A term plan provides you with a high sum assured in exchange for an affordable premium. This is the simplest form of life insurance that there is and one of the most basic benefits of these policies is their affordable costs. When you compare these policies to the other life insurance plans in terms of costs of premium you can easily understand what we are talking about over here. You would have no issues in paying the premiums of these policies as such. It is also important to keep in mind that the earlier you buy these policies lower would your premium be.
It is quite easy to understand these policies
When you buy a general life insurance policy you could find it difficult to understand all the jargon that is associated with such policies. However, there is no question of any such problem with the term insurance plans. This is in fact one of the prime features of these policies when you come to think of it. This is life coverage at its purest. There is no investment component in these policies. Here you pay the premiums for a certain time and the insurer would cover you for that period.
There are plenty of death benefit payout options
These policies also come with a lot of riders that can help you get the best possible coverage for your family members in case of any unfortunate incident. You can be sure that if you buy the policy from a leading service provider such as PhonePe you would come across the best policies with the finest riders and other features. It also helps that you have to pay only a nominally higher premium to get the benefits that we are talking about over here. For example, there are certain policies where the premiums are waived off in case you are diagnosed with a critical illness covered by the policy and in case of dismemberment.
GIF
