Summary:
Gurgaon, Haryana, India (NewsVoir) Policybazaar has partnered with leading Life Insurance Companies to launch a new category of Term plan under which the policyholder has the option to submit the Term plan post-retirement when his or her financial obligations are over and get all premiums back net of GST.
This effectively means one could buy a Term plan and keep themselves financially protected during the working years when their families are dependent on them and once the liabilities are over, they could exit the plan and get all their premiums back (net of GST) making the cost Zero.
This is a very powerful concept because customers don’t pay anything extra to avail of this benefit making term insurance even more compelling as a protection tool.
This option of exiting is a choice that the customer has, and one can excise this option depending on his or her financial situation.
Ever since Policybazaar’s inception in 2008, the brand has pioneered and innovated the term insurance category to cast a wider safety net over India’s under-insured population.
This new category is one such innovation that should increase term insurance penetration.
There are customers who consider buying term insurance a waste of money since in a regular term plan if one survives till the maturity period, no benefit is paid out to the policyholder.