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Term Life Insurance Comparison - 3 Benefits You Didn't Know

Term Life Insurance Comparison - 3 Benefits You Didn't Know

Investing in a term insurance plan has seen a rise in the past few years as a means of financial security, knowing the uncertainties of life, especially after the Covid-19 pandemic. We never know when we might come across an untimely demise which may leave our family with emotional and financial burden.

Investing in a term life insurance plan will provide you and your family with financial security and the assurance to live a peaceful and a financially sound life.

In today’s time and age, numerous life insurance providing companies provide individuals with multiple term plans to choose from. This makes it important for an individual to do a well-researched term life insurance comparison and choose a policy that matches his as well as his family’s financial requirements in the coming years. In this article we will look at what a term plan is, its benefits, and a few things to keep in mind while doing a term life insurance plan comparison.

What is a Term Plan?

As the name suggests, a term plan is a type of insurance plan that provides financial security to the policyholder and his family for a specific tenure say 10 years, 15 years, etc. In case of an untimely demise of the policyholder, a term plan will provide the family with a lump sum amount of death benefits to ensure that his family do not come across any financial constraints even in the absence of the policyholder.

What are the Benefits of Investing in a Term Insurance Plan?

  • It provides a financial safety net to the policyholder and his family and ensures that they are able to fight the rising cost of inflation rates in the coming years.
  • A term plan provides the policyholder tax deduction benefits of upto Rs. 1.5 lakhs in one financial year under Section 80C of the Income Tax Act, 1961.

Let us now look at a few things to keep in mind when you are planning to do a term life insurance comparison.

1. Your and Your Family's Goals and Financial Requirements

Our financial requirements vary depending upon our short-term and long-term goals. Before you start with your term life insurance comparison, it is important for you to know your and your family’s future goals and financial requirements. This will help you with your term life insurance comparison and choose a policy that matches yours and your family’s financial requirements.

2. Premium Payout Options

While doing a term life insurance comparison, make sure that you choose the premium payout option that is convenient for you., you can choose from numerous premium payout options including –

  • Monthly payout option
  • Quarterly payout option
  • Half-yearly payout option or
  • Annual payout option

3. Additional Rider Options

While you are doing a payout option, check for the additional rider options. Opting for additional rider benefits will provide you with additional benefits as well as a larger cover under one policy. You can choose from numerous additional rider options such as -

Your Way Forward

You now know what a term insurance plan is, its benefits and a few things to keep in mind while doing a term life insurance comparison. So, if you are planning to invest in a term insurance plan in India, then Bharti AXA is the right choice.

Bharti AXA is a pioneer insurance providing company that provides term plans and ensure that you are able to seamlessly invest in this. Our experts will help you choose the right term plan which will ensure that yours and your family’s future financial requirements are met. We also have a claim settlement ratio of 99.09%, 24/7 customer care service, etc.

For more information on the best term plans in India, get in touch with us today.

Disclaimer :

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time’

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Wealth Pro

  • An Individual Linked life cover with Insurance cum Savings Plan.
  • Choose a Variant: The plan offers you two variants to choose from a) Growth Variant b) Legacy variant
  • Grow your wealth further with Wealth booster
  • Multiple Investment Strategies to suit your investment needs
  • Tax benefits

Bharti AXA Life Guaranteed Wealth Pro

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms