Term insurance is a life insurance product which provides financial protection in case of sudden demise of the life assured. It is a life insurance policy that provides financial coverage and protection to the policy beneficiary in case the individual life insured dies during the active period of the term insurance plan. Basically, Term plans provide full financial stability and protection to the loved ones of the insured in case of any sudden and unforeseen events. The policy nominee of the insured is provided with the amount as a death benefit, in case of the insured’s death during the term of the insurance plan.
Term insurance plans not only helps in financial protection and security to the insured individual’s family but also fulfil their future needs including education and marriage of the children and others. Some insurance providers also offer coverage of permanent or partial disability due to which the permanent income of the policyholder is disrupted. Term life insurance offers highest life coverage and benefits against lowest premium rates during the term period.
Calculate Your PremiumIt is important to know the benefits of term insurance as well as understand its key features before buying the term insurance plan. A term plan provides life insurance coverage against the fixed rate of premium paid for the specific period of the policy plan.
Provides Financial Security
An unfortunate event like the untimely death of a family member can be highly disrupting, especially if the family is dependent on the person for financial aid. Investing in a term plan helps relieve the financial stress and uncertainty and takes care of the family’s financial needs.
Helps Maintain the Existing Standard of Living
With the help of term plans, an individual can ensure their family members live a well-maintained life with high standard of living, even in their absence.
Low Premium
The premium rates for all term plans are lower than any other insurance plans, making it easy for anyone to pay them.
Bharti AXA Life offers multiple term insurance plans for the insured’s suitability. These plans include Flexi Term Income Protection, Premier Protect,and POS Saral Jeevan Bima Yojana. You can choose any term plan as per your convenience and requirement, which would help in efficiently planning for the future. Bharti AXA is the preferred and trusted choice of insurance providers for Indian customers, with its certain and efficient results. Keeping one’s family safe and secure is easier with Bharti AXA Life Insurance. There is a term plan offered for every possible kind of uncertainty and emergency that could occur and cause financial burden on the insured policyholder’s family and their future.
| Term Plan | Entry Age | Max Maturity Age | Min Sum Assured | Benefits |
|---|---|---|---|---|
| Bharti Axa Flexi Term Plan |
18 to 65 years | 85 years | 10,00,000 | Maximum coverage term up to the age of 75 |
| Gain tax benefits | ||||
| Covers critical illness at the age of 75 | ||||
| Bharti Axa GrameenJeevan Bima Yojana |
18 to 60 years | 5 years or 10 years | 10,000 | Single/Regular pay option |
| Bharti Axa Premium Protect Plan | 18 to 65 years | 75 years | 50,00,000 | Maximum maturity age single pay |
| Bharti Axa Smart Jeevan | 18 to 50 years | 12-year Protection | 50,000 | 100% return on investment of premium |
| Bharti Axa POS Saral JeevanBimaYojana | 18 to 55 years | 12-year Protection | 50,000 | |
| Bharti Axa Income Protection Plan | 18 years min | 58 years for 12-year Policy Term | 5,00,000 | 100-120% return of premium on Maturity |
| 55 years for 15-year Policy Term | Death benefit in the form of annual instalments for 15-20 year | |||
| 50 years for 20-year Policy Term |
Term plans are the purest form of life insurance that secures the family of the deceased financially and provides stability. Here are some of the important features of term life insurance:
Easy to buy
Affordable
Choice of return of premiums
Premium payment flexibility
Staggered claims pay-out options
Offers rebate
Before buying a term insurance plan, it is important to understand the benefits of term insurance. Here are some of the benefits you can gain
Affordable Premiums
Secured Family
Lifelong Coverage
Benefits to Nuclear Families
Death Benefit
Helps Take Care of Liabilities
Tax Benefits
Rider Benefit
Avail Maturity Benefits
Provide financial protection to your family, and help them fulfil their dreams even in your absence.
A term insurance cover must generally be 15-20 times of your annual income. The expert recommended formula for this is, that if your annual income is Rs. 6 lakhs, then you must purchase a cover for minimum Rs. 90 lakhs to Rs. 1.20 crore.
Term insurance policy period must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, your family members’ age and health conditions, liabilities, assets, future goals, etc.
The tenure of the term plan must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, your family members’ age and health conditions, liabilities, assets, future goals, etc.
There are several factors that determine the rate of premium of your term insurance plan. These factors include age, gender, occupation, policy tenure, policy type, number of members included, history of health and diseases, etc.
Gender is the second most important aspect that decides the price of the term plan based on risks. It is used as a risk-rating factor along with the other factors taken into consideration.
In case of the premium not being payed before the due date, the policy is considered lapsed and you lose all the benefits of the insurance plan. You can revive it only if the insurance provider allows to do so.
One can buy more than one term insurance policies to fulfil their needs. It is also possible to have more than one beneficiary for one insurance plan. In case you have two insurance plans, there is no stipulation for nominating the same person as beneficiary for both the insurance plans.