Term Life Insurance
As the name says, the policy offers coverage for a pre-determined period helping your dear ones to relieve some of their economic burden in the event of your death. The pay-out is entirely tax-free, and the amount is transferred immediately to your beneficiaries.
Term Life Insurance can be the perfect solution if you have young children dependant on you and a limited budget. It is also a good policy to choose if you have loans that you need to pay off quickly and have mortgage payments to cover.
The policy offers simple and affordable coverage for a fixed duration while keeping the premiums at the lower side and providing a top-grade financial safety net if you (the policyholder) pass away. The term can range between 10-40 years, and the premiums will remain the same throughout. As the policy expiry date nears, you will have the option to renew it, or you can also choose a different type of policy that would better suit your financial requirements.
At iA, we have two products in Term Life Insurance: