What is life insurance?
A life insurance policy pays a lump-sum amount, known as a death benefit, to beneficiaries upon the insured’s death. It offers a financial cushion and helps protect your family members when they need it most.
Why should I consider buying life insurance?
Few ways in which life insurance proceed can help your loved ones are:
– Replace lost income and cover living expenses
– Pay financial debts that you leave behind
– Provide for your kids’ care
– Fund education expenses for your children
What is Level Term Assurance?
Level term assurance is a type of term life insurance for which the premiums remain the same throughout the duration of the contract for e.g. if you buy level term assurance at the age of 18 years for a term of 20 years, your premium will remain same throughout the covered tenure
What are level premiums?
A level premium ensures the monthly/annual cost of your policy, once determined, remains the same regardless of your age or health and reduces the risk of you not being able to afford your premium later on.
When is the best time to get life insurance?
– While you are young
A major factor in calculating life insurance costs is your age. The younger you are when you apply, the lower the rates will be for the entire term
– While you are healthy
Health condition is another important factor in the cost of coverage. People are evaluated according to their health when they apply for life insurance.
– When You Have a Life Changing Event
Life events such as getting married or buying a new home are perfect times to consider buying or adjusting your life insurance to cover new needs.
What is the effective date of individual coverage?
Covered member will be eligible for benefits under this policy from the date of acceptance of insurance coverage by TPL Life
What type of Benefit payment will I get?
A lump sum amount will be given to the Policy’s beneficiary, as nominated by the Policyholder.
What is the maximum age at Expiry?
You can avail this plan for a maximum age of 70 years
What events are covered?
Level term assurance provide coverage against the Natural or Accidental death of the Policyholder
What payment modes are available?
The customer has to pay an annual premium for the opted plan