Term Plan: Features & benefits

Here is what a good term plan typically offers. Exact benefits differ by insurer and product, so always read the policy wording.

A large sum assured for a small premium compared with savings plans, because there is no maturity benefit.

Lump sum, monthly income, or a combination of lump sum and income to the nominee.

Level cover stays constant. Increasing cover rises yearly to beat inflation. Decreasing cover suits loan protection.

Some plans return premiums paid if you survive the term, at a much higher premium.

Accidental death, critical illness, waiver of premium and disability riders can be added.

Covers two lives, usually spouses, in one policy.

Policy terms commonly extend to age 60, 75, or even 99 or 100 for whole-life term.

Read the fine print. Features are subject to terms, conditions, waiting periods and exclusions. We will walk you through them before you decide.

Key terms to know