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Term Plan for family is a kind of insurance that provides financial support to the policyholder's family after his/her sudden demise. It acts as an income replacement for the family, that helps them with education expenses, debt repayment, mortgage payment or fulfilling other financial obligations even in the absence of the breadwinner.
Family term insurance can be used to cover various financial needs, such as mortgage payments, education expenses, and living expenses. The policyholder typically pays a premium for the coverage, and the death benefit amount is determined at the time the policy is purchased. Family term insurance also offers the option of ‘Life Stage Benefit’, which adds flexibility to your plan and accommodates the growing needs of the policyholder. This unique feature enables your insurance coverage by increasing the sum assured at crucial stages of your life such as marriage or birth of a child.
Term insurance plan for family works by providing life insurance coverage to the policyholder, as well as their spouse and/or children. The coverage lasts for a specified term, which is usually between 10 and 30 years, and pays out a death benefit in the event of the policyholder's death during the term.
It's important to note that family term insurance policies typically do not have a savings component and do not accumulate cash value over time. The premium amount is typically lower than other types of life insurance policies, but the coverage is limited to the term of the policy and does not provide any benefits if the policyholder does not die during the term.
HDFC Click 2 protect life is a comprehensive plan, offering 3 different variants and an unlimited life cover.
Unique Features
Kotak e-Term Plan is a Pure Protection Plan. It offers special premium rates to non-tobacco users and women and has multiple plan options with additional riders.
Unique Features
A pure protection term plan that protects your family's financial needs after your demise. The plan is available online only, and comes with several benefits.
Unique Features
ICICI Pru iCare II is a term plan that lets you secure your family’s future, and allows you to choose the number of years for which you wish to pay the premiums.
Unique Features
The term plan offers coverage for 42 Critical Illnesses, along with the ability to enhance coverage through optional riders.
Unique Features
Here are some of the key features of family term insurance:
Family term life insurance provides a number of advantages, including:
While family term life insurance offers many advantages, it also has some disadvantages, including:
PolicyX is an IRDAI-approved insurance comparison portal that can easily help you compare the term insurance policies before you opt to buy them. Below we have provided the steps to follow in order to purchase any kind of insurance plan as per your needs and requirements.
You can buy the term insurance plan from our official website Policy.com. Visit the website, get a quote for the plans you wish to buy, and compare the plans and rates. Click on the ‘Buy’ option of the plan and complete the rest procedure.
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Call our customer executive on our toll-free number - 1800-4200-269, to get the quotes online. The executive will guide you through the policy norms and help you with the documentation and payment process.
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If you are considering purchasing family term insurance, it is important to carefully evaluate your insurance needs and consider factors such as your financial situation, the size of your family, and the length of time you need coverage. It is also important to shop around for the best policy and premium rate, and to consider working with an insurance agent or financial advisor to help you make an informed decision.
Term insurance for a family is a type of life insurance that provides financial protection to you and your family in case you pass away.
A person with responsibilities or debt must consider buying term insurance plans. Anyone with dependents, like a spouse, or children, or having a risky occupation must also consider buying these insurance plans.
The policyholder buys the plan and pays for the premium and if they die the company pays them a lumpsum amount as a death benefit. If the policyholder opts for ROP, the company returns all, the premium paid throughout the policy duration if he/she oulives the policy term.
It is the time period for which your coverage is active. It's typically chosen by the policyholder, which is 10, 20, or 30 years.
Term insurance primarily focuses on providing a death benefit so it is usually more affordable compared to other life insurance types.
Yes, you can customize your coverage amount and add riders for additional benefits, like critical illness coverage.
If you outlive your policy term the company will not pay any amount back. But if they have selected a term insurance plan with ROP , the company will return the premium amount at the end of the policy term.
Yes, you can usually change your beneficiaries anytime during the policy term.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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October 5, 2023
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Coimbatore
October 5, 2023
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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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