Term insurance Policy is the most basic type of life insurance cover available and is also probably the cheapest if bought early on in life. A typical term insurance cover provides your nominee(s) a pre-determined sum of money in the event of death of the insured, while no moneys are payable in the event of survival upto maturity of the policy. This type of cover is available for a fixed tenure, usually upto a maximum of 25 years depending on your age when buying the cover. You pay a level premium over a period of time called the Premium Paying Period.
Reliance Simple Term Plan
To protect your family from tomorrow’s uncertainties, you need to plan from today. And Reliance Simple Term Plan helps you do just that. It is a cost-effective, pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs.
You pay premium of Rs 100 every year for three years. On death, during the three year period, your Beneficiary will get Rs 10,000. On survival, at maturity nothing is payable.
No claim will be paid on death, if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.
Level Term Plan In the exciting journey of your life, there will be uncertainties. Additionally there are bound to be occasions when you have to assume additional responsibilities as the head of the family. Max New York Life’s Level Term (Non Participating) Policy insures your life at a very low cost and reduces any hardship your family may have to bear in the unfortunate event of your death.
On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary.
You are entitled to the following tax benefits under Income Tax Act 1961: Your premiums are eligible for deduction u/s 80C up to Rs.100,000/- every year.
Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.10,000/- every year.
Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).