|Objective||This is a pure term plan that pays a lump sum as well as a regular monthly amount to the nominees, in the event of death of the insured.|
|What does it do?||The death benefit will be paid in two parts- a lump sum which is 20 times the monthly benefit will be paid on death, and a regular monthly payout as selected by the policyholder. The monthly payout is guaranteed for a minimum of 48 months, even if the policyholder dies in last four years of the policy.
The policyholder can decide the monthly benefit that he expects his family would need in his absence.
|Pros||This policy allows to reinstate a lapsed policy within three years from the date of lapse.
The lump sum benefit on death is helpful in managing immediate cash needs.
The choice of accident and critical illness rider expand the scope of coverage.
Premiums paid towards this policy qualify for tax deduction under Section 80C of IT Act.
|Suited for||This policy is suitable for those who think that the dependants will not be able to deftly manage a lump sum amount and require a regular cash flow for sustenance.|
|Our View||A pure risk term plan is a definite buy for everyone.|