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Features
Ref. No. KLI/22-23/E-BB/492
A 10-year insurance plan helps you make specific financial arrangements for your family in case something were to happen to you. Explore more about the 10-year term plan.
Life insurance policies come with long policy terms and some even have lifetime coverage. This translates to you paying the premium for 20-30 plus years. But do you really need coverage for that long? If you are not the one for long-term insurance policies then a 10-year insurance plan is meant for you. Let’s run through the features and benefits of a 10-year term insurance plan and some frequently asked questions.
1. 10-year coverage: You are able to avail a life insurance cover for 10 years and if anything were to happen to you within the 10-year term, a death benefit would be given to the beneficiary.
2. Short-term planning: Ten years is a short duration for an insurance policy but it is also short enough for mapping out a plan. A 10-year insurance plan helps you make specific financial arrangements for your family in case something were to happen to you.
3. Tax benefit:You can claim the payments made towards securing life insurance under Section 80C to avail tax benefits
4. Surrender Option: If you feel that you have no liabilities left or do not require a life cover anymore, you can surrender the insurance policy. This makes you eligible for a certain amount of money which is called the surrender value of the policy.
5. Rider benefit: Term insurance plans come with insurance rider benefit which enables you to get extra coverage from uncertain incidents like accidental death, critical illness, etc.
p>6. Loan against insurance policy: You can avail loan against your insurance policy if there is an emergency situation. These loans are a lucrative option when compared to a personal loan.
7. Death Benefit: If you were to pass away during the policy term, then a lump sum would be given to your beneficiary as a death benefit to secure their financial condition.
A 10-year insurance plan is best suited for everyone because the term plan gives you a life cover for ten years. This plan is perfect for people in the below-given situations:
In this type of policy, you have to regularly pay the premiums according to the payment frequency chosen by you. In case of death, a lump sum amount would be given to your beneficiary. As it is a term insurance plan, you cannot avail any maturity benefit if you survive the policy term insurance plan?
1
Yes, the minimum age limit to be eligible for a 10-year insurance plan is 18 years and maximum age limit is 65 years.
2
As a 10-year term insurance policy is a term plan, it doesn’t have any maturity benefit.
3
There would be a grace period varying from insurer to insurer. If you failed to pay even within the grace period, the policy would lapse.
4
No, there are no benefits that you can avail if the policy were to lapse.
Features
Ref. No. KLI/22-23/E-BB/2435