Term insurance is a type of life insurance that provides coverage for a specific period of time or years. This type of life insurance provides financial protection to the nominee in case policyholder dies during the policy term. Term Insurance plans provide high life cover at lower premiums. For eg: Premium for ₹ 1 Cr Term Insurance cover could be as low as ₹ 490** p.m. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period. Premium amount varies basis the type of the premium payment method opted by the buyer.
Thus, all such consumers who are caught by the family glitch or coverage gap and don't have access to affordable ACA-compliant coverage may at least find out about the short-term plans available in their area to check whether it is worth having or not.
These plans usually provide coverage for 3 months or less but in some states, they even provide coverage for 1 to 3 years.
However, people should be aware that short-term health insurance plans unlike major health insurance plans do not have to adhere to any federal regulations.Who is Eligible for Short Term Plans?It is observed that many mid-income group people fail to enroll in the Individual health insurance plans, mainly because they are ineligible for premium subsidies.
Hence short-term plans turn out to be particularly useful for a majority of the 30 million uninsured that especially include early retirees looking for short period coverage before they become eligible for Medicare, people between jobs, self-employed, and individuals who don’t have access to employer-sponsored plans and find monthly premiums of ACA-compliant health plans unaffordable.
Short-Term Plans Significance during the PandemicShort-term insurance turns out to be a valuable option during the coronavirus pandemic, as it allows people to obtain coverage for a short duration of their unemployment period.
With the uncertainty looming over their jobs and even if they get a job then also their employers may impose 90 days waiting period before including them in the group health plan.
There are many insurance companies in the market, with each offering a wide range of policies to choose from.
It is undoubtedly a big task to select the best term plan from this extensive list, but you must invest time and effort in the search as it guarantees peace of mind for you and a stress-free future for your family.
Here is the list of 11 best term insurance plans in India in 2021 you can choose from.
Check term insurance plan features, eligibility criteria & claim settlement ratio of insurance companies.
Term life insurance is the most basic type of life insurance plan.
It is affordable and offers wide-ranging benefits.
In the middle of the tenure of the term insurance plan, if the insured passes away, the family of the policyholder will be provided with the amount of the policy.
The sum insured of a term plan is considerably higher and it costs less when compared to other type of life insurance plans.
Online comparison of term plans will bring you the top covers for the lowest premium.
In addition to that, you will not have to pay any additional costs to any agents.
