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Term Insurance India
Term plan is a pure risk coverage life insurance plan generally with no maturity benefit. It is a cheapest way for providing financial security to family or dependents in case of any unforeseen eventuality. It provides a lump sum to the family in case of death of the life assured during the policy tenure. Some term plans also provide regular monthly payout instead of lump sum payment or a combination of lump sum and regular payout as provided by the insurance company.
These are some of the common riders available in the market. There may be some more riders available. An important thing to note here is that the maximum premium for all riders together cannot be more than 30% of base premium. For example, if your base term plan costs you Rs. 20,000 then rider premium cannot be more than Rs. 6,000/-.
If you have adequate standalone critical Illness plans and accidental insurance cover, then adding rider to term plan may not be most appropriate action, but in case you are unprotected go for them. On the other hand accelerated benefit rider and waiver of premium rider could be your default choice.
Term insurance is one of the easiest insurance plans to comprehend. Buying term plan is equally easy. Here is your step-by-step guide to buying term insurance. The first step while buying a term insurance is finding out how much cover you require.
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