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What is a Term insurance policy?
What is a Term Wheeler insurance policy?
Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific ‘term’ or a time period. A term life insurance policy can offer a substantial cover
In case of death of the insured individual during the policy term, the death benefit is paid by the insurer to the nominee. However, in the event that the tenure of the policy comes to an end within the lifetime of the policyholder, then the latter does not get any money back.
Usually, the policy term of term insurance can range over a long period such as ten years or twenty years or thirty years. The premium for a term insurance policy can be paid on a monthly, quarterly, half yearly or yearly basis.
One should know the importance of term insurance key features and why you should opt for it before buying a term policy
The purpose of taking term insurance is to provide life cover to the policyholder and financial security to his family. Therefore, if an individual covered by term insurance passes away, then the dependents of the individual need not compromise on their financial aspirations. The death benefit offered by a term insurance plan can be used for a variety of purposes such as managing living expenses, paying for higher education etc.
Therefore, it is imperative that a term life insurance plan should be a part of an individual’s financial portfolio. One can either buy a term plan online or offline.
Why should you buy a Term insurance online from MyonelifeX
Term insurance is a simple product and is easy to understand. Here are reasons to buy term insurance:
Who Should Buy Term Insurance Plan?
Term insurance can be purchase by individuals across segments.
What Are The Benefits Of MyonelifeX Term Insurance Plan ?
Here are some benefits of purchasing a term insurance policy
- High protection at low premiums
Life insurance policies are accessible to the masses since they provide a large cover at relatively low premiums. The earlier in life you purchase term insurance, the lower the premium.
How To Choose The Right Term Insurance Plan?
Choose from a wide range of add-ons when buying MyonelifeX two wheeler insurance plan online.
How Long Should Be The Term Of Your Term Plan?
The tenure of your term plan is as important as the amount of premium you pay. The longer the period of term insurance policy, greater will be the policy’s annual premium. If you keep the period too short, there are chances that you would be without a cover in a period when your loved ones will still need financial protection. Therefore, it makes sense to consider important factors like the tenure of your term plan when you are buying a term plan in India.