Insurance
Term life insurance offers several benefits, including:
1. Affordability: Term life insurance is generally less expensive than permanent life insurance.
2. Flexibility: Term life insurance provides coverage for a specified period (e.g., 10, 20, or 30 years).
3. Death benefit: Pays a death benefit to beneficiaries if the policyholder dies during the term.
4. Income replacement: Helps replace income and maintain living standards for dependents.
5. Mortgage protection: Can be used to pay off outstanding mortgage balances.
6. Funeral expenses: Can help cover funeral costs.
7. Business protection: Can be used to protect business partners, employees, or key personnel.
8. Convertibility: Many term life insurance policies can be converted to permanent life insurance.
9. Riders and add-ons: Additional features like critical illness rider, accidental death benefit, waiver of premium, or long-term care riders can be added.
10. Tax-free benefits: Death benefits are generally tax-free to beneficiaries.
11. Peace of mind: Provides financial security and peace of mind for policyholders and their loved ones.
Term life insurance is a suitable option for individuals with temporary financial obligations or those who need affordable coverage for a specific period.
Critical Illnesses Covered
With Profit Term Plan
The plan is designed based on some certain assumptions.
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