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 Introduction

Life insurance plans are term plans which can be brought by people to secure the financial needs of their family members in case of their sudden demise. A term insurance plan is a simple and steady way to save money for your family, especially if you are the sole breadwinner. Apart from financial protection to one’s life, term life insurance plans also offer tax benefits, medical bills reimbursements, etc.

 

There is a range of term insurance plans available in the market to choose from. Read the term insurance policy comparison of two such good policies below before purchasing any term policy plan.

What is Smart Protect Goal Term Insurance?

The Smart Protect Goal Term Insurance is a premium payment risk-term recovery plan. The plan is packed with many features, benefits, and additional covers that help people in times of emergency without affecting their financial plans. This package has an excellent track record and reviews given by the customers. The insurance amount is also credited lump-sum to the customer’s account and not in instalments.

 

This term life insurance plan has features like -

 

  • Comprehensive cost coverage

  • Low premiums

  • Customised plans

  • Flexible benefit add-on options

  • Tax benefits

What is Group Term Life Insurance?

Specially designed for working individuals, a Group Term Insurance is an insurance plan provided by the employer to ensure the financial safety and security of your family and near and dear ones. This term insurance plan comes with a death benefit, i.e the insurance money is given to the family of the individual in case something happens to the person.

 

It is a group insurance policy and financial coverage is provided to the employee’s family. The main aim is to provide monetary benefits to the family to ensure that they do not have to face any financial trouble after the demise of the earning individual.

 

This term life insurance plan has features like -

 

  • Gratuity funding

  • Pocket-friendly premium

  • Flexible add-on options

Which is better - Smart Protect Goal Term Insurance or Group Term Life Insurance?

Smart Protect Goal Term Insurance and Group Term Life Insurance plans are both available on the Finserv MARKETS app and website. Both policy plans have their ideal client base which is two different categories. However, to make quick-term life insurance comparisons, take a look at the table below -

 

Smart Protect Goal Term Insurance

Group Term Life Insurance

Investment

The premium is paid by the individual purchasing the policy

The premium is paid the institution purchasing the policy

Benefits

  • The individual can customise their policy plans as per their convenience

  • The individual also enjoys tax benefits and exemptions

  • The organisation manages and pays premiums for policy plans

  • All tax benefits and exemptions are enjoyed by the organisation purchasing the policy plan

Drawbacks

The yearly hike in the premium imbalances the monthly budget.

The company plans and customises term insurance plans as per its budget and convenience.

Difference Between Smart Protect Goal Term Insurance And Group Term Life Insurance

Below table makes term policy comparison for clear understanding -

Feature

Smart Protect Goal Term

Group Term Life Insurance

Type of plan

Customised as per individual requirements

Designed as per community requirements

Policy Period

The age of the individual at the time of the insurance maturity should be 85 years. In case you are opting for whole life coverage, the age limit is extended to 99 years.

The policy period at the time of issue is 1 year. The policy renewal option is also available.

Critical Illness Situations

55 major and minor medical issues are covered

11 critical medical illnesses are covered

Medical Examination

May be required

Not required

Premium Rates

Individual rates are higher than group plans

Group insurance plans are lower than individual plans

Factors to Consider Before Making a Decision

Before choosing any term insurance plan, it is important to consider the following factors to compare term plans online as well as offline -

  • Premium Payment

    While reviewing the term insurance plans, go for a term policy that offers a variety of payment interval options like monthly, quarterly, half-yearly or annually.

  • Payout Pattern

    You should also consider the structure in which you will be receiving the coverage in the future. It can be lump-sum, partial monthly, or quarterly payments.

  • Coverage Level

    The coverage level also plays an important role in choosing the best term insurance plan, the options include increasing, decreasing, or level coverage.

  • Premium Return

    While comparing term insurance plans, it is better to choose a plan which provides maximum premium return benefits. In this, the entire premium amount paid by the holder is paid back to the holder if the policyholder has outlived the tenor.

  • Trustworthy Company

    Make sure you choose a company that is trustworthy and reliable. It should have a good reputation in the market with stable past performance.

Conclusion

Term insurance policy comparison is an essential step in getting term insurance. It enables individuals to have insights into policy features and plans helping them to make an informed decision, after considering all the important factors. These insurance plans are not just investments but are financial safety shields for your family members in case something unfortunate happens to you.

FAQs

  • ✔️What are the minimum and maximum ages for getting a Group Term Life Insurance?

    The minimum and maximum age for getting a Group Term Life Insurance is 18 years and 69 years respectively.

  • ✔️What is the time tenor of the Group Term Life Insurance?

    The tenor of a Group Term Life Insurance is generally around 1 year. 

  • ✔️What is the minimum sum of money assured to the customers under the Group Term Life Insurance?

    The minimum sum of money assured to the customers under a Group Term Life Insurance is Rs. 1,000.

  • ✔️Can I get joint Smart Protect Goal Insurance?

    Yes, you can get joint Smart Protect Goal Insurance but you can get it in partnership only with your spouse and not with anyone else.

  • ✔️Will Child cover be included in Smart Protect Goal Insurance?

    Yes, child cover is included in Smart Protect Goal Insurance but only before the child turns 25 years old. After the child turns 25 years of age, the child cover ceases to exist.

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