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Term Insurance
Term insurance is the best suited plan if your family is economically dependent only on your income. Term plans provide higher risk coverage at cheaper premium when compared to endowment plans.
Without survival benefits
In the above type of term insurance plans there will be only death benefit in case of demise of the insured and if he survives after the term completion then there will not be any benefits payable.
With Survival benefits
Nowadays there are lot of companies offering a refund of premium benefits or premium refund with minimal additions in case of survival of the insured after the term.
Takes care of the family in any unfortunate times
Additional Riders under a Term plan
Accidental death benefit rider
In case of the insured’s death due to an accident, this rider pays the benefit over and above the sum insured under the policy. These plans also offers compensation due to any permanent or partial disability caused by an accident.
Critical illness rider
Critical illness rider benefit is offered to the insured if he/she is diagnosed with any major illness such as cancer, heart attack, stroke, renal failure etc number of illness covered varies according to companies) then the insured is paid this benefit in full and this cover ceases thereafter. Some companies have the option of paying in full/part and staggered pay-out option to support the specific needs of the insured or his family.
Waiver of premium benefit
Once the insured is diagnosed with some major illness as per the list then under this rider option the insurance companies waive off the future premiums but still pays the death benefit.