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Term Insurance plans are traditional insurance plans that provides financial stability and complete protection to the loved ones of the policyholder with the cover against any type of unforeseen events at an affordable price.
A Term Insurance Plan is the most comprehensive form of financial protection. It will help your family to meet their financial needs from household expenses to rentals in your absence. When you planning to buy a term plan, you have to make an informed choice about the life cover you select.
PolicyX is an online portal that provides a super easy platform to the customers where they can compare and buy an insurance policy along with the necessary information about the premium amount, due date and a list of policy cover for the policyholder.
An insurance plan is a lifetime investment and security. Generally, it cost heavy on the pocket of the customer as security promise of life cannot be cheap. But, what if one wants to buy a policy that is cheap and for which he or she does not need to pay a premium amount for whole life. Term insurance is the solution to the same dilemma of life.
Term Insurance provides a life insurance facility that is provided by most of the insurance company as a financial cover but for the specific time period only. The policyholder is covered from mishaps like death during the policy term.
Term insurance covers the policyholder 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 policyholder 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 policyholder 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 an insurance policy. But in case of the uncertain and untimely death of the policyholder, a term insurance plan is a savage and offers a financial protection to the family of the policyholder.
Term Insurance plans are available for the policyholder with a range of tenure from 5 years to 40 years. The best thing is that the premium amount does not change for the policyholder during the complete policy term. The policyholder 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 policyholder. For the financial protection of the family, 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 policyholder 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 the policyholder enjoy the benefit much more than the sum invested in the same in an easy and hustle-free manner.
Term insurance plan is a policy that only charges for the cost of insurance that you need to protect your family. However, still under the same there are many options available that you can explore as per your needs.
Pure term plan
It is the simplest and the cheapest form of term insurance plan. Under the same, the insurance company will pay a fixed sum assured amount to the beneficiary or nominee in case if demise of policyholder. However, in such cases where the insured survives, he/she would not get anything in return. Usually, the premium for term plans depends upon three factors that includes age, term of the policy and the sum assured you choose. There is no doubt in saying that the term plans are cheapest insurance product, still you can get a discount by buying them online.
Return of premium plan
It is true that not everyone would be fine with concept of paying for years and getting nothing at the end. Return of premium plan is especially designed for such people. Investing in this plan would be slightly expensive as compared and under the same you will surely get a return of premium. Under this plan, the insured will surely receive a return at the end of the policy, but if he dies during the policy term then the nominee would be liable to receive the sum assured amount.
Under the decreasing form of term insurance plan, the sum assured decreases every years just like the outstanding loan amount. You can buy this plan at very nominal charges as the sum assured decreases every year. Banks usually bundle the single premium type of this plan and pay the premium on your behalf. Under the same, the amount of premium gets added to your total debt liability, which you pay with the help of an increased EMI.
Just opposite of a decreasing plan. Under the same, the amount of cover increases by about 5% every year until your sum assured increase by 50% or doubles up in value. The premiums of such plans are on the higher side as the insurance companies puts more money at risk every year.
It is a combination of term plan and a saving plan. It is a plan, where you buy a term plan, which you can convert into an investment-cum-insurance plan later. However, your premium may change at the time of conversion.
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 related to the plan, such as maximum cover for the security of policyholder 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 policyholder. Policyholder 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 policyholder 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.
Term Insurance Plans To Consider
|Insurance Company||Term Plan||Entry age(Min- Max)||Sum Assured(Min-Max)||Policy Term (Min- Max)||Premium Paying Option|
|LIC||LIC e-Term Plan||18-60 years||Rs.50 lakhs- No limit||5-40 years||Annually|
|HDFC Prudential Life Insurance Company||HDFC Life Click 2 Protect 3D plus||18-65 years||Rs.10 lakhs-No limit||5-40 years||Single, Yearly, Half Yearly, Quarterly, Monthly|
|ICICI Life Insurance||ICICI Pru-iProtect Smart||18-65 years||Subject to minimum premium-No limit||5-40 years||Single, Yearly, Half Yearly, Quarterly, Monthly|
|Max Life Insurance||Max Life Online Term Plan Plus||18-60 years||Rs 25 lakhs-1 crore||10-40 Years||Annual, Semi Annual,Quarterly Monthly|
|Aegon Life Insurance||Aegoni-Term Plan||18-65 years||Rs 25 Lakhs- No Limit||5-62 years||Annual, Semi Annual, Monthly|
It is a pure insurance policy with no investment component
The insurer would be liable to pay to the nominee only in case where the life assured dies during the policy period
When it comes to the online purchase of term insurance you can save a lot of money on administration and other charges
If you go for a cover of 20 times of your annual income, then you have to pay annually a sum of 2-3% of your annual income
There are various benefits of the term insurance policy like-
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 either monthly, quarterly or annually.
Return more than the Investment
Some customer face 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 policyholder 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 policyholders with the choice of various term plans. The policyholder 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 by the term insurance plans for the individual. Insurance companies understand the need for the policyholder 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.
All forms of death are covered (even terrorist attacks)* *Note: In the event of the death of the insured by suicide within the first year of the policy or with 1 year of the date of renewal the death benefits are not applicable.
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.
Term insurance policies cover a lot of events and situations. The specific exclusions depend upon the type of plan and term that you choose. However, there is one exclusion:
Suicide: Suicide is an exclusion that you will find in almost all term insurance policies. Suicide will not be liable for any compensation even when it comes to group insurance. But if suicide is committed within one year by the policyholder then the company will be liable to refund 80% of the premium and all rights, benefits, and interests under this policy will nullify.
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 are 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. To avail the benefits of term insurance plan, the minimum and maximum age of the policyholder should be between 18 years and 75 years respectively.
2. To calculate the sum assured amount, there is also a form of eligibility. The company checks that the insured person is capable of paying the policy premium or not.
3. The policyholder should be a citizen of India.
When it comes to investing in term insurance then there is no right age for it. Like other insurance policies, the earlier you opt for it, the better you will get. If you invest in a term plan at an early age:
The premiums will be comparatively lower.
Your liabilities will be less, hence you don’t need to insurance a big sum that will also make it affordable for you.
As health risks largely depend on the age, getting covered is easier and hassle-free.
When it comes to comparing term plans, you should keep a few things in your mind such as tenure of the policy, sum assured, etc. As per the thumb rule, a person should go for the tenure of your expected retirement age and deduct your current age from that. The sum assured usually depends on your income. It is advisable to go 10-20 times of your current annual income. Other things that can help you to save money while choosing a term plan are:
When it comes to comparing term plan, you must look at the features and flexibility of the policy, not just the price.
It is true that the earlier you buy the better you will get. In term plan, the age number greatly influences the premium amount.
If you do the research then you will come to know that the online term plans are usually cheaper as compared to others in the offline section.
You are investing in a term insurance plan with a purpose of ensuring that your loved ones and family member will get adequately financial support in case of your death. It is a sensitive case and you will surely want to make sure that you are choosing the right option
Make sure that you are buying a sufficient cover for your family or the beneficiary. You should never compromise with the same just because of a lower premium.
Claim Settlement Ratio
It is very important for you to pay attention to the claim settlement ratio of the insurance company which you are considering for your purchase. So, don’t forget to check this before taking any final decision
Term insurance is all about the future needs of your family and in such case keeping inflation rate in mind is an important thing that you should do. You should always consider how sufficient the coverage amount will be in the future.
Always enhance the term insurance plan cover with suitable riders for the most comprehensive coverage.
Riders are basically the additional optional features that improve the base policy cover. There are many riders that you can explore under the same. There are some plans also that comes out with a few riders as an in-built feature of a term plan. Before investing in a term insurance plan, one must also look for the additional riders.
On small amount of additional premium, you can easily get effective riders. These riders are highly beneficial as they come with their own standalone coverage amount.
|Rider||How it can help?|
|Accidental Death benefit Rider||In case of the death of the insured because of an accident, the nominee receives the death benefit, as per this rider. The percentage of the same depends upon the sum assured that you choose.|
|Critical Illness Benefit Rider||This rider provides policyholder 100 percent of the rider sum assured, in case the insured is diagnosed with Cancer, Coronary artery bypass graft Heart attack, Stroke, Kidney failure, Paralysis, etc.|
|Waiver of premium rider||This rider waives off any further premiums to be paid in case of a critical illness or disability.|
|Income Benefit Rider||This rider is primarily for income generation after the policyholder’s death. Under the same the insured’s family gets additional income per annum for five to ten years with the regular sum assured.|
Policyholder 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 insured to inform the insurance company first. 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 policyholder. 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.
In an unfortunate event of your death, how can your nominee claim your Term plan?
If you have already owned a term insurance plan then it is advisable for you to keep your nominee aware of all the situations and procedure so that in case of need, he/she can easily claim for the policy that have been shelling premium yearly. To make the claim, the following steps need to be taken:
Each and every insurance company has its own set of procedure related to the claim process. Hence, in case of your death, your nominee/beneficiary has to intimate the insurer of the same.
All necessary documents such as Claim Form, Death Certificate, original policy documents, hospital and medical records and bank account details of the nominee, etc. are to be submitted to the insurance company for further processing.
Always prefer to connect with the insurance company through written medium like an email to keep a track of your conversation.
Term Insurance is the cheapest and simplest form of insurance. It is a risk cover and is determined by the sum assured. Upon the loss of life of the policyholder, the predetermined amount is paid to the nominee.
Term insurance would be suitable for a person with low income but requiring a large cover to protect his family's financial future in case of his demise. For similar reasons, this type of insurance would also suit a person who is the sole breadwinner in the family and has a moderate income.
Yes, Term Insurance covers death due to a natural disaster like flood, earthquake etc.
Yes, the insurance company covers death due to terrorist attack/war/natural calamity (unless specifically excluded by the insurance company) and the claim is settled if documentation is proper and in order.
There is a common formula to understanding how much life cover you should buy in a term plan.
Minimum sum assured = Annual Income x 10 times + Loans/Liabilities
Based on this formula, you can calculate your required life cover.
Yes, death due to terrorist attack is also covered under the plan. This may depend upon your insurer. If you are the policy holder, death benefit can be claimed by your nominees/legal heir.
A list of documents are required to purchase term insurance online. They are listed below.
Proof of income/ employment
Proof of age
Proof of education
Proof of address - residence and correspondence
Proof of identity
PAN Card copy
There are two factors that you must consider while choosing the insurance company for your purchase- Affordable pricing and reputation in the market. Although pricing is apparent, reputation relies on brand image, claim settlement ratios and quality of service a company provides.
The duration of life cover cannot be changed once the policy is issued.
Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy. This also depends on the tax regulation declared by the Government of India.
If you want to invest in a term plan for yourself, you can do that on your own name. If you wish to cover your family members, you will have to buy individual term policies for them.
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