Term Insurance

This is the most common form of term life insurance. It offers a fixed death benefit when the policyholder dies during the policy term.

Level term insurance is one of the most popular types of insurance where the insured has to pay the same premium throughout the tenure of the plan. It also guarantees a fixed payout in case of the demise of the insured. Thus, it is called a level insurance because the premiums and coverage remains at the same level throughout the term without any alterations.

Group term insurance plan is intended for families, organizations, companies, and clubs. These policies provide the same insurance benefits as an individual term.Each policy is generally modified after a thorough discussion with the insurance company according to the requirements of the particular group so that large number of people can avail the maximum coverage.

It is a term plan that reimburses the premium paid for coverage if the insured individual survives the entire policy period. As the policyholder receives money back from their term insurance policy at the end of the period,therefore these term plans are becoming increasingly popular.

A decreasing term plan is a type of policy that offers a sum assured death benefit that decreases over time. This type of policy is ideal for those who want lower coverage as their needs decrease. Such a term plan is available at a lower premium rate. It protects the insured's family and provides tax-free coverage at an affordable premium price.

This term policy offers the option to convert the policy into a permanent life insurance policy. This type of policy can be ideal for those who want the flexibility to change their coverage as their needs changes over the period of time. For example, if you have obtained a term insurance plan for 25 years, but after 5 years, you want to convert it to an endowment policy or any other, you can do it easily.

Two people together can buy a joint life term insurance plan. These can be husband and wife, parent and child too. It offers death benefits to the other in the event of one policyholder’s death. This type of policy is ideal for those who want coverage for their spouse or child. However, in case of the death of one, the policy will expire.

It provides protection that increases over time. The death benefit rises at a fixed rate each year, making it a good option for those who want protection to keep pace with inflation.

Whole life insurance, also known as traditional term plan or permanent life insurance, goes on for as long as you live. It combines a death benefit with a savings component. The policyholder pays premiums for a specific time and provides coverage forentire life, and the policy does not expire. If the policyholder remains alive for 100 years, the endowment coverage is provided to them as a maturity benefit.

Endowment policies are a type of permanent life insurance policy that provides death benefits and an opportunity to save money. The policyholder pays premiums for a specific number of years (usually 10-20 years), and the policy matures at the end of that period. At maturity, the policyholder receives the death benefit and the policy's cash value.

Woman term insurance is a type of term life insurance policy designed specifically for women. It offers the same death benefit as a basic term insurance policy but typically costs less.

The first thing that every term insurance buyer should consider is the amount of coverage required to meet the family's future needs.

To discover more about this, you can use term insurance calculators accessible online.It helps to determine how much to invest each month as a premium, so the family's future needs are satisfied when you are not around.The most popular term policy calculation is sum around 15 times the insured person's annual salary, which may be calculated manually using the thumb rule of term policy calculation.According to this procedure, a person's life or term insurance should be 15 times their yearly wage.

So, if Mr.A's yearly income is Rs. 12 lakh, he will need term insurance worth 1.8 crore rupees.However, the second step is also included in this equation, which requires one to identify the necessary coverage from term life insurance for covering their other financial obligations, such as the policyholder's children higher education.

For example, Mr.A's total financial obligations are Rs.50 Lakh, and he wants a life or term insurance policy that provides him with coverage of Rs.2.3 Crore(rounded to the nearest lakh).

The simplest type of life insurance is a term insurance. Term insurance premiums are less expensive than other forms of life insurance. Nonetheless, to choose the proper term life insurance plan, one must look at 'term insurance comparisons.

Look for the right riders to add to your basic term plan. For example, several term insurance providers offer riders to cover major illnesses and incidents. With SMC Insurance, you can pick and choose the riders that meet your requirements precisely. It is beneficial to include a suitable rider for improved risk coverage and better protection for your family available at low rates.

An online term plan provides a lot of coverage to its policyholder.However, as a buyer, you are solely responsible for choosing the most cost- effective and appropriate term insurance plan without missing anything essential.

Depending upon the type of term insurance contract you select, the death benefit may stay constant throughout the plan's duration or may go down or up. Different options for death benefit payout are available, including a lump sum payment. A lump-sum payment with an annuity that might be monthly, quarterly, or yearly, as well as simple annuities that are spread over the agreed number of years.

An insurance company's claim settlement ratio is the proportion of claims closed against the total number of claims filed. The greater a company's claim settlement ratio, the more reliable it is.

It's a pure term insurance policy in which the beneficiary receives just the death benefit if the insured dies before the policy ends.

The insurance premium is the amount paid by the policyholder to the insurance firm on a yearly, half-yearly, quarterly, or monthly basis. The premium paid by the policyholder determines the term insurance coverage of the policy.