Understanding Term Life Insurance

7 Aug 2020

No matter how advanced we are in science and technology, the future remains a mystery. It is almost impossible to predict our future, but it is possible and also wise to prepare for it. That’s why term insurance is a great investment. Term insurance financial coverage to the policyholder for a specific time period. In case of death of the insured member during the policy term, the death benefit is paidto the beneficiary. This provides financial stability to the family.

Advantages of Term Insurance

Larger life cover

Term insurance plans are affordable. Hence, it is possible for an individual to opt for a higher life cover (Income Basis) for the same premium compared to an endowment plan.


The policy holder can opt for riders, which can enhance the utility of the policy. Soif youchoose a critical illness rider or a critical illness plan, you are entitled to receive the sum assured on being diagnosed with that critical illness.

Enhanced cover

You also get to enhance the cover during your important stages of your life. For example, you could enhance the policy buy 50% during marriage and 25% when you become a parent. Subject to Medical underwriting as per insurer norms.

Innovative features

Term insurance has evolved over time with companies adding innovative features to the policies. For example, companies have cut premium rates and even offer extra discounts to certain categories like non-smokers.

Term insurance is one of the most rewarding types of insurance plans. However, you should put in a lot of thought while choosing a policy like selecting riders based on your specific needs to make it the perfect planetc. At Unison, our team of experts with years of extensive experience help you by guiding you in each stage of choosing the perfect term insurance policy.