5 Top Term Life Insurance Plan Facts You Must Know About


Medically reviewed by

Bajaj Finserv Health

Aarogya Care

4 min read

Key Takeaways

  • A term life insurance plan offers coverage for a lengthy time
  • Include important riders for more benefits from a term life insurance plan
  • You can buy the best term life insurance plan on a low premium

term life insurance plan is a simple type of life insurance plan that provides financial assistance to the policyholder. This is in case of the demise of the insured under the insurance plan. Beneficiaries receive a death benefit under the chosen term life insurance plan. A key advantage of this plan is that it offers coverage at a nominal premium. As such, having the best life insurance plan can secure your family’s future.

Read on to learn about some interesting facts about term insurance.

Fact 1: The coverage offered by term life insurance plan extends up to 85 years of age

Term insurance is that type of life insurance policy, which provides coverage for a certain period of time or a few specified ‘term’ of years. Policyholders can use term insurance, the simplest and best life insurance plan, to secure the lives of dependents after their demise. As a tax-paying citizen, you can also use your term life insurance plan to claim a tax deduction. This is available under Section 80C of the Income Tax Act. This extends the benefits of the plan, making it more fruitful. The best part about term insurance is that has a survival benefit. It starts paying back lump sum or monthly income almost equal to the premium you have paid after a certain term.

Fact 2: Include important riders and top-up health insurance plans to extend the benefits of term insurance

Along with a hefty life cover, you get additional coverage on your term plan. It can provide you protection against critical illnesses. All you have to do is pay an additional premium to include top-up health insurance plans in your existing policy. For instance, you can get coverage against critical illnesses like heart attacks, cancer, or kidney failure. You can also attach important riders to your plan, which gives you the benefit of a waiver on all your future premium payments.

term life insurance plan

Fact 3: The sum assured on the term life insurance plan is hefty

The term plan is a flexible life insurance policy, which comes with an adjustable coverage benefit. This means that you can increase or decrease the coverage anytime you want based on your financial strength. What’s more, you can assure yourself of this hefty coverage on a nominal premium. You can either pay the same premium or change it during the course of the policy. This may be done to get more benefits such as a larger coverage.

Fact 4: Buying the best term life insurance with return of premium is a hassle-free process

The return of premium term life insurance plan is a unique type of term insurance. Here, you get back the premium you have paid on your insurance plan. This means that you can gain leverage from your policy and draw a steady income from it. Simply pay hefty premiums on it throughout the term and then cash in the same later on, at the end of the term. The benefits of these policies extend beyond financial positives. You can buy the best life insurance plan online, anytime you want. You can easily compare varied policies, use calculators to know the premium and coverage. Then, fill in a few details and buy the best term life insurance with return of premium digitally.

Fact 5: Experience faster claim settlement

An insurance claim is a formal request that the policyholder or their nominee makes on the policy to retrieve the amount they have been insured for. In the yesteryears, claims on insurance policies had to be made using reams of paperwork. Today, claiming your insured amount is easy and happens within minutes. In fact, claim settlement on the term life insurance plan is much easier now. All you need to do is raise a request online or over call and post a few verifications, the claimed amount is disbursed to you in no time!

Term insurance is referred to as the best life insurance plan for a reason. While the facts above point to its superiority, you can buy the best plan by doing a comparison of the market. To get your hands maximum features at affordable premiums, explore Aarogya Care plans from Bajaj Finserv Health. They help you address your and your family’s health with ease and offer value for money.

Published on 18 Nov 2021Last updated on 20 Jun 2022
  1. https://www.gicouncil.in/insurance-education/insurance-claims/

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.


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