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Term Life & Keyman
Term Life & Keyman

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Advantages of Term Life & Keyman Insurance

Term life insurance covers natural and health-related death. Options to enhance the cover by including extensions such as critical illness rider and accidental death benefit are also available.
Term insurance policy offers different policy tenures ranging from 5 to 30 years. Also, the policy offers the flexibility to pay the premium on monthly, quarterly, semi-annually and yearly basis.
Term life insurance offers larger cover at an affordable premium, unlike any other life insurance products. Moreover, once the policy is bought, the premium gets fixed for the whole tenure.
The premium paid against term insurance is tax deductible under Section 80C. Also, the payout of a term insurance claim is exempted from tax under section 10(10D), hence saving the money.

Benefits of Term Life & Keyman Insurance

Death benefit
Primary benefit of a term policy is to cover the policyholder in case of death. A lump sum benefit is payable to the beneficiary as compensation up to the full sum insured under such condition.
The sum insured of the policy may remain constant, increase or decrease over the tenure of the plan.
The policy also offers the option to pay the death benefit as a lump-sum amount or lump-sum with annuities for a specified number of years.
Financial Protection
Term life insurance offers financial protection to the insured's family in case of unfortunate event of death so that they can live without sacrificing their standard of living.
It also protects policyholder's family against the liabilities by paying for the debts like a home loan or car loan.
The policy also offers the annuity payouts which will help insured's dependents to deal with any financial repercussions in their absence.

Additional Riders
There are many additional extensions available which can be included in term insurance on paying the extra premium. For example, a critical illness rider can be included which will pay the lump sum amount to insured upon the diagnosis of critical illness.
The accidental death benefit can also be introduced in which if the insured dies due to the accident, the beneficiary will get an additional amount of sum insured.
Other such extensions include accidental disability rider, hospital cash rider, waiver of premium rider and income benefit rider.