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What is Term Insurance
Term insurance is the purest form of insurance. The policy will be in force for a particular term (say 30 years or up to the age of 75) and then comes to an end. During the time the term policy is in force, the insured pays a fixed premium to the insurance company at regular intervals. This is called premium, and if during this time the insured dies, the insurance company pays a guaranteed amount of money, known as sum assured, to the nominee of the insured.
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Why do I need a Term Insurance
When an individual starts earning, he is expected to earn till the time he retires and his family is dependent on his income. With his recurring income and his savings, he fulfills his various financial goals. However, life is uncertain and an unfortunate event such as death or permanent disability can cease his capacity to earn. Hence every individual is required to protect his family against any unfortunate incident attached to his life so that his family continues to enjoy the same standard of living even if he is not alive.
Ask the right questions to get the right life insurance
Once you have decided to buy a product, ensure that you understand the product well. Therefore, you must make sure that you are aware of the following.
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Indian Express Article - by Mr A.S Narayanan- Bajaj Allianz Chief Distribution Officer
Why Bajaj Allianz?
Term Insurance Plans
The sole object of a term insurance policy is to protect the customer's family from the financial implications of unfortunate circumstances that one cannot foresee.
These term insurance plans are pure risk cover plans with or without maturity benefit. These pure risk plans cover your life at a nominal cost and you may want to take this term insurance plan to cover your outstanding debts like a mortgage, a home loan etc.
