Term insurance is the purest and the simplest form of life insurance. It helps in making your family financially secure and stable in your absence. A term insurance plan covers an agreed sum of money to be paid to the beneficiary at the end of the policy term or on the death of the insured. There are 5 things one should expect from a term insurance plan. These are:
Fits to your Monthly Budget
Term insurance may be the right choice for you if you have a young family and can handle the financial responsibilities of any future hardships on a short-term basis. Term insurance premium rates are substantially lower than the prices charged by traditional life insurance companies that sell only whole life and other permanent coverages. This is why you can ensure your entire family with term insurance and still budget with ease.
Adequate Financial Support for Your Family
A term insurance plan covers financial obligations in the event of the death of the insured during the policy period. The nominees can make good use of this insurance to ensure adequate financial support for your family after your death. A term policy offers the highest death benefit in comparison to all other life insurance policies and hence is very cost-effective ensuring only one’s financial obligations.
Zero Stress for Family’s Income After Death
Life Insurance is the best way to safeguard your family’s future, especially when you are no longer there to support them. If you take any term insurance plan from us, you will be able to provide the right financial protection and peace of mind to your near and dear ones. This plan can payout or regular income option to nominee helped with assured death claim settlement within no time. So, buy our Protector Plus Life Insurance Plan online today.
Zero Payment after Retirement
Put an end to your monthly insurance premium after retirement! The Zero Premium Option helps you to pay for the insurance premiums in advance or limited pay. This option can be added to a whole life policy at any time during the policy term and you can stop paying the premiums much before you retire.
Legacy for Future Generations
With Legacy, stay there to guide, to wipe away tears, and most of all, be there for your family. This is a whole life insurance plan with an added benefit from Paybima. It comes with the peace of mind that your nominees will always be covered in case of natural demise. Original premiums are paid in a lump sum amount and no premiums will have to be paid for the rest of your life till the age of 99 years. So you’ll continue to live on for your important ones. Plus, this cover comes at term insurance rates.
Covers Your Spouse
The death of an earning member can be financially devastating. And even if he has term insurance, there is usually a financial gap that cannot be recovered. So it makes sense to extend the group policy to ensure additional protection for your loved ones. After all, when a family loses out on the future income of both the partners, the situation can have a catastrophic effect on the members’ finances too. Paybima Life offers you this worry-free protection in the form of co-terming. It is an ideal offer for couples where one takes care of another’s financial needs while living under one roof or within extended families where both partners. Customers can also apply for Mahindra car insurance related query at our PayBima portal