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Term Plans at HDFC Standard life Insurance
As the Main of the family, even the best financial plan that you create can go out of gear if you are not around to meet the financial commitments it entails. With term plans, you can be sure that in the event of your unfortunate demise your family will be compensated for the financial loss to the extent that you see fit.
The Term Assurance Plans are those plans where the sum assured is paid out only if the insured person dies. There is no maturity benefit under these plans. Due to this feature, the premium amount is relatively low.
Premium can be paid regularly or even in a lump sum, according to the design of the plan. Such policies can be taken either on a single basis or on joint basis.
These plans are ideal for individuals who have dependents to be taken care of. In the unfortunate event of the insured personís death, the dependents are left financially secure.
The premium for such plans is very low, especially if the insured in young.
The plan can be topped up with add additional features (known as riders), such as accident death cover or critical illness cover.
There are tax benefits for the insured person.
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