Insurance is useful when it comes
to covering the risk associated with the happening of an unforeseen event. It
is a matter of solicitation. However, it would help the family of the insured
to help them maintain the same lifestyle if there is a loss of life where the
unsuspecting family loses the breadwinner.
The concept has proved to be
effective across the globe where insurance is all about covering the risk which
usually occurs to a fraction but the risk is covered by many. Hence, the
premium which forms the basic foundation of this contract, between the insurer
and the insured, is mostly on the lower side.
There is a basic difference
between the two major classifications of Insurance namely Life Insurance and
Term Insurance. For life insurance, the premium is much higher since you would
either receive the insured sum along with an accrued bonus, either at the time
of maturity or when the insured is deceased, whichever is earlier. On the other
hand, for a term insurance, the amount would be handed over to the family by
the company in case of death. Since the premium is not paid back to the
insured, the premium amount is usually very low.
There are few companies which
offer Term Insurance and me was convinced by it only after going through this
particular term insurance premium
calculator, you can also calculate here.
I was impressed with
the functionality of this since it gives you the complete control of
ascertaining the premium, all by yourself.
Why term insurance with ICICI
PruLife?
- Lesser Premium.
- Greater Coverage which means you can get an Insurance
Cover for Rs.1 Crore for a premium which is as less as Rs.490* a month.
- Term Insurance gives you overage upto 99 years which
the traditional life insurance doesn’t give as it seizes to exist once you
turn 60+.
- Tax Benefits under section 80D.
- With an optional raider, you can cover any of the 34
Critical Illness (upon diagnosed with one).
- Life Cover even in case of terminal illness including
AIDS.
- Accidental Death Benefit can also be availed at the
time of purchasing the cover or even after the purchase.
- Accidental Cover is applicable until the age of 80 and
can be paid to the family in case of an unforeseen event, over and above
the basic life cover.
- 4 Payout options which include regular income, lump sum, lump sum + regular income and increasing income.
- Option to buy online with MWP Act.
I made a quick calculation based
on my age and here is what I have got.
I can opt for a minimum period of
5 years (premium payment option) to a maximum of 47 years. I was thoroughly
impressed because for a premium of Rs.4.55 lakhs, I am getting a cover of Rs.1
Crore up until I turn 85. I pay this amount only for 5 years where I would only
be just 43 but I can enjoy the cover for another 42 years without having to pay
even a single paisa as a premium. Isn’t that amazing!?
The concept “Term Insurance” was
really popular in the western countries and it is slowly catching up in India
too. There are few articles on various websites which could help you in making
the selection of a perfect plan with the plus and minus points of term life insurance and when you
should buy.
The term insurance premium calculator is such a powerful tool that one
could calculate his/her premium amount all by themselves. You do not have to
depend upon an advisor or anyone. All you need to do is to log in to your
internet and get the premium calculation done. I got mine done. You too can get
your premium quote online.
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