Term Plan is purely a Life Coverage policy for definite period of time with low-cost premium. If Insured dies in the middle of the term, the death benefit will be payable to Nominee.
1) Can we expect Maturity returns in Term Plan?
No. Term Plan designed only for financial Protection to family in-case of unforseen events (death).
2) What is Age limit for Term Plan ?
Minimum : 18 years ; Maximum : 65 Years.
3) What are policies available in Term Plan?
a) Saral shield ; b) Smart shield; c) Grameen Bima and d) eShield (SBI Life Insurance).
4) How much available Sum-Assured guarantee for Term Plan?
(i) For Saral shield: Rs. 7,50,000 to 24 Lacs.
(ii) For Smart Shield: Rs. 25 Lacs to unlimited.
(iii) Grameen Bima: Rs. 10000 to Rs. 50000 (Micro-insurance plan especially for deprived sections of society)
(iv) eShield: Rs. 20 Lacs to Unlimited (non-linked and non-participating).
5) Kindly Quote an Example for Term Plan ?
For E.g:- If an Individual (Smoker) of Age 35 opt for 50 Lacs Life coverage (Sum Assured) for a period of 20 years, then the calculated premium for Yearly mode is Rs. 13,543.
If Policy holder remain alive for 20 years, he/she would incur loss of Rs. 270860.
Note: Premium paying amount depends upon the age of the Insured (Policy holder). As Age increases so do Risk, Premium also more.
6) What are Riders available in Term Plan?
Riders are supplementary benefits against risk added to Primary life insurance policies purchased by Insured.
For more details,
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