Term Assurance
Term Assurance is the purest and most straightforward form of financial protection, designed to provide maximum security at minimum cost. The objective of term assurance is to act as a safety net offering a high level of life cover for a specific period of time. It assures that your family is protected incase of any unfortunate incident. Term assurance plans come in various forms, ranging from minimal coverage with affordable premiums to extreme coverage and protection and slightly higher premium ranges.
Term Assurance is the purest and most straightforward form of financial protection, designed to provide maximum security at minimum cost. The objective of term assurance is to act as a safety net offering a high level of life cover for a specific period of time. It assures that your family is protected incase of any unfortunate incident. Term assurance plans come in various forms, ranging from minimal coverage with affordable premiums to extreme coverage and protection and slightly higher premium ranges.
FAQs
How is the coverage for term assurance decided?
When determining the right coverage, the goal is to ensure your family can maintain their current lifestyle and meet future obligations without your income. The two critical factors in this calculation are your annual income and present age.
When can a term assurance claim be denied?
- Non disclosure of material facts
- Fraudulent information
- Policy exclusion(suicide clause, criminal acts, drug/alcohol abuse)
- Lapsed policy
- Documentation errors
When can a claim be made under a term assurance policy?
- Upon death of the policyholder
- Upon diagnosis of a critical or terminal illness (if opted)
- Upon permanent disability (if opted)
- Term assurance policies has no maturity benefit. However, you may have a return of premium; terms and conditions of the policy shall apply.
