Term plans aren't the plain vanilla term insurance covers anymore. With increasing buyer interest in term insurance products, life insurance companies have been offering allied features to woo policyholders.
There are options that offer the premium back, protect against inflation by increasing the sum assured at intervals and also those which pay maturity amount in installments instead of one lumpsum benefit.
No wonder then that the share of pure protection covers – which pay the nominee the pre-fixed amount in case the policyholder dies – has steeply risen to 45% of the total life insurance offerings in 2015, as against 27% notched in 2014.
Now that the insurance regulator has proposed to offer a higher commission for agents selling pure protection covers instead of products that bundle savings and protection, under the draft guidelines titled "Payment of commission or remuneration or reward to insurance agents and insurance intermediaries, regulations, 2016," we decided to gauge which options in the renewed term plans are catching investors' fancy.
