Term insurance

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  • Life Cover
  • Tax benefits
  • 2 lakhs + Policies sold

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What is Term insurance?

Term insurance is a type of Life insurance, with a validity term to enjoy the benefits. Unlike other life insurance policies, term insurance policies have specific validity periods. In case, the policyholder dies during the validity term of the policy, then the beneficiaries of the policy will get the death benefits.

Types of term insurance

Level term plan

The basic type of term insurance policy in which the sum assured remains unchanged throughout the policy tenure. The benefits are given to the beneficiary after the death of the policyholder.

Increasing term insurance policy

In this policy, the sum assured increases every year by a certain percentage. It is framed considering inflation.

Decreasing term insurance policy

In this policy, the coverage decreases over time at a pre-decided rate. The premium is constant, and the assured amount decreases either monthly or annually.

Convertible term insurance policy

The policy allows the policyholder to change the type of insurance policy into another type of life insurance policy.

Term Return of Premium

It is a type of life insurance in which the insurance firm provides assured maturity benefits in case the policyholder survives in the policy period.

Features and Benefits of Term insurance

  • Premiums paid towards term insurance policies qualify for a tax benefit under section 80C of the IT Act, 1961.
  • People can easily choose their payment routine for the policy. The payment routine can be monthly, quarterly, half-yearly, annually term payments using a great range of payment options available.
  • An individual is given a grace period of 15-30 days. An individual can cancel the policy if he/she isn’t satisfied with it within that free look period.
  • A Term insurance plan is cost-effective. The premium to be paid can be hundreds and thousands, whereas the assured amount can be lakhs and crores.
  • You can easily buy a term insurance policy online.
  • Buying a plan with a long-term perspective provides financial strength to your family, even in your absence.
  • Additional benefits such as critical illness, disability benefit, and accidental death add-ons are also available under a term insurance plan. You can add these by paying an additional premium amount.
  • Buying term insurance at an early age would entitle you to a lower premium.

Why buy term insurance at IVA insurance?

To buy the best term insurance policy one has to compare the benefits of all the policies available in the market. IVA insurance helps you to compare the term insurance quotes from multiple companies. By doing so, the users can select the best policy suited to their needs.. The process involved in buying a term insurance policy is quick at IVA insurance. An expert team is there to assist you in the buying process from start to end.

FAQ’s

In order to stay prepared to handle any uncertain situation in life and to secure one’s family, everyone should have some kind of a Term Insurance policy. It is a policy that serves the policyholder’s loved ones after their death.

There are many different types of Term Insurance. You must choose the policy based on your requirements and the terms and conditions of the policy.

Yes, you can cancel your Term Insurance plan within the free-look period offered by the insurance company. 

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