Term Insurance with 100 Years of Coverage
Updated On Jan 02, 2024
Due to its affordability and simplicity compared to other life insurance policies, term insurance plans have become quite popular among the masses. According to the plan, death benefits are offered in either a lump sum or monthly payments to the beneficiary if the life assured dies within a specific duration. This tenure is determined during the policy inception with a minimum limit of 5 years. Interestingly, many insurance providers have started offering up to 100 years as well. The following article focuses on such a term insurance plan with more than 100 years of coverage.
Table of Contents
Benefits of a Term Life Insurance Policy with 100 Years Coverage
Before we delve into the 100-year coverage providing a term insurance policy, let's find out about some benefits of a life insurance policy.
1. Financial Security of the Family
As mentioned before, a life insurance policy offers death benefits to the beneficiary in case of the life assured’s early death. These benefits can be used to replace monthly income if the life assured was the family’s sole breadwinner. Therefore, the right amount of coverage will protect your loved ones from a financial crisis after your demise.
2. Debt/Loan Repayment
Besides helping in carrying out the day-to-day expenses of the family, the death benefits can be used to repay any outstanding loan or debt left behind by the life assured. This way, the family does not have to deal with repayment instalments or any obligations.
3. Tax Benefits
A life insurance policy also helps the policyholder save up to Rs. 1.5 Lakhs each year under Section 80C of Income Tax Act, which offers tax benefits on the payable premium on your policy or a policy purchased on the behalf of your spouse or children.
4. Help in Medical Expenses
A term life insurance policy with an appropriate rider option can help pay for hospitalization and post-hospitalization care and costs if the life assured is diagnosed with a critical illness or a disability. Moreover, if the life assured dies in an accident, all the accidental costs will be paid through an accidental death cover.
Why Choose a Term Life Insurance Plan for More Than 100 Years?
A term life insurance policy with coverage for more than 100 years or the whole life of the life assured ensures that your policy will outlive you, and your dependents will be provided with death benefits. You can even save yourself from paying extra costs of payable premiums after policy renewal. In addition, the life assured does not have to undergo any medical examination to avail of this particular plan.
Take Away
You can compare such plans offered by different insurance providers through online websites to get the highest coverage at low premium rates. Moreover, you can even consult a trustworthy financial agent or a reliable insurance agent who can help you understand the terms and conditions, features and benefits offered by different insurers.
Also Read:
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
