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List of Life Insurance Companies | insurance products tax benefits
Comparison between Life Insurance Vs Term Insurance

Comparison between Life Insurance Vs Term Insurance

Term insurance provides benefits after death within the term period, but life insurance gives benefit after death and also after the maturity of your policy.
Last Updated: Sep 11, 2019

In today’s lifestyle, everyone should consider having life insurance and long term care insurance. It is important to have insurance coverage to deal with the risks and doubts of life. With the growing need for best life insurance policies, there is an excess of insurance products and services accessible in the market. So choosing the perfect insurance plan as per the suitability of the individuals and it depends on different factors.

Also, it is vital to consider factors such as age, period, number of dependents, and the coverage amount needed before you finalize on an insurance policy. So it always helps if you do some research before choosing the precise insurance policy. If you want to know about the term insurance policy vs. traditional life insurance policy, then both these plans come with some disadvantages and advantages. Here you can find in detail, and it helps you understand if you want to buy term insurance or a life insurance policy.

Death Benefit:
Death Benefit

The most standard difference between life insurance and term insurance plan is that the long term care insurance is that it offers death benefits only if the insured person dies within the term period. However, the best life insurance policy offers both maturity and death benefits to the insured individual. Also, the amount offered as the death benefit in a term plan is much higher than the benefits that you get in the life insurance policies. Though most people who buy the insurance consider investing in the life insurance policies so that they can get the dual benefit of life defense along with ROI (Return of Investment), it is sensible to have minimum one term insurance plan from the best life insurance companies as it offers higher death advantages in less premium amount.

Risk covered Vs Savings:

A term insurance plan provides complete death benefits to the insured individual family in case of he/she died. But, term plans do not give you any maturity returns or endurance benefits like LIC plans. So, you can consider getting term insurance if you want to your family can get the benefits after your death and if you are not able to pay high premiums. But, if you want to create an investment amount along with life coverage, then you should try to invest in traditional or whole life insurance policy.

Flexibility:
Flexibility

Submitting a long term insurance policy is a lot more easily than submitting a life insurance plan. In term insurance plan, if the individual who insured the policy, stop paying the premium, then the benefits of the policy cease and the policy degenerates. But, in a traditional life insurance policy, the maturity benefits are given to the insured individual only when the complete term of the policy. If you want to surrender or you want to close the LIC policy mid-term, then you will not get the complete saving part of the policy, the insurances companies pay only the premium amount to you and that too you will get the amount after some deductions. Also, most of these term policies are renewable, and the life insurance companies allow you to convert your policy into a gift or endowment plan for the same amount guaranteed with an increase in the payment.

Premium Amount:
Premium Amount

If you are looking for higher coverage for your life insurance policy, then you have to pay a higher premium amount, and because of that, the higher premium many individuals fail to get enough coverage. Also, life insurance policies usually offer minimum returns between 5 percent and 7 percent that is reduced further if you or the policyholder submit the policy. In contrast, term insurance policies are much affordable and offer higher coverage at a very low cost.

For instance, if an individual who is in his 30’s wants to buy term insurance for Rs, 10, 00,000 guaranteed for a 20 years term, then the individual will have to pay Rs. 3,000 per year as a premium. Whereas if he buys a without-profit gift or endowment policy using the same death benefit, then he/she will have to pay 30,000 annual premium and with profit gift policy costs around Rs. 50,000 per year.

In short, term insurance policies or plans are beneficial for those people who cannot give financial security to their beloved family or if they do not have a constant and secure income source.

Tax Benefit:
Tax Benefit

Also, it is very important to consider that the premium paid for a term insurance plan is not just least but is also qualified for a tax deduction as per the section 80c Income Tax Act. That means if you want to get an insurance policy with the main aim to get tax benefits, and then you can consider investing in a long term plan so the variation in premium between both the policies can be endowed in other tax-saving plans like PPF, ELSS, etc.

To understand insurance policies better, here you can find a proportional study of term insurance plans against various types of life insurance policies.

Endowment Plan

Unit Linked Plan

Term Plans

Maturity Benefit: Maturity benefits are not included in the term insurance plan, but it is available for the unit linked plan and endowment plan.

Death Benefit: The amount guaranteed is paid as a death benefit in term plan on the death of the insured. In the endowment and unit-linked plan, the assured amount is paid as a death benefit or the insured will get fund value and the bonus is offered.

For investors, it is crucial to know the life insurance is a vital part of good monetary planning. It is also useful to own both term insurance and life all at once. This is helpful because one plan offers the investment return benefits and life protection, and another plan gives you the financial security for your loved one’s future just by paying the least premium.

Term vs. Whole Life Insurance Plans:

Whole life insurance and term insurance plans are two dissimilar products that serve different requirements of the insurers. You must select any one of these insurance policies based on your monetary needs and future goals.

If you want to purchase the best life insurance policy, then you might have heard of both whole life insurance and long term insurance plans. Basically, both policies provide benefits in case of the death of a policyholder during policy term; however, these plans differ in various ways.

Term insurance:
Term insurance

Term insurance is a type of life insurance where the insurer pays a premium for a certain period. In case, the insurer passes away before the term; then the death benefits will be paid to the family of the insurer. But, if the policy matures, then the insurer will not get any benefits from the policy. That is why long term insurance policies are earlier called pure life insurance policies that give you high assured sum just by paying a minimum premium for a fixed term. The insurers also get flexibility when choosing the assured sum or term.

But, the term insurance benefits are very less compared to other LIC policies, and there are no survival or maturity benefits obtainable with term insurance plans. If you want a life insurance policy for saving or investment, then term insurance is not a good choice. The term policy is beneficial to the family in case of the death of the insurer happens before the maturity period.

Whole life insurance
Whole life insurance

Whole life insurance plan is absolute life insurance policies that offer flexibility in opting assured term or sum while offering maturity or survival benefits as per the policy documents. In this life insurance policy, the insurer may have to pay the premium for a certain period or the entire life. The benefits that the whole life insurance offers that include the insurer can borrow the money directly from the insurance company at very low interest, get total money as survival benefit, get segregated premium payouts, obtain maturity benefits, and more. Basically, whole life insurance policies are provided to cover the insured throughout their lifetime.

Term insurance policies can be beneficial even when the insurer pays lower premiums, but it is not possible in whole life policies. In whole life plans, the insurer pays constant premium throughout the policy term, which can also be renewed. In Term insurance premiums will not be compensated in any situation unless if the claim is a genuine one. The hefty sum will be paid only at the death of the insured. Whole life insurance plans offer premium payouts if the insured is alive during the policy term, as selected while buying the insurance plan.

You can choose fixed tenure term plans and, you can get the benefits of the policy accordingly. However, Whole life insurance policies offer flexible tenures normally applicable until the insurance reaches a hundred years. The insurer can get the benefits when he/she turns 100.

If you want to buy the best insurance policy and if you are above 40-years, then choose whole life insurance policies as they are the best option for you. The plan covers throughout your life, and it is comparatively cheaper than term plans also you can relax as you are assured that your next-gen will have enough money even when you are not with them anymore.