- Premiums of the plans are very low since both plans cover only death risk
- Since the premiums are low, individuals can afford to buy a high level of sum assured under both the plans. This high level of sum assured ensures financial security for the insured’s family if the insured dies during the policy term
- Coverage under term plans is allowed for longer durations. In the case of whole life plans, coverage runs till 99 or 100 years of age
- Many terms and whole life plans have inbuilt riders which aim to increase the scope of coverage of the plan. Common riders which come inbuilt include accidental death and disability benefit rider, terminal illness rider, critical illness rider, etc.
- In many plans, the death benefit is also paid in monthly installments to create a regular source of income for the family.
- Your premiums are fixed and will never go up, regardless of market conditions.
- You may be able to withdraw funds or take out a loan.
- Your death benefit is guaranteed as long as you make the required premium payments.
