Increasing Term Insurance Plan

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Increasing Term Insurance Plan. Premiums in an increasing term policy may. You should opt for an increasing term insurance that offers enough protection to your family in case you are not around.

An alternative is the "Decreasing Term Life Insurance
An alternative is the "Decreasing Term Life Insurance from

It???s different from simply increasing your existing coverage amount by adding a policy or rider. Hence, you need to have an insurance cover that adjusts to rising inflation, life goals, and milestones. When choosing a term insurance plan, the most important factor is, of course, the sum assured.

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There is no maturity benefit or surrender benefit under the plan. As the name suggests, an increasing term insurance plan is a term insurance plan wherein the sum assured chosen on plan commencement increases every year by a specified amount. Effective sum assured as on date of death will be sum assured increased at simple 5% per annum. In the event of an untimely death of the earning member, the family goals do not get derailed as the death proceeds can be put to use by the surviving members.