How many types of term insurance are there?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on September 25,2021
Answered on September 25,2021
There are two types
1. Pure term where sum assured is paid only on death of insured . There is no amount on survival .
2. Return of premium term where sum assured is paid on death and paid premiums are returned on survival .
Related Questions
-
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
1 0 71 -
Abbey Johnson
Helping with Student Loan Documentation .For those who have completed the full 20-year term of IBR and had their loans forgiven, what was your experience with the tax implications of the forgiven balance? Did the IRS require a lump sum payment, and if you couldn't pay, what options were available, such as wage garnishment, asset seizure, or payment plans?
IBR was introduced in 2007. No, nobody has hit the 25 years (for old IBR) or 20 years (for new ...
1 0 2 -
Robert James
20+ years of experience in IRS matters .If I fail to set up a payment plan for my outstanding debt with IRS, how long does it typically take before my wages are seized or money is withdrawn from my account, considering my current financial situation and my intention to establish a long-term plan?
If you filed your tax return then IRS usually sends three balance due notices before they move to enforcement. ...
1 0 2 -
Robert James
20+ years of experience in IRS matters .What are the key differences between TurboTax and SprintTax for international students (F1 Visa) in the US, and what potential long-term consequences should I be aware of if I choose to use TurboTax, considering that some of my peers have reported higher tax returns with it?
When you are in the US on a F-1 visa, you cannot be considered a US Resident for tax ...
1 0 2 -
Kalyani Narayanan
Answered on December 06,2022Term life insurance policy issue with wrongly mentioned personal history. How can i resolve this issue?
You have to contact the company and tell them to change it. They may ask for proof. For example, ...
1 0 119 -
Jane Joness
Answered on June 21,2023What is the difference between Life Insurance, Term Insurance and Health Insurance?
Life insurance provides financial security to your loved ones in the event of your death. Term insurance is a ...
1 0 63 -
Kalyani Narayanan
Answered on December 17,2022I just took an endowment plan for myself. I was not aware of the term insurance plans. It was recommended by both the LIC agents who are close to my relatives. What would be the suggestion for me? Should I take another term insurance or go on with what I have already taken?
Anyone who is NOT in insurance business will tell you Endowment plans are NOT the best way to save ...
1 0 22 -
Kalyani Narayanan
Answered on December 17,2022Is it worth to avail term insurance with return of premium?
No, it is not. If you look at the difference in premium of term life and term life with ...
1 0 6 -
Kalyani Narayanan
Answered on December 17,2022Is it worth to take term insurance even if my organisation provides me mediclaim & life insurance?
If you leave your company, your medical and life insurance will stop existing. Most of the companies do not ...
1 0 37 -
Virtuzone
Largest Corporate Service Provider in UAE .How can I get a Long-Term Residence Visa in the UAE?
So, you’ve got your residence visa and you want to stay even longer in the UAE. Good move! Thanks to ...
1 0 11 -
Gopakumaran Nair S
Junior Superintendent, Animal Husbandry Department. Taking spark related classes for government employees since 2009 . Answered on March 23,2024How the term of one year is calculated in Medisep (calender year/financial year/ One year from 01.07.22)?
เดฎเตเดจเตเดจเต เดตเดฐเตเดทเด เดเดฃเต เดเดพเดฒเดพเดตเดงเดฟ ..2025 เตฝ เดคเตเดฐเตเด
1 0 6 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 07,2022Which term plan is best whether Term plan with Maturity amount or No Maturity amount?
Dear Vanilla term is always better .The difference amount can be put in SIP which would give far superior maturity.
1 0 17