Riddhesh Finserv LLP

What is Term Insurance?

Term Insurance is a type of life insurance that is taken to protect the financial expenses of the family, the future of their children, their education, and other responsibilities. In this, you have to invest a fixed amount from time to time which secures the future of you and your family. Purchasing a Term Insurance plan, this insurance plan provides financial assistance to the family members to avoid financial difficulties in case of any kind of accident or death of the person.

Why do you need to choose Term Insurance?

To avoid the dire consequences of some unfortunate incidents that may happen in life, every person must have Term Insurance. Term Insurance helps your family with financial difficulties in case of any kind of accident. The following are the advantages of Term Insurance

• After the person dies in an accident, the Term Insurance policy taken by the person takes full responsibility for the family's expenses and better future, the company from which the person has got the Term Insurance done.
• Term Insurance is very helpful in making the financial future worry-free.
• If the person getting Term Insurance gets a major illness due to any reason, Term Insurance helps in paying the hospital bills and additional expenses at such times.

Why choose our company for your Term Insurance?

In today's time, taking Term Insurance is very important. To avoid any kind of fraud or broker, you should buy Term Insurance from a better company only. That's why our company Riddhesh Finserv is providing your Term Insurance plans with lots of features for a long time. By taking a Term Insurance plan from our company, you do not have to bear the pressure of budget and you can easily invest a fixed amount. This makes both your future and present golden. Our company provides you with adequate life coverage which is much better than other companies.
With the help of a Term Insurance plan, the family of the insured person gets a lot of help in avoiding a financial crisis. If you have not yet got Term Insurance done, then join our company Riddhesh Finserv and get Term Insurance done. If you have liked this information today, then definitely share it with your friends and relatives.

What is a Term Plan?

Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a large amount of life cover (sum assured) at affordable premiums. The nominee receives the death benefit in case of death of the policyholder

When should I buy a term plan?

The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan later, as you grow older.

Who should buy a term plan?

Parents

If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan

Young individuals

The premium for term insurance increases with age. So it makes smart sense for young professionals without financial liabilities to buy term plan early - this way they get lower premium rates and the rates will not increase over time

Newly married couples

A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around

Home loan repayment

In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans

How much life cover do I need?

The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family
If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family's financial security is not compromised

What is limited pay option?

With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 or 10 years) and enjoy the life cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65%** over the entire policy duration with this option

Which payout option should I choose?

ICICI Pru iProtect Smart has four payout options:

1. Lump sum - The entire life cover is payable as a lump sum (single payment)

2. Regular income - 10% of the life cover is payable every year for 10 years. This is paid in equal monthly installments

3. Increasing Income - The life cover is payable in monthly installments for 10 years starting with 10% of the life cover in the first year. The income amount will increased by 10% per annum thereafter

4. Lump sum + Income - You have the flexibility to split the life cover amount that you want your nominee into two parts - one part of the life cover as a lump sum and the remaining life cover will be paid in equal monthly payments for 10 years

Term Insurance

Life insurance plans offer coverage against unfortunate events like death or disability of the policyholder. Besides financial protection, there are various types of life insurance policies that allow the policyholders to maximize their savings through regular contributions into different equity and debt fund options.

You can choose a life insurance policy to secure your family's financial future against life's uncertainties. The policy coverage comprises of a large amount, which is payable to your loved ones if anything happens to you. With this insurance type, you have the flexibility to choose the life insurance policy period, coverage amount, and payout option based on the financial requirements. Different types of life insurance policy are as follows:

Term Life Insurance Plans

Term insurance is the purest and most affordable among the types of insurance policy in which, you can opt for a high life cover for a specific period. You can secure your family's financial future with a term life insurance plan by paying a low premium (term insurance plans generally do not have any maturity value, and thus, offer lower rates of premium than other life insurance products.)
If anything happens to you within the policy period, your loved ones would receive the agreed Sum Assured as per the payout option chosen (some term insurance types offer multiple payout options as well)

Whole Life Insurance Plans

Whole life insurance plans, also known as 'traditional' life insurance plans, provide coverage for the entire life of the insured individual, as opposed to any other life insurance instrument that offers coverage for a specific number of years.
While a whole life insurance plan offers to pay a death benefit, the plan also contains a savings component, which helps accrue a cash value throughout the policy term. The maturity age for whole life insurance policy is 100 years. In case, the insured individual lives past the maturity age, the whole life plan will become matured endowment.

Endowment Plans

Endowment plans essentially provide financial coverage to the policyholder against life's uncertainties, while allowing them to save regularly over a certain period. Upon maturity of the endowment plan, the policyholder receives a lump sum amount if he or she survives the policy term.
If anything happens to you (as Life Insured), the life insurance endowment policy pays the complete Sum Assured to your family (beneficiaries)

Unit-Linked Insurance Plan (ULIP)

Unit Linked Insurance Plans are types of insurance policy that offer both investment and insurance benefits under a single policy contract. A portion of the premium that you pay towards a Unit Linked Insurance Plan is allocated to a variety of market-linked equity and debt instruments.
The remaining premium contributes towards providing the life cover throughout the policy tenure. In this investment-cum-insurance type product, you have the flexibility to choose the allocation of premium into different instruments as per your financial requirements and market risk appetite.

Child Plans

Child plans are types of insurance policy that helps you financially secure your child's life goals such as higher education and marriage, even in your absence. In other words, child plans offer a combination of savings and insurance benefits that aid you in the financial planning for your child's future needs at the right age.
The sum of money received on Maturity under this insurance type can be used to fulfill the financial requirements of your child.

Pension Plans

Pension plan, also known as retirement plan, is a type of investment plan that aids you in accumulating a portion of your savings over an extended period.
Essentially, a pension plan helps you deal with financial uncertainties post-retirement, by ensuring that you continue to receive a steady flow of income even after your working years are over.