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Insurance providers promote and advertise their Term plans more than any other insurance product. Considering the insurance-awareness and increased smartness factor among consumers, insurers have caught the idea that the cheap Term Insurance would be the preferred choice of many. On the other side, consumers are getting influenced by these advertisements and looking for the information whether they should opt for term plan or not.
Owing to this belief, competition is high in the market and driving insurance companies to sell their product at much lesser cost. Moreover, they offer additional benefits as part of term plan. Let's get an overview on why the term plan makes a perfect buy.
1.This is only the plan that offers high Coverage against affordable cost. Anybody who is not willing to dole-out a large chunk of funds for life insurance but he is also apprehensive about the future uncertainties, can buy a term insurance policy.
Another trusted version of this plan is an online term insurance which is gaining popularity due to its amazingly low price. Since IRDA act regularizes insurance companies in India there is no way out that you would be duped in any way. Online term insurance is easy to obtain and operate which adds to its acceptance even more.
2.Premium amount charged in basic term insurance policy is low because there is no option of getting Premium or any other amount back if the Insured person outlives the policy. The benefit is provided to the nominee in the form of sum Assured only in case of the insured's death under the specified period of term plan. This is the benefit for which many bread earners prefer to get term insurance.
3.Generally, in other insurance products people complain of the increase in the premium amount with the increase in their age. In term insurance plan premium amount does not increase with the increase in insured's age. In fact, it remains flat for the entire period of term plan. So, it is easy for the insured to manage his budget accordingly.
4.Many of us do not like to keep things compounded. They want to keep protection and investment segregated. The term Policy is an exact choice for them as this plan does not offer any investment feature in it and provides pure protection scheme. Any cheap term insurance gives you coverage for the period of 30 years and up to the age of 65. In case, you like to get term insurance with increased coverage, you can always add the Riders like accidental death and Waiver of premium to it. However, always compare term insurance plans online to understand which Insurer provides the best.