Standard term insurance policy means that you can take the life insurance policy of any company, but all the features will be the same.
After the standard health policy, now IRDA can give instructions to launch standard term insurance. Recently, the insurance companies were instructed to launch a standard policy called IRDA Corona Raksha Kavach. Under this, all insurance companies had launched a short-term health policy. Now it is reported that companies have given instructions to bring standard term plans. In fact, in this hour of Corona crisis, the demand for term insurance has increased very fast. Many companies have increased the premium by 30% in the past few times. So Irda can now ask for a standard term insurance policy.
What is standard term plan
Standard term insurance policy means that you can take the life insurance policy of any company, but all the features will be the same. Currently, insurance companies sell different types of term plans. Whose features and conditions also vary. But there will be no change in the features in standard term insurance. This will make it easier for consumers to choose a term plan. It is also being seen by IRDA as an attempt to further expand the insurance market.
Also Read: Your family will be protected and get a strong, extremely low price term insurance policy
How much will be the premium?
Unlike the Corona Raksha Kavach, IRDA will not fix a premium in it. Insurance companies will be able to fix the premium according to their own. Recently, some companies have started selling several insurance dedicated term plans keeping in mind the return on investment policy. They refund the premium at the end of the policy period. These plans give a guaranteed pay-out at the end of the insurance period even when the policy holder. Such a plan is called the Return of Premium Plan. Term plan not only gives financial support to your family but also provides adequate coverage during critical illness. There are many term plans available in the market that give cash out to policyholders in case of serious diseases like cancer, stroke, heart attack or multiple organ failure.
