How to Buy Term Life Insurance
No doubt, term insurance is a handy financial tool when it comes to securing the future of loved ones. Thanks to higher life cover with lower premiums, term insurance gives policyholders an advantage over the uncertainties of life.
People from different walks of life understand its importance and consider it worth buying. While buying a term plan, the first thing that comes to mind is how to buy term insurance hassle-free.
With a few simple steps, you can avail yourself of a term insurance plan. Whether you wish to buy a term plan online or offline, it can be done in no time at all.
Steps to Buy Term Insurance
Rapid growth in technology makes buying a term insurance plan easier. It doesn’t involve any intermediary, which saves time and gives a sense of security. You can buy term insurance directly from the insurer or let us help you find the best term plan with the help of our insurance experts.
Here are a few simple steps to buy term life insurance from PolicyX:
- Browse policyx.com on your device.
- On the PolicyX homepage, click the 'Buy Now' option in the top right corner of the screen.
- Now, click on 'Term Plans'.
- After that, you will get a list of all available term insurance plans in the market.
- Choose the plan and proceed to fill out the necessary details.
- Fill out the necessary details to buy the plan you like.
- Proceed to pay through net banking, debit, or credit card.
Eligibility Criteria for Buying Term Insurance in India
Anyone with legal Indian citizenship, an income, and who is above 18 years of age can buy a term insurance plan. Before opting for a term plan, it's better to understand the eligibility criteria clearly.
Here are the general parameters that apply to all term plans:
General Parameters
Age
In India, the legal age to buy a term insurance plan falls in the age bracket of 18-65 years. Some term insurance providers also allow you to opt for term insurance at 70 years of age.
Citizenship
People with legal citizenship in India are eligible to buy term insurance. It will remain safe even if they move to another country for academics or work purposes after the purchase.
Medical Test
Insurance providers require a policyholder to undergo a medical examination to indicate health risks. Be completely honest about your medical history because it plays an essential role in deciding the life cover and premiums.
Income
The insurer may ask for your bank statement and income proof to estimate the sum assured for your term plan. Salaried individuals need to have an annual income of ₹3 lakhs and self-employed individuals ₹5 lakhs to buy a term plan.
Lifestyle
An insured person’s lifestyle is a key factor in premium calculation. Habits like smoking, excessive alcohol consumption, stress levels, and sleeping patterns increase the risk to life. For instance, smokers tend to pay higher premiums as they are more prone to health issues.
Documents Required to Buy Term Insurance
While buying a term insurance plan in India, you must submit a set of government-issued legal documents. This is an essential eligibility criterion for purchasing a term plan. These documents are required to cross-check your identity and prevent fraud.
Make sure to check the following list of documents before applying for a term insurance plan:
| Identity Proof | Income Proof | Address Proof |
|---|---|---|
| Passport Voter ID Aadhaar Card PAN Card Permanent Driving License | Salaried Individual Salary Slip Fixed deposit entries in Bank Statement Last two years' ITR Form 16 Self-employed Last two years' ITR Business Income Proof Form 26AS COI form Chartered Accountant's Certificate (issued in the last three years) | 2 months of utility bills Property or Municipal tax receipt Bank Account statement Family pension payment orders (containing address) Rental agreement with stamp paper Company letterhead with address proof |
Why Choose PolicyX.com?
PolicyX.com is an IRDAI-approved insurance aggregator, a one-stop solution for all your insurance needs. It is an award-winning organization that aims to make term insurance hassle-free for everyone. With a team of 300+ insurance experts, we serve millions of Indian buyers annually.
- PolicyX.com is an insurance aggregator offering free comparison services to help consumers compare, choose, and buy policies online.
- It is a one-stop shop for all insurance needs and lets you compare up to 15 companies in just 30 seconds on PolicyX.com.
- PolicyX strives to make the insurance buying process simple and hassle-free, where customers can buy insurance within 5 minutes.
- Our team of dedicated customer representatives is available round the clock to assist existing or new customers.
Conclusion
Term insurance is an affordable life insurance product that can be bought at nominal premiums. It can be a fantastic product to safeguard your family financially in your absence. What makes it even more interesting is how simple it is to buy online and enjoy discounts and add-ons. Purchase an accurate term plan through PolicyX, and you are sorted with your financial planning for a long time!
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