Pure Protection Plans offer coverage for a specified term. If the policyholder passes away during this term, their beneficiaries receive the predetermined sum assured. Unlike plans that include investments or savings, these policies are solely designed to provide a financial safety net.
These plans offer straightforward and cost-effective coverage. They ensure that your family's financial needs are met in your absence, offering them a sense of security and stability. The sum assured can be used for various purposes such as loan repayment, education expenses, and daily living costs.
Absolutely. You can choose the coverage amount (sum assured) and the term based on your family's needs and financial goals. This flexibility ensures that you are adequately covered during the critical years.
Unlike traditional life insurance plans, if you outlive the term of a Pure Protection Plan, the policy expires without any payout. These plans are designed primarily to provide a safety net during the term in case of death.
Yes, the premiums for Pure Protection Plans are generally fixed for the duration of the policy term. This makes it easier to budget for your insurance costs.