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Term Insurance plans are the pure life insurance plans providing basic protection to safeguard your family financially against the untimely death of yours. The Term Life Insurance plan is a form of a life insurance cover, it provides coverage for a specific period of time, and if the insured dies during the term of the policy, then the nominee receives a comprehensive lump sum amount, called as the sum assured, in the event of unfortunate death of the life insured. Term insurance plans offer an opportunity to get the financial protection for your family at an exceptionally affordable cost.
Term Life Insurance Plans are cheaper as compared to other life insurance plans because such plans only intend to provide a death benefit and are pure insurance plans. Online term plan or online term insurance plans allow additional discount on premium by the insurer. The insurance companies charge only mortality cost apart from the nominal administrative charges. There is no element of saving or investment present in this plan which makes the premium cost low.Get Affordable Quotes
The Premium for your Term Insurance policy is calculated, basis the following factors:
Riders are additional benefits attached to your base policy which will offer you boosted benefits apart from your base policy. Various insurer’s provide multiple riders which can be taken with the main policy as per the policy conditions. Additional benefits come with the extra costs.
Accidental death benefit rider gives extra financial benefits to your nominees in case you die an accidental death. There is an accidental death Sum Assured which is paid to your nominee apart from the base Sum Assured of the policy.
An additional death benefit is paid to your nominee apart from the base policy payout. The appointed beneficiary/ nominee can receive term rider sum assured if you have taken this rider to your base policy.
There are severe illnesses which disable an individual temporarily or permanently resulting in loss of earnings. The treatment cost of such illnesses is massive due to medical cost inflation. To take care of the medical cost involved in such illnesses like Heart Attack, Cancer, Paralysis, Coronary artery bypass surgery, Major organ transplant and much more, a critical illness rider can be opted.
As the name suggests the future premiums are waived off in the events like death or disability of the insured or policyholder as per the policy contract. The policy continues to survive till the end with the waiver of future premiums.
Life Insurance benefits are usually given to the nominees as a one-time lump sum, income benefit rider allows you the choice of distributing policy benefits in installments as a family income to the nominees. This rider allows you to regulate the dispersal plan of policy proceeds that suits best for your family in your absence.
Disability rider replaces your income for the specified tenure in the event of permanent or temporary total or partial disability due to an accident. The payout varies with the kind of disability occurred and also basis the insurers rider conditions. Usually the total disability, payout is full sum assured where as in the case of partial disability, the payout is the partial sum assured.
(Note:The rider benefit, conditions and eligibility criteria may vary from insurer to insurer.)Select from Top Insurer's
Your Term Insurance Plan may not pay for the following:
Suicide clause: Insurance companies are not liable to pay the policy proceeds, if the insured commits suicide within the first year of the commencement of the policy. The suicide clause is lengthened up to two years also by some insurers.
Aviation Clause: This clause states that the policy benefits are paid out only in the event where the life insured is killed in a commercial plane crash while travelling. But if the life insured dies as a passenger in a private plane insurance company will not entertain the claim.
Dangerous Adventure Sports: This exclusion says that in the event the death of the life insured happens due to the involvement in certain dangerous adventure activities like auto racing, rock climbing, hang-gliding, etc., the payment of the policy proceeds will not be paid. Some insurer’s cover death arising out of such activities at a very high premium rates.
Act of war exclusion: This exclusion provides that the insurer will not pay, if the cause of death is a result of war.
(Exclusions may differ from one insurer to another and plan to plan.)
Read the do’s and dont’s related to your Term Plan.
|Assess the need of buying a term insurance plan and calculate the right Sum Assured as per your core requirements and expectations||Make payment in the name of your agent advisor rather it has to be done in the insurer’s name|
|Compare Term Plans online to find the best term insurance plan in India||Leave any column blank in the proposal form|
|Fill the proposal form yourself.Mention complete and correct details on online term policy or offline term policy||Conceal the facts, as it could lead to disputes during the time of claim settlement|
|Retain a copy of your duly filled proposal form for your own records||Buy a Term plan without comparing|
|Read the terms & conditions of the policy thoroughly before making payment.||Ask your agent to fill the proposal form|