One such area of confusion exists between term insurance and regular life insurance. Let’s understand their differences better to help you choose one over the other.
|Features||Term Plan||Regular Life Insurance|
|Tenure||This type of plan comes with a fixed tenure/term. The benefits of the policy are applicable within the term period.||These plans/policies have a variable tenure period generally extending up to the age of 100 years of the insured. Benefits are paid when the policy term is over or when the insured dies.|
|Premium||Term plans have a lower premium which is non-refundable in any case.||Premiums are constant and generally on the higher side. However, if the insured survives the policy tenure is selected, the company gives out a maturity benefit.|
|Coverage||Only provide coverage in case of unfortunate premature death of the insured within the tenure of the policy.||Regular life insurances help you in building a substantial corpus over a period while providing you a life cover too.|
|If the insured, for some unavoidable reason, faulters on the premium then the term policy lapses. However, most term plans come with an attached option of converting it into an endowment plan. The insured gets the same sum-assured albeit with a higher premium.||In the case of regular premium policy, if the premiums are not paid in time or for the entire tenure, the insured risks forfeiting the maturity benefits. If s/he surrender the policy before completion of the tenure, they will only get the premium amount paid up to that time with some deductions.|
|Tax Benefits||Term plans are eligible for tax deductions under section 80C of the IT Act.||Insured can avail tax benefits on regular life insurance as well. However, the point to be noted here is that paying a higher premium is not directly proportional to higher tax cuts. Also, the benefits accrued upon maturity falls under taxation.|
|Death Benefits||In case of the death of the insured within the tenure of the plan, the sum assured is paid to the nominee. It is important to note that there is no benefit if death occurs after the policy term is over.||Though most regular life insurance does provide death benefits along with maturity benefits to the insured, the sum doled out is much lower than the term plan.|
Which One to Pick?While thee is a big difference between life insurance and term insurance, there is no one answer to this question. It largely depends on which phase of life you are in. If you are in the late 20s or early 30s of your life who is unmarried, then having a term plan might be the best option for you. However, if you are married with a couple of kids, it is advisable to have both a term plan and regular life insurance to provide wholesome security to your family and dependents.
Choose Both for Better SecurityWhile a term plan comes with only the death benefit, life insurance plan offers both death and maturity benefit. However, the term plan offers some tax benefits and comes with lower premiums giving it an edge. Moreover, it comes with a comparatively, larger death benefit. Thus, choosing both the plans can help you take advantages of both these plans.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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