CS Sudheer Review - Why You Need a Term Insurance Plan with


What is Term Insurance Plan?
Term insurance plan is a basic risk protection plan. It is a term contract between the insured and the insurer. The insured avails the policy by paying premiums on a monthly or annual basis. Sum assured is paid to nominees if policy holder dies within the term of the plan.  An insured would spend a small portion of his/her annual income to avail a term life insurance plan. Term insurance would financially benefit the family, if the insured meets an untimely end. Term life insurance has no survival benefits.  
How to avail a term insurance plan?
You can avail a term insurance plan either online or offline through life insurance agents. Availing online term insurance may be 30-40% cheaper than offline plans.
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Need Term Insurance Plan
How does term insurance help the beneficiary?
Best Term insurance comes as a boon when there is a home loan/property loan against your name. The loan can be repaid and children can continue their education. Term insurance is about providing financial protection to your family. Term insurance is a necessity if you are the only breadwinner of your family. Term life insurance could save family from a financial crisis on an unexpected demise. It is a smart move to avail a term life insurance plan.
Term Insurance Policies: Make Necessary Disclosures
If you are a smoker/drinker, you need to clearly mention this in the insurance proposal form. Your application would still be accepted, it’s just that you would be charged a slightly higher premium. This is because the risk borne by the insurer is high. Claims could be rejected if the insurer finds you were a smoker/drinker and you didn’t disclose this.
What is contestability?
Contestability is the time period after which the insurer cannot decline insurance for any reason. Insurer cannot claim that you hid medical condition or smoking/drinking habits to deny claims for any reason after the contestability period. You need to read this clause thoroughly before signing up for a term insurance policy.
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