A level term life insurance policy has a fixed premium and death payout. This basically indicates that throughout the policy's duration, both the sum assured under the policy and the premium payable against it stay unchanged. Coverage usually lasts for ten to thirty years.
A life insurance policy is a contract between a policyholder and a life insurance company. Life insurance provides financial security to you and your family. The life insurance company agrees to pay a lump sum amount in exchange for premiums for a specified period or after the death of the life insured.
Many Indians are settled in foreign countries, and they understand the importance of a Life Insurance policy as it provides financial security to the family in their absence. The Foreign Exchange Management Act (FEMA) has made it possible for non-resident Indians (NRIs) and people of Indian origin (PIOs) to purchase life insurance plans in India. Various insurance companies now offer a variety of customized term life insurance at low premiums.
Buying a life insurance plan in India is one of the most important decisions one can make in this age of uncertainty. It is recommended to get a life insurance policy according to one's financial condition.
What are the Differences Between Term Insurance and Life Insurance?
Before knowing the differences between Term Insurance and Life Insurance, we need to define both and the associated terminologies to better understand their differences.
Know How Life Insurance Can Protect Your Family
Group Life Insurance Policy Vs Regular Insurance Policy. Which Is Better?
Is Life Insurance for Financial Security or Savings?
Life insurance is considered one of the most secure and safest ways to provide financial security to family against any type of financial emergencies. Since the coverage is enhanced, so is its premium. Term insurance plans and insurance for savings are two different products which caters to different life insurance needs of their customers.
Life Insurance Policy - Unfolding Myths & Understanding Facts
Misconceptions spread like wildfire on anything and everything that we come across. Life insurance is not an exception. For instance, opting for a scheme here is the best way to avoid taxes; everyone says. This prompts people to go for the lowest premium they can avail. And they deprive themselves of the amazing protection a higher amount can offer.