A must have in today’s times; Term Plans help provide the needed protection to our dependents in cases of any uncertainties. A term plan is an insurance policy that provides protection for a definite period. In the event of the death of the insured, the term plan pays a sum assured to the beneficiaries of the insured. In case the policy holder survives the policy term, a term insurance does not provide any survival or maturity benefits. However, certain companies offer term plans that pay back the premiums paid as per the terms and conditions, if the policy holder survives the tenure.
HOW IS A TERM PLAN USEFUL IN MODERN TIMES?
In these modern times, there are several reasons as to why one must avail term insurance. Some of the important reasons for investing in term insurance are mentioned below:
- Financial Security – Best Term Plans build a safety net