Term insurance plans are the ideal life insurance choice for people who are working, who have others depending on them, and are looking for the best level of protection available but at a reasonably low cost.
So what is a term insurance plan? In a nutshell, it’s a life insurance protection policy. It means that in the event of the death of the person insured, a guaranteed amount will be paid to their specific nominee. Nothing will be given if the individual who is insured, lives beyond the length of the policy.
If you are worried about any of the following issues, then a term assurance policy might be the best thing for you:
- The security of your family financially if you were no longer with them
- Any need to change your life insurance as your life stages change
- Ensuring your family would have a monthly income if you passed away
- Avoiding your financial issues burdening your family after your death
The benefits of the new Aegon iTerm plan
This comprehensive term insurance plan provides a variety of advantages to working families, to help provide reassurance that their loved ones would be looked after if anything should happen. Some of the key features of this particular plan include:
- Life insurance right up to eighty years of age, if required
- The choice to increase your life cover as your life changes
- A built-in benefit if you are diagnosed with a terminal illness
So, looking at the advantages in a little more detail, the Aegon iTerm plan offers customers the chance to expand and increase the life cover purchased, when there are changes in life which require it, such as the birth of a new child, or a wedding.
If you were to die, there is the option to either grant the payout to your loved ones as a lump sum or as a monthly income, whichever would suit them better. The policy also includes an automatically built in benefit if you are diagnosed with a terminal illness. The plan even includes discounted rates for women and for those who don’t smoke.
What other similar plans are there?
A quick search on a comparison site for myself – a non-smoking 43-year old woman – soon pulled up some similar policies offering some benefits and features along the same lines:
Metlife is offering the Mera Term Plan. This term plan also includes a discount offer for non-smokers and allows insurance up to the age of 75. The policy term provided to me here was between 10 and 40 years.
Birla Sun Life Insurance runs the BSLI Protect@Ease term plan which was similar but offered insurance up to the age of 80 this time. It also included a no-smoking discount price and the policy term this time was between five and 40 years.
ICICI Prudential Insurance offers the iProtectsmart plan, which insures you up to 75 years of age. This policy term is between five and 40 years again, and also provides a non-smoker reduction in price.
Term assurance policy