The benefits of term insurance plans are well-known, and over the years, their popularity has grown manifold. If you are also planning to take a <\/span>best term insurance<\/b><\/a> plan, you are likely to come across various types of plans. Different types of term plans cater to various needs. Here are the types of term insurance plans you should know about –\u00a0<\/span><\/p>\n
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This is a common and straightforward type of term plan. In this, the insured sum remains to fix across the tenure of the policy. The benefits of the insurance policy will be paid to the beneficiaries upon the death of the insured individual.\u00a0<\/span><\/p>\n
In such term insurance plans, the insured individual has the option to raise the value of the sum assured on an annual basis while the policy is still active. Additionally, you maintain the same value of the premium amount. The premium of these term plans is higher in comparison to the other term plans.\u00a0<\/span><\/p>\n
Contrary to the increasing term plan, the insured sum continues to decrease on an annual basis in order to cater to reducing requirements of the insured. These term plans prove to be convenient in situations where the individual is dealing with a substantially big personal or home loan or paying regular EMIs.\u00a0<\/span><\/p>