We live in fast life and prefer a fast and easy life, no matter if it’s about food, travel, lifestyle or safety. PolicyX provides an online portal that provides a super easy platform for the customers to compare and buy any insurance policy along with the necessary information about the premium amount, due date and a list of policy cover for the policy holder. An insurance plan is a lifetime investment and security and generally, it cost heavy on the pocket of the customer as security promise of life cannot be cheap. But, what if one a want to buy a Policy that is cheap and for which he or she has no need to pay a premium amount for whole life. Term insurance is the solution to the same dilemma of life. Term Insurance is the traditional typical insurance plans that are affordable for the policy holder and provide financial stability and complete protection for the loved ones of the policy holder and provide cover against any type of unforeseen events.
Term Insurance provides a life insurance facility that is provided by most of the insurance company as a financial coverage but for the specific time period only. The policyholder is covered from mishaps like death during the specific time of the policy term. Term insurance covers the policy holder for a fixed period of time. For the Term Insurance there is no cash value and as a result, the plan is less expensive than the other regular life insurance policies. The Term insurance is useful only when the policy holder is dead within the time span during which the Term Insurance policy is valid. The Term Insurance plan also offers a very high cover to the policy holder at a very minimal cost. Death is an uncertain event of life and all we can do is to be prepared for the same that is why one buys any insurance policy. But in case of the uncertain and untimely death of the policy holder, a term insurance plan is a savage and offers a financial protection to the family of the policy holder.
Term Insurance plans are available for the policyholder with a range of tenure from 5 years to up to 40 years. The best thing is that the premium amount does not change for the policy holder during the complete policy term. The policy holder can pay the premium amount as a single premium or as monthly, quarterly, semiannual, annual as per the convenience. For the policy cover, one can understand the basic rule for the coverage amount and that is at least 15 – 20 times of the annual income of the policy holder. For a safeguard of the family financially, term Insurance is a backup. A term policy is a very cost effective measure to save your family, even if the term insurance does not promise any significant returns and there is no other add - on and additional benefits for the policyholder as they get in the normal and regular life insurance covers. But, as term Insurance is a part of the various insurance products, all of the products have their different benefits and that can result in a higher premium value amount. Any policy holder should choose the plan wisely and they should check properly whether they need a plan that hosts on various plans or if they want a Term Insurance plan that offers affordable premium amounts and fixed premium for the policy. So, in Term insurance policy holder enjoy the benefit much more than the sum invested in the same in an easy and hustle bustle free manner.
Online term plans are up-to 60% cheaper than equivalent offline plans. This is due to the fact that in online plans, agent commissions are not involved and operational costs are also lower. These benefits are passed on to the customers in the form of reduced premiums.
One needs to find out the actual amount of the life insurance amount that he or she needs for the Term Insurance that can cover and secure the future mishaps and daily routine important expenses. One need to well aware of the various Term Insurances and their benefits, PolicyX helps the customers compare and calculate the amounts for the insurance policy without any confusion easily. This is very important for an insurance holder to compare the insurance plans on PolicyX as no policy should be bought without a comparison of the essential terms and features of the insurance plan, such as maximum cover for the security of policy holder and the tenure for which the premium amount is needed to be paid. One should also check the duration of insurance policy for which the policy will secure the policy holder. Policy holder needs to check and compare the claim settlement ratio of the company from which he or she is thinking to buy a policy and if the company is serving the customers with the facility of Term Insurance since long or the company is new to the concept of Term Insurance. Buying Term Policy from PolicyX is not only convenient and safe, but policy holder will also get proper assistance and guidance, as it involves future and security of your loved ones, so it deserves your all wit and efforts in the world.
There are various benefits of the term insurance policy and few of them are like following –
Affordable Premium Option
Term Insurance policy premium offers the customer’s lowest premium payment options. The policyholder can choose a premium amount based on the convenience. The premium can be paid in a single payment or regular plans in which premium can be paid either monthly, quarterly or annually.
Return more than the Investment
Some customer finds their self in the dilemma that with a promise of zero return on the survival of the term in the Term Insurance policy one should buy it or not? So the policy holder should choose the company that provides the return of the entire policy premium amount that is paid by the policyholder under the tenure of the Term Insurance plan. This is covered under the Term Return of Premium plan of the company.
Insurance companies facilitate the policy holders with the choice of various term plans. The policy holder can opt for the Term Insurance policy as per the requirement. One can choose from the single or joint life term insurance plans. In case of a change in the marital status, the policyholder can extend the policy for the dependent spouse.
Add – on benefits
There are many benefits that are not covered in the Term Insurance plans for the individual. Insurance companies understand the need for the policy holder and they provide various add – on plans as per the need of the customer. Premium amount hike with the add – on in the policy that provides cover for the cases like critical illness, permanent disability, and accidental death.
The premium amounts paid for the Term Insurance plan in which payouts are made in the case of death are tax-free. In a legal way there are various acts of the Income Tax Act under which Term Insurance Plan covered and thus one enjoy the tax-free benefit of the policy.
1. Any loss of life of the policy holder that is caused by any natural disaster such as hurricanes, floods, and earthquakes are not covered by the Term Insurance policy.
2. Any loss of life that is caused by and made a disaster like war or terrorism is not provided any cover in the Term Insurance Policy.
3. Any loss of life of the policy holder that is caused due to the involvement of the insured person in any illegal act of the constitution of the nation will not be covered under the Term Insurance Policy.
4. Any type of loss caused because of any suicide attempt is excluded in all Term Insurance policies. Any victim who claims any policy help regarding the harm and loss caused during the process of suicide will not be provided. Even though a policy holder is the owner of a family cover, suicide will not be compensated in any case. Same as this, if the customer harm himself or herself in acts like dangerous sport, hunting or shooting are not covered in the Term Insurance cover.
5. Death caused because of any harmful intoxication of the policyholder is excluded from the Term Insurance policy. An excess amount of drugs or excess intake of harmful medication without any doctor’s precaution causing harm to the life of the policy holder is also excluded from the Term Insurance plan.
6. The policy holder cannot switch the Term Insurance Policy during the tenure of the policy.
7. Term Insurance Policy does not provide the facility of the loan to the Policy holder as the policy does not come with a maturity benefit and it does not entertain the surrender value.
Online term plans are still at a nascent stage in India with some companies still in the process of launching online plans. However, offline term plans have been around for as long as Insurance and have been one of the key necessities for people looking for pure protection. Online term plans are up-to 60% cheaper than equivalent offline plans. This is due to the fact that in online plans, agent commissions are not involved and operational costs are also lower. These benefits are passed on to the customers in the form of reduced premiums.
1. PolicyX.com helps you choose the Best Term Plans from leading brands in less than a minute
2. PolicyX.com provides you with the detailed information of the product to give the clarity over the plan which suits your requirement
3. You can Compare term insurance plans on our portal & save money up to 60%
4. The Term Policy comparison, we provide you is completely unbiased and specific
5. We provide expert advice and publish Articles, news, etc to keep you posted on latest Term insurance plans from leading companies
1. Minimum and maximum age of the policy holder need to be 18 years and 75 years respectively. It can differ as per the policy terms and conditions.
2. The sum that is assured under the Term insurance policy is also calculated in the eligibility because now a day some policy companies have a fixed sum assured as minimum amount as the insured person should be capable of paying the policy premium.
3. Policy holder should be a citizen of India
While comparing online term plans, you need to keep in mind certain important factors. Some of the key input variables are the term or tenure of the coverage, sum assured, etc. The thumb rule is to go for the tenure of your expected retirement age minus your current age. For example: if you are 25 years old and planning to retire at the age of 60, then ideally you should cover your family for a period of 60-35 = 25 years. The amount of coverage usually depends on your income. Most people advise to go for 10-20 times of your current annual income. Other tips that can help you save money while choosing a term plan are:
When you compare Term Plans, look at the product features & Flexibility apart from its price.
The earlier you buy the plan, the cheaper are the rates of premium. The number of years of the age greatly influences the premium amount
Online term plans are usually cheaper than similar products in the offline category as it cuts out on intermediary commissions
If you quit smoking, you can buy the policy at the lesser rate and lower premium.
Policy holder needs to file a claim depending on the requirement and the amount that will be recovered depends on the amount that was decided at the time of the policy. The claim settlement process for term Insurance is simple and one can easily avail the benefit in the hour of need. The claim process needs the insurer to inform the insurance company first of all for the claim. He or she can visit the nearest branch of the company with the required documents. Documents are very important for making the claim. Following are the necessary documents that are needed for the claim process –
Original insurance documents
Proof of claim
Death certificate of the policy holder
Medical record and treatment papers
Apart from the above - mentioned documents, one needs to confirm if any other document is needed from the insurance company as it depends on the nature of loss and the type of the Term Insurance policy of the Policy Holder. After the verification of all submitted documents, the claim will be honored against the Policy.
Normally, term Insurance plan can be availed at a lower price when the person is at the early safe of life and young. So one should check the Term insurance policy at the PolicyX and compare pros and cons of different insurance companies like HDFC, LIC, ICICI and Bajaj Allianz before settling down for any Term Insurance Policy.
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