Term Insurance Plans are extremely important to secure the financial security of your family. A term life insurance policy provides a high sum assured which can be used by the family.
Term insurance also has different payout options:
Lump sum on maturity
Lump sum on maturity + monthly income
Lump sum on maturity + increasing monthly income
You can choose whichever mode helps your family manage their finances better. It is possible to change the mode of death benefit as well.Term life insurance also comes with riders such as waiver of premium in case of disability or diagnosis of critical illnesses or terminal illnesses. This helps to conserve finances for the family and also pays out the rider sum assured. Opting for such riders can also help with finances in case the rider conditions materialize.Term life insurance allows you to buy a policy that has a high sum assured. This provides comfort and protection to your family long after your unfortunate demise. Best term insurance online payouts must be enough to meet your family’s needs, which is why it is possible to evaluate your needs and increase the cover midway. You can opt for an increasing sum assured where the sum assured increases by up to 50% on marriage and by 25% on birth of one child up to two children. This provision ensures that your sum assured takes your growing family into account as well.