Kotak Assured Savings Plan
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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. Is there an age restriction to be eligible for availing a 10-year term life insurance plan?
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. What if the policyholder were to pass away after the policy term expired?
As a 10-year term insurance policy is a term plan, it doesn’t have any maturity benefit.
3. What would happen if the policyholder failed to pay the premiums?
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. Is there any protection benefit involved with the term plan if the policy has lapsed?
No, there are no benefits that you can avail if the policy were to lapse.
Ref. No. KLI/22-23/E-BB/2435