Term Insurance 322 views April 10, 2020

There is a lot of buzz around term insurance plans. Which makes one wonder, what exactly is a term plan and whether it is valid for me or not? Should I buy one? If yes, which one? Understanding a term insurance plan is not all that difficult since it is a vanilla life insurance plan.

Term Insurance

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A term insurance plan offers financial assistance to the loved ones of the insured in the unfortunate event of the death of the policyholder. Unlike other insurance plans, a term plan does not have savings or investment components. This means, your entire premium goes into buying a life cover and not into investing in savings and investment-related instruments. This not only keeps the cost of the policy down but also offers the highest life cover among life insurance policies at similar price points.

Benefits of Max Life Smart Term Plan

Before you buy any term insurance plans, it is essential that you are aware of the benefits that the plan has to offer. Max Life smart term plan offers the following.

Return of Premium

In the event that the insured outlives the policy term or duration, the insurer will return all the premiums paid to date. 

Critical Illness Cover

The smart term plans offer a critical illness cover along with the policy. This includes coverage for 40 critical illnesses such as heart attack, coma, kidney failure, etc. 

Payment Options

The plan offers a host of payment options that you can choose form. The premium payment schedules are flexible, which allows you to pay the premiums as per your convenience.

Short Duration Payment

The policy also allows you to opt for a much shorter paying duration so that you do not have to pay until the policy lasts. However, you can still choose to pay premiums until the policy lasts.

Features of Max Life Smart Term Plan

Term insurance plans are making their way into more households, simply due to the long list of features and benefits clubbed with their affordable nature. Here are some of the features that you get access to along with the Max Life Smart term plan.

  1. The smart term plan offers life cover for the policyholder and financial assistance to the family insured in the unfortunate event of the death of the policyholder. 
  2. The plan offers a higher sum insured, which ensures that your loved ones are never under financial turmoil even in your absence.
  3. The smart term plan offers a free look in a period of 15 days. During this period, you can go through the policy documents and assess if the plan fits your needs and requirements. If not, you can cancel the plan. 
  4. Max life smart term plan offers a loyalty bonus of 5% for existing customers on renewal of the policy.
  5. The plan offers life cover up to 85 years.

A term insurance plan can bring a lot of balance to your financial portfolio when combined with other instruments. And the fact that the premiums paid towards the plan are tax-deductible under Section 80C, only adds to the appeal of the policy. If you are looking for a way to secure the future of your loved ones, to ensure that they have a financially independent future, a term insurance plan might be your best bet.

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