To not let your beloved family go through such hardships and suffer a disastrous financial turbulence’s, it is important to secure their lives with a term insurance plan
Term insurance acts as a saviour to offer financial support to your family, during the days when you aren’t around. It offers coverage to the risk of a sudden death of the insured during the tenure of the policy period. We name term insurance as the simplest and the purest forms of life insurance because all you need to do is pay the term insurance premiums on time against which the insurer offers the cost of your death benefit to the beneficiary. Since there aren’t any too many extra frills, term insurance is relatively cheaper than any other forms. In case the insured person survives the policy period, there won’t be any payment made to the life insured.
Return of premium plans come along with maturity benefits wherein the premium paid till date will be returned back to the policyholder in case he survives the tenure of the policy.
Level term insurance plans are the simplest forms of term insurance wherein the sum assured doesn’t change when the tenure and benefits are shelled out to the nominee in case of death of the policyholder.
This type of term plan gives the option of increasing the sum assured annually during the policy period, but the premiums remains unchanged.
This type of term plan decreases the sum assured annually till either the policy pays out or the policy period comes to an end, premiums however remains unchanged.
Upto 25 yrs
You’re young and healthy and probably must have just begun your career a year or two back. Life insurance certainly may not have yet crossed your mind. But trust us; your mid-20s are the best and smart time to start looking at life insurance. Simply put, the younger and healthier you are, the lower it would cost to insure you. You may have to shell out a very low premium today for you to potentially save thousands of rupees in the future
25 yrs to 40 yrs
40 yrs to 60 yrs
Above 60 yrs
Whole life insurance plans are the most comprehensive types of insurance that offers life cover to the policyholder. Since these plans come with a component of saving and last for lifelong, it would be wise to opt for whole life insurance plans for people who are above 60 years of age.
Deciding the tenure of your term insurance would also depend how early you buy your term insurance policy. You will be covered for a longer period the more early you buy the plan. In short, it is best to purchase a term insurance plan for the maximum possible tenure, and then drop it when you no longer require it. This would be beneficial, if your term insurance policy was bought to square off a loan in your absence. You can customize your term insurance policy as per the number of years you have left to pay your premiums. Additionally, it is wise to ensure that you’re covered throughout your working life.
A term insurance generally covers all types of death, including natural death as well as death due to accidents or illness. But, there are exceptions. Say for instance, death occurred due to a natural disaster or due to an 'act of God' and death due to terrorist attacks wouldn’t be covered.
Therefore, it is vital to read the term insurance policy document carefuly to know the details. You can easily check the policy terms and conditions online or consult an insurance aggregator or broker for the same.
At the end of the policy period, the term insurance plan will terminate. You can renew your policy as per the provisions offered by the life insurance company, to continue to be covered throughout your life. Therefore it is important that you research well and then find the best term insurance policy for you
No, just because you have purchased the term insurance plan online, doesn’t mean that you will face any problem. Every life insurance company has a centralised customer service team that attends to all the customer query/complaints. There is no difference between customers who have purchased the insurance plan online or offline.
If you buy a term insurance plan, you can certainly enjoy tax benefit of up to Rs.1.5 lakh from your taxable income for the premiums that you pay for your term plan thereby minimising your tax liability.
The payouts that are received from a term insurance plan post the demise of the policy holder is also exempted from tax under section 10(10D).
If you are a Non-Resident Indian and are looking to purchase a term insurance plan in India, you are very much eligible to do so. In case you apply for a term plan while visiting India, you will be issued your term insurance plan, once the underwriting is completed for your policy.
You can either write or contact your life insurance company in India, from your home country. Usually a local notary will verify the documents.
Yes, why not? Experts suggest buying term insurance from two separate companies. When the need of claim arises, both the life insurance companies from whom you have purchased the term plan would be liable to pay claim to your nominee in case of your demise during the policy period. It’s wise to buy more than one term life insurance plans in order to get enhanced coverage.
To buy term life insurance online, all you need to furnish are the following documents:
Yes, it is absolutely safe to purchase term life insurance online simply because all your details are kept confidential. The premiums that you pay towards your term insurance are also paid through secured payment gateways. Besides, Online term plans are pocket-friendly and easy to buy. So, go ahead without giving any second thoughts and buy an online term plan, worry-free.
Yes, working women can purchase term insurance as male counterparts. Besides, women are also offered preferred rates that are lower than males of same age.
No, in case the proposer is young and the sum assured is also less, medical test is not required. With increasing age, the requirement for coverage too increases and therefore, the need for medical tests also becomes more rigorous.
Term plans are available for the short and long duration. You can buy term plans for the period of 5 years to 40 years. You have to assess your life needs and then decide a suitable period for the term plan.
Yes. You can add many riders to your term plans and personalise them to suit your requirements. Some common term insurance riders include the accidental death benefit rider, the critical illness rider and the waiver of the premium rider.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
Many questions may come in your mind before buying an insurance policy. ‘How much insurance I would need, how many years I shall invest for, what would be the premium, etc.. Insurance Calculators are life-savers. They help you know your insurance needs and assess the potential costs. Grey Font brings to you various Insurance Calculators and interactive tools to help you calculate your insurance needs. In order to get better results, ensure to enter a value in all the possible fields.
Renewing of term insurance policy doesn’t require any additional information or medical test. Know about the disadvantages of not renewing the policy by its holder.
We all know how unpredictable life is,one of those harsh realities of life.Read on the reasons why you must not delay to buy a term insurance and should therefore buy when young.
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