Death just like life is unpredictable and can strike anyone anytime. Thus, it is important to be ready and ensure that your loved ones do not suffer in case you are not around.
Taking a 10- year term insurance policy is one of the best steps going forward as you can ensure that the future of your family is secured and they do not bear the brunt of any financial liability taken by you.
This type of plan provides you cover for 10 years and helps you take care of your monetary liabilities as well without worrying about your family's future.
10-year term insurance provides you with various benefits and features. Some of them are given below:
These benefits and features might vary depending on the insurance company and the plan provided. It is always advisable to check the policy first before purchasing.
This type of plan is ideal for those who have immediate financial liabilities to clear. You would certainly want a plan that could ensure that your family members do not face any financial problems till they become independent, for which such plans are advisable. These type of pans also allow you take care of your children’s future goals such as their education and marriage. You can also plan accordingly in order to fulfill other important goals such as owning your own house without having to worry about the future. If you are unable to purchase a permanent life insurance where the premiums are generally high, then it is recommended that you purchase a 10-year term insurance policy for yourself.
The 10-year term insurance policy works in a very simple manner. As you purchase a plan, you will be required to pay premiums depending on your age and the cover amount. You can pay your premium as per your convenience i.e. you can pay on a yearly, half-yearly, quarterly or on a monthly basis. In the unfortunate event of your death, a lump sum amount called the death benefit will be paid to the nominee provided the policy is still in force. You won’t be eligible for any maturity benefit in case you survive the term since it is a term insurance plan. After the completion of the term, the plan will cease to exist and you will be required to purchase a new policy for yourself thereafter.
The nominee will not be paid any death benefits if the insured dies after the policy term has expired.
Yes, various 10-year term insurance plans have a minimum and maximum entry age in order to be eligible for availing these type of schemes. The minimum age is 18 years and the maximum age of entry is 65 years. The age restriction may differ from insurer to insurer.
Various insurers offer a grace period of 30 days during which the premium can be paid by the insurer. The policy will lapse if the policyholder doesn’t pay the premium during the stipulated period of time.
No, the individual won’t be eligible to receive any benefits whatsoever after the policy has lapsed.
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