Secure your future with zero cost term insurance

With many buyers are unsure of the need for cover after they turn 60, companies are designing a ‘zero cost’ extended term cover where the premium paid is returned to the policyholder (without interest) if they cancel the policy early.

One reason for extended term cover is increasing life expectancy. But given that many buyers are not sure of the need for insurance after 60, companies are giving 
them the option to discontinue the contract if the policyholders feel their family is no longer financially dependent on them.

“Many policyholders are unsure when they will retire and would like to have a term cover until the age of 75,” said Policybazaar business head (term life insurance) Sajja Praveen Chowdary. The policy may be cancelled earlier than the opted term.Bajaj Allianz Life and Max Life are among those that have launched  such policies and other life companies are working on them.