Terms plans are pure insurance plans. The benefits of the term plans are as under :
- Pure term plans provides higher risk cover with less insurance premium.
- It allows you to segregate insurance needs from investment needs.
- It is useful to cover the loan liability of the individual
- Surviving family members are not burdened with servicing the loan of deceased borrower.
- The property is protected. For example ΓΆ€“ in case of housing loan, generally house is mortgaged against loan. Loan repayment with the insurance claim ensures that property is released by the bank or financial institution.
- Constant life insurance benefit irrespective of subsequent decrease in outstanding loan.
- The following loans may be covered
- Home loan
- Business loan
- Credit card loan
- Personal loan
- Vehicle loan
- Employer loan
- Loan from family & friends
- Any other loan
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