That Is Why There Is No Need To Buy Insurance In Later Life As Responsibility Increases. But The Increase In Cover May Not Always Be Enough To Offset The Higher Costs Later In Life. In Many Cases You Can Take Additional Cover If Required. Therefore, The Customer Has To Pay Extra.

Single Premium Plan

One Time Payment Is Required For This Type Of Plan. This Plan Is Suitable For Those Who Do Not Want To Make Long Term Payments. It Is Possible To Invest in Such Plans If You Have One-time Cash. However, This Plan Is More Expensive Than Regular Premium Policies. However, The Buyer Does Not Have To Worry About The Policy Being Terminated For Not Being Able To Pay The Premium On Time.

Limited Payment Term

This is Part Of The One Time Premium Plan. Instead Of A One-time Payment At The Start Of The Plan, Premium Payments Are Made Over Five To Ten Years. However, The Cover Is Available Even After The Premium Is Over. These Plans Are Suitable For Those Who Have High Investable Surplus Funds.

Return of Premium

A Section Of Insurance Customers Feel That Buying A Term Plan Is A Waste Of Money. Insurance Companies Have Created Such Plans For Them. In Case Of This Plan, Customers Get Full Refund Of Premium At The End Of The Term. But This Feature Increases The Premium Of The Policy Substantially. According To Analysts, It Is Relatively Better To Pay Regular Premiums.

Staggered Payouts

In This Plan The Policy Holder’s Family Receives Monthly Payments For 10-15 Years. Some Plans Increase By 10% Every Year For Inflation.

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