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Term Insurance – What is Term Insurance Plan?
In simple words, a term insurance plan is a form of life cover that provides coverage against a specific set of risks for a defined period of time. The term insurance plan aims to provide coverage to secure the family needs of the policyholder in case of a sudden demise. In this type of policy, there is no saving component like an endowment policy. An individual can opt for a term insurance policy as the premiums are very affordable compared to other life insurance policies. If the policyholder expires within the term of the plan, then the death benefit is given to the nominee.
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Types of Term Insurance Plans:
1. Regular term insurance plans:
2. Group term insurance plans
3. Term return of premium plans (TROP)
4. Decreasing or increasing term insurance plans
5. Joint term plans
6. Convertible term insurance plans
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Eligibility Criteria for Term Insurance Plans:
– The policyholder must attain a minimum age of 18 years while buying the policy.
– The maximum age limit for the policyholder at the time of maturity of the policy is 75 years.
– The minimum age of maturity of the policy will be calculated based on the age of entry and the tenure offered.
– The sum assured is an important factor in calculating the eligibility as many policies have a fixed minimum sum assured.
Smokers and Non-Smokers Criteria in the Term Plan:
This is a special type of benefit offered by the insurance company. It states that non-smokers are eligible to get special discounted premium rates on term insurance policies. This term does not include smokers or users of any tobacco products. Smokers who have quit smoking are also eligible for lower premiums.
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