{"id":649,"date":"2022-05-20T08:49:01","date_gmt":"2022-05-20T08:49:01","guid":{"rendered":"https:\/\/elephant.in\/knowledge-center\/?p=649"},"modified":"2024-01-30T13:03:49","modified_gmt":"2024-01-30T13:03:49","slug":"types-of-term-insurance-plans","status":"publish","type":"post","link":"https:\/\/elephant.in\/knowledge-center\/blogs\/term-life-insurance\/types-of-term-insurance-plans\/","title":{"rendered":"Different types of Term Insurance Plans"},"content":{"rendered":"

A Term Insurance Policy is one of the most basic and traditional forms of life insurance. There must be someone to look after the expenses of your family and term insurance does this\u00a0job in your absence.<\/p>\n

These plans protect your family against unforeseen circumstances by offering financial security for managing their expenses if you are not around. A specific time period assigned to the term insurance plan is known as the plan term. In case a\u00a0policyholder dies during the plan term, your family is paid a sum assured by the insurance company.<\/p>\n

Term Insurance<\/a> can be broadly classified into 6 types, based on their coverage and term insurance benefits:<\/p>\n

    \n
  1. <\/i><\/b>Level Term Plan<\/i><\/b><\/em><\/strong><\/li>\n<\/ol>\n

    It is the most simple and basic form of term insurance where the sum assured is fixed throughout the policy tenure. Nominees will receive benefits after the death of the policyholder.<\/p>\n

      \n
    1. <\/i><\/b>TROP (<\/i><\/b><\/em><\/strong>Term <\/i><\/b><\/em><\/strong>Return of Premium)<\/i><\/b><\/em><\/strong><\/li>\n<\/ol>\n

      This insurance plan comes with a maturity benefit wherein the total premium amount will be returned to the insured if he\/she survives the policy tenure.<\/p>\n

        \n
      1. <\/i><\/b>Increasing Term Plan<\/i><\/b><\/em><\/strong><\/li>\n<\/ol>\n

        While maintaining the premium amount at the same value, the policyholder has the option to increase the assured sum annually during the tenure.<\/p>\n

          \n
        1. <\/i><\/b>Decreasing Term Plan<\/i><\/b><\/em><\/strong><\/li>\n<\/ol>\n

          Unlike the increasing term plan, the sum assured keeps on decreasing every year to meet the decreasing insurance requirements of the policyholder. This policy comes in handy if the insured person has taken a huge personal loan or\u00a0is\u00a0paying an EMI.<\/p>\n

            \n
          1. <\/i><\/b>Convertible Term Plan<\/i><\/b><\/em><\/strong>s<\/i><\/b><\/em><\/strong><\/li>\n<\/ol>\n

            With these plans, the policyholder can convert this plan into any other type of insurance plan at a future date. For instance, if you have bought a term insurance policy for 25 years, but after 5 years, if you want to convert it into whole insurance, an endowment plan, etc., you can change it without any hassle.<\/p>\n

              \n
            1. <\/i><\/b>Term Plan with Riders<\/b><\/strong><\/em><\/li>\n<\/ol>\n

              This type of plan comes with rider options such as critical illness cover, death cover, etc., which can be purchased with the term insurance by paying a small premium.<\/p>\n

              Life throws a lot of surprises, and these surprises may be bitter sometimes. You can visit Elephant\u00a0and opt for online term insurance to protect your family against the uncertainties of life.<\/p>\n","protected":false},"excerpt":{"rendered":"

              A Term Insurance Policy is one of the most basic and traditional forms of life insurance. There must be someone to look after the expenses … <\/p>\n","protected":false},"author":2,"featured_media":651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80],"tags":[],"class_list":["post-649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-term-life-insurance"],"yoast_head":"\nTypes of Term Insurance Plans - Your Guide to Term Life Coverage<\/title>\n<meta name=\"description\" content=\"Explore the 6 different types of term insurance plans and how they offer financial security for your family. 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