Cost of living and expenses are increasing day by day which is why you will always want to make sure that your loved ones' remain secure even when you are no longer with them. To cater this need new term plan policies are coming up with the facility of providing sum assured plus monthly income to your family member if something happens to you.
These new term plans are providing monthly income for fixed tenure, mainly for 10 years to 20 years in addition to the one-time payment of your sum assured. However, exercising the option is again voluntary which by availing it may add extra cost to your annual premium. The monthly payouts under the schemes are tax-free. You should avail such plan when your dependents are not working.
