Term Life Insurance

M Co m -2 nd Semester
Term Life Insurance ?
 Term- “a limited period of time”
 Benefit is payable only if the insured dies during a
specified period.
 Coverage is provided for a period of time called
policy's term.
 Term can vary to a period of 5,10,15,20 years.
 If the insured dies during the term the policy's face
amount will be paid to the beneficiary
Term life insurance - Definition


 “ Term life insurance or term assurance is

life insurance which provides coverage at a
fixed rate of payments for a limited period
of time, the relevant term. “

Term Life Insurance - Benefits
 Less Expensive.
 Payments are fixed.
 Temporary or Short term coverage.
 Return of Premium feature.
 Fits best for Youth.
 Length of the term can be selected.
 Untimely death, your dependents will be
compensated.
 Can be personalized.

Term Life Insurance - Limits
 More Older – More Premiums
 No Benefits like Cash Value / without profit
 It doesn't give you life coverage past 75 or 80
 Your term contract may expire
 Coverage only lasts for a certain period
 No many riders as other life insurance
 Your premiums usually cannot be lowered
 Seniors aren't usually covered

Term Life Insurance -Beneficiaries
 Extra protection for short duration
 Young business men during initial stages
 Key man Insurance
 A father during education of his child
 Any one who wants to be insured for a short
period
Term Life Insurance - Types
 Yearly Renewable Term.
 Decreasing Term Life Insurance.
 Increasing Term Life Insurance.
 Level Term Life Insurance.
 Renewable Term
Term life Insurance –Market Players
 LIC
Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy

Anmol Jeevan-I

Amulya Jeevan-I

 ING
ING Term Life
ING Term Life Plus

 Reliance
Reliance term plan
Reliance simple term plan

Reliance term + health term plan


Term life Insurance –General Terms
 Minimum entry age : 18 years
 Maximum entry age : 65 years
 Maximum maturity age : 75 years
 Policy Term :10-30 years Regular Premium, Limited
Premium(3-5years),Single Premium
