What is Life Insurance?

With a Life insurance plan or term cover, an individual can avail coverage for a certain period of time or ‘term’ by paying a specific premium amount during that period. Such a life insurance policy guarantees a death benefit pay-out to the nominees/family members, if the insured dies during the period specified in the life insurance policy.

With the uncertainty and financial strain of the COVID 19 pandemic, it is even more essential to ensure that your family will be cared for, whatever tomorrow may bring. A term plan helps you do exactly this. As they are regulated under IRDAI (Insurance Regulatory and Development Authority of India), term insurance plans offer a guaranteed pay-out under the specified terms.

How Do Life Insurance Policy Work?

Depending on the term plan you choose, your nominees are paid a lumpsum amount of money, in case of the policy holder’s death. By varying the lumpsum amount payable, you can also choose to receive monthly income benefits. A term insurance policy can be expanded to include riders so you can reap better term plan benefits in case of disability, critical illness, or accidental death , Income replacement at nominal prices.