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Term Insurance 617 views October 6, 2021
Term insurance protects your family financially in case of your unfortunate demise during the policy term. But nothing to be given in case you survive till the end of the policy term. Life expectancy can be around 20-30 years post your retirement at 60. Keeping that in mind, many insurance companies offer term insurance for your whole life i.e., up to the age of 99 years. You can call these as lifelong term insurance plans.
You can also customize your lifelong term insurance plan with riders of your choice. It will help secure your family members should you die due to a specified illness or an accident. The nominee gets an option to receive the term insurance benefit as a lump sum or in installments. There’s more you don’t know about lifelong term insurance, so read this page below to understand it better.
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The following are the reasons that call for considering lifelong term insurance plans for your family.
You can purchase this insurance online or offline at your convenience. There are no complicated terms and conditions attached to the policy. And in case anything happens to you during the policy term, the company shall pay the compensation amount to your nominated family members.
You can customize the term insurance as per your choice by opting for any of the following riders –
Accidental Death – If you meet with an accident and it results in death, the insurer shall pay the rider sum assured to the nominee along with the base benefit. The coverage is applicable up to 12 months from the date of the accident. So, if you die due to an accidental injury during the policy tenure, this benefit is still available to your nominee.
Accidental Disability – A benefit equal to the rider sum assured shall be payable to you if an accident results in Total Permanent Disability.
Critical Illness – A lump sum amount is payable to you in case you are diagnosed with any of the covered critical illnesses and survive for a specific period.
You might not believe it, but you can get a whole life cover starting at around INR 500 per month only. The offers may vary from insurer to insurer. Normally, the company determines the premium amount based on age, health status, etc. Insurance companies can also provide you with a discount on the premium rate if you’re a non-smoker.
One of the reasons you should get a Lifelong Term Insurance Plan is that it offers you a sum assured up to INR 1 Crore. So, if you need financial security for your loved ones, there’s nothing better than a term insurance plan which is affordable and provides a great deal.
The following are some of the popular lifelong plans that will provide your family financial protection in your absence. Check out their offerings below –
Under this term plan, you can choose your Death Benefit Payout as per your family’s requirements. You need to pay your premiums for Max Life Online Term Plan Plus till retirement, subject to a maximum of 60 years. And this plan provides you coverage till the age of 85 years. If you need additional protection, you can top-up your cover with the accident, disability, and critical illnesses rider. Check out the coverage your family will get in case you’re not around –
Sum Assured Death Benefit – 100% of the policy Sum Assured
Sum Assured plus Level Monthly Income Death Benefit – 100% of the policy Sum Assured + 0.4% of the policy Sum Assured per month, for 10 years
Sum Assured plus Increasing Monthly Income Death Benefit – 100% of the policy Sum Assured + Increasing monthly income for 10 years wherein the first year income amounts to 0.4% of the policy sum assured. The income will increase by 10% every year on the first year monthly income.
The maximum sum assured is INR 1 Crore under Max Life Online Term Plan Plus.
HDFC Life Click 2 Protect 3D Plus provides you a life cover of INR 1 Crore at a minimum premium of INR 521 per month. In case of your death, the insurer provides you the following benefits –
For single Pay – Highest of
For Regular Pay – Highest of
ICICI Prudential iProtect Smart provides you coverage for up to 99 years and pays the death benefit to your nominee in case of your death as per the chosen option. Here, you can choose your life cover from the following options –
Life – Death Benefit + Terminal Illness + Waiver of Premium on permanent disability
Life Plus – Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit
Life & Health – Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accelerated Critical Illness Benefit
All in One – Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Accelerated Critical Illness Benefit
You can receive the policy benefit by choosing any of the following payout options –
Lump Sum – The insurer pays the death benefit in a lump sum to the nominee
Regular Income – 10% of the Death Benefit is payable every year for 10 years in equated monthly installments (EMI) in advance at 0.83333% of Death Benefit. The nominee can receive the first-year income as a lump sum and receive income from the subsequent month for 9 years at 0.80% of the Death Benefit Amount.
Lump Sum & Income Payout – Choose a lump sum at inception that will be payable to your nominee. The remaining sum assured will be payable to the beneficiary in EMIs in advance at 0.83333% per month for 10 years.
Increasing Income Death Benefit – Here, the insurer pays monthly installments for 10 years, starting with 10% of the benefit amount per annum in the first year. Afterward, it will increase by 10% per annum with simple interest every year. Your nominee can convert all or some of his/her monthly income into a lump sum.
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