top of page
Search

Life Insurance v. Term Insurance


You may have aimed to attain several goals in your working life. You toil and earn to ensure that your life is valuable. You want to achieve all of your objectives and see that your family members reach their investing objectives as well.


However, life is unpredictable. What if you were the sole breadwinner and died suddenly? Your family would face a financial catastrophe in such a situation. Everything they've been thinking comes to a standstill.


Life insurance is required to ensure that your family members' ambitions and desires are realised.


What is the definition of a life insurance policy?


Life insurance protects you and your loved ones by providing financial support if you are unable to be with them. In the case of your death, your dependents will receive a lump sum payment from the insurance.


You must pay tiny amounts known as premiums on a monthly basis in exchange for this coverage. Your coverage will not be activated unless premiums are paid.


ULIPs, Savings plans, Term plans, and other types of life insurance are available.


What is the definition of term insurance?


Term insurance is a sort of life insurance that covers you for a set amount of time, or a 'term.' It is the most basic and cost-effective type of insurance.


a) You may purchase a policy for a period of time ranging from 5 to 30 years.

b) You choose the term and pay the premiums throughout the duration.

c) If you die within the policy's term, your family will get the sum assured that you agreed to when you bought the policy.

d) However, if you live to the end of the insurance term, you will not be entitled to any benefits at maturity.

e) Some plans in case you live to the end of the insurance term, you will be refunded the amount you paid in premiums.


Life Insurance

Life Insurance

Plans range from 5-30 years. Certain plans offer coverage up to 100 years.

Ranges from 5-40 years.

​Premiums are higher as compared to term insurance.

Premiums are affordable

​Maturity benefit is received after the policy term is over provided the premiums are paid.

No benefit on maturity. Return of premiums available in some plans

​Tax deductions available u/s 80C and 10(10)D on the death benefit

Tax deductions available u/s 80C and 10(10)D on the death benefit



 
 
 

Comments

Connect with us

  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Incubated at MNIT Innovation and Incubation Centre

ww1.png
ww30.png

We are recognized by DPIIT as a startup.

Startup-India-creates-5-5-lakh-jobs-and-recognises-50000-startups-in-5-years.png
857-8570158_make-in-india-programme-make-in-india-logo.png

Disclaimer

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject Myrupaya.in or its owners/affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by us based upon projections which have been determined in good faith by Myrupaya.in its administrators and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. Myrupaya.in does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared based upon projections which have been determined in good faith and sources considered reliable by Myrupaya.in. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

bottom of page