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A term insurance plan offers life risk protection for a defined period. It is one of the most cost-effective ways to ensure that your loved ones are financially protected in case of unforeseen eventualities. In this way, you can help them tide over financial hardships with the assurance that your needs will be well taken care of.
Extensive life coverage for an affordable premium outlay
Term life plan, being a pure protection product, does not involve any investment element. Thus, your entire premium is utilized for the life cover. Moreover, the premiums are stipulated at a young age and remain fixed throughout the policy tenure. This aspect makes buying a term insurance plan rather inexpensive. Hence, this fact needs emphasis that it is worthwhile to purchase term life insurance when you are young, since you are saving a considerable amount over its lifetime.
Flexibility in payments
Flexibility in payments ensures freedom from the hassles of missed payments and policy lapses. You can pay the premium every month, bi-annually or annually, as per your flow of cash. Choosing single premium plans, therefore, offers you the opportunity to pay the entire premium at once.
Term plans are insurance policies designed to meet specific objectives rather than providing general life cover. They are designed to build wealth through tax benefits and regular premium payments. Unlike traditional insurance products, a term plan is for a fixed period of time known as its term (15 to 30 years), after which the policy lapses. Collective Term Plans offer you further tax benefits as compared to single-life or traditional life cover in the form of the Policyholder’s Family Income Benefit along with various other riders such as Critical Illness (CI)
Financial security with flexible payout options
When you buy a policy, you can choose the mode and period for payouts. If your family has outstanding loans, they can use the lump-sum term plan benefits to meet their liabilities. Without any need of medical checkups or health clearances, this policy helps you create a financial contingency plan for yourself. Your family can invest the residue created into long-term investments to earn substantial profits later on. Moreover, if your beneficiaries need regular financial payouts, you can also arrange monthly payouts to cover their living costs.
The Paybima Term Insurance Plan is an Enhanced Life product that is specially designed to provide protection against the risks associated with death due to a Critical Illness and Death due to Accidental bodily Injuries in one policy. The Paybima Term Insurance plan brings you maximum coverage at minimum premium. The Critical Illness & Accidental death benefits are riders or add ons, which can be purchased independently for a nominal cost even if the main life cover has already been taken.
The key advantages of this plan are:
- Waiver of premium – If you fail to continue paying your premiums due to causes covered under your plan, premium payment is waived off, and the life cover continues until the term ends.
- Income benefit – You can supplement the sum assured with a regular income for your family by opting for this rider. The number of claims received and settled by the insurance company during this tenure would be used to calculate the CSR. Contact Mahindra Insurance Brokers Customer Care Number to fix your query today.