All You Need to Know About Term Insurance: Types, and Benefits

What is Term insurance? Terms life insurance is a type of life insurance with a coverage term that can be between 10 to 30 years and the death benefit, which pays out in case of your death. It is usually more affordable than whole or universal life insurance, but it doesn’t have any investment component like those two types. This means you don’t get any savings on premiums for living longer and healthier.

What is a Term Insurance plan?

It is a type of life insurance that will give you coverage for a fixed period of time. It is a cost-effective way of availing life insurance for a specific reason within a fixed period of time.

Types Of Term Insurance Policies

There are two types of Term insurance policies: whole life and money back.

  • Whole Life Insurance is a type of Term insurance policy that has both an investment component as well as a death benefit that pays out in case the insured dies during the coverage term. This means it’s not only about protecting your family but also about planning for your future.
  • Money-Back Insurance is a type of Term insurance policy that doesn’t have the investment component. Its death benefit pays out the cost for premiums if you die during the coverage term, but not more than what you paid as a premium.

What Is PNB MetLife Mera Term Plan?

PNB MetLife Mera Term Plan is a type of Term insurance plan. The major attraction for this plan is the death benefit that pays out after an insured’s demise during the coverage term, which can be as long as thirty years.

Benefits of PNB MetLife Mera Term Plan

  • The lifetime cover amount in case you die before your maturity period, i.e., while the coverage term is still running, would be 120% of the premiums paid so far.
  • The plan requires a premium payment only for the life cover amount.
  • Premiums are usually charged on an annual basis, and no further premiums would be payable after the death of the insured’s demise during the coverage term.
  • This type of Term insurance is best suited if you don’t want your family to depend solely on any investment income that they might get from Term insurance but also need the death benefit to pay off their debts or other financial obligations.

Conclusion

Term insurance is a type of life insurance that covers you for a specific period of time. Term life policies typically come with an annual cost, but they can be less expensive in the long run than other types of coverage if priced correctly. We have listed some term insurance plans and also a special insurance plan which will benefit your family; people can choose the plan according to their needs to protect their family.

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