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Why Term Insurance

Coverage against biggest risk

Most financial advisors recommend Term Insurance to cover your family against the biggest risk: death.

Buy sooner, Lock Premium

Younger people are charged less. So, pay the same amount in annual premium throughout the policy term.

Best Coverage, Affordable Price

Get policy cover of as much as 15-20 times of your annual salary for premiums as low as 2% of your annual salary.

Save Tax, Have more money in hand

The annual premium you pay can be a part of your tax investments under section 80C.

Term Insurance Buying Guide

Everything you need to know about Term Insurance

What is a Term Insurance?

Term Insurance is the easiest and purest form of life insurance. It provides a financial shield to your family at the most reasonable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured.

Why is Term Insurance a better option?

Term plans provide pure life cover. This means there is no savings/profits element. This makes Term Insurance more affordable vis-à-vis other options. It is possible for the policyholder to opt for a larger life cover at a lower premium when compared to a similar endowment plan.

When should you buy a Term insurance plan?

The sooner you buy a term plan, the better and cheaper it is. With time, the premiums become much pricey.

How much life cover do you need?

The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family members. If budget is a constraint, you could go for a monthly premium payment option over a yearly commitment.

Benefits of Term Insurance
  • Provides a life cover to the insured and financial protection to your family against the risk of an unexpected death during the policy term
  • Higher sum assured at a lowest premium
  • Offers a free look period
  • Flexibility in choosing policy period, premium paying modes, premium frequency, etc.
  • Additional optional Riders to increase the base plan coverage
  • Offers lower rates for non-smokers and female lives
  • Choice to buy term insurance online or offline
  • Tax Benefits on the premiums and payouts under Section 80C and 10(10D) of the Income Tax Act, 1961.
What are Riders?

Riders are add-ons or added benefits which one can opt for along with current life insurance policy at reasonable rates. They are an excellent solution to increase insurance coverage without buying a new policy. Riders offer financial cover over and above the basic sum assured in a life insurance policy. Even if you have drawn on a particular Rider, you remain eligible for the death benefit on the life insurance plan.

Benefits of Riders
  • Extra coverage: By attaching a Rider to the main insurance policy, you can enjoy a comprehensive coverage.
  • Affordability: Buying a Rider is much more affordable than buying a separate insurance policy.
  • Flexibility: You can add a Rider to any of your insurance policy term, ULIP, endowment, whole life and customize your policy as per your needs.
  • Tax benefits: Like main life insurance policies, Riders also enjoy tax benefits as per the prevalent tax rules.
Types of Riders in Term Insurance
  • Critical illness Rider
  • Accidental death benefit Rider
  • Hospital Cash Rider
  • Permanent & partial disability Rider
  • Women’s critical illness Rider
  • Waiver of premium
Lodging a Term Insurance Claim

The nominee/claimant must intimate the insurance company and lodge a claim on the death of the insured through established claim reporting channels:

  • Online - Claims section on company’s official website
  • Call- 24 x 7 toll-free claim intimation service of the insurance company
  • Visit- Nearest Insurance company’s branch office
  • E-mail- on the claim intimation email id provided
Required Documents to File a Term Insurance Claim:
In case of a natural death
  • Term Insurance policy document
  • Duly signed and filled claim forms
  • Original or Copy of the Life Assured’s Death Certificate
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company
In case of an accidental death
  • Police FIR report, Police Inquest Form and Final Police Investigation Report
  • Medical certificate from Attending Doctor
  • Hospital Certificate and medical reports including admission and discharge summary of the life assured, death summary, test-reports, etc.
  • Post-mortem report
  • Claimant's statement
  • Any other relevant document as requested by the insurance company
Sanction of claim and payouts

Once the insurance company authenticates all the documents and admits the claim, the pay-outs to the nominee will be maid as per payment options specified in the term insurance form.

What is a Term Insurance?

Term Insurance is the easiest and purest form of life insurance. It provides a financial shield to your family at the most reasonable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured.

Why is Term Insurance a better option?

Term plans provide pure life cover. This means there is no savings/profits element. This makes Term Insurance more affordable vis-à-vis other options. It is possible for the policyholder to opt for a larger life cover at a lower premium when compared to a similar endowment plan.

When should you buy a Term insurance plan?

The sooner you buy a term plan, the better and cheaper it is. With time, the premiums become much pricey.

How much life cover do you need?

The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family members. If budget is a constraint, you could go for a monthly premium payment option over a yearly commitment.

Benefits of Term Insurance
  • Provides a life cover to the insured and financial protection to your family against the risk of an unexpected death during the policy term
  • Higher sum assured at a lowest premium
  • Offers a free look period
  • Flexibility in choosing policy period, premium paying modes, premium frequency, etc.
  • Additional optional Riders to increase the base plan coverage
  • Offers lower rates for non-smokers and female lives
  • Choice to buy term insurance online or offline
  • Tax Benefits on the premiums and payouts under Section 80C and 10(10D) of the Income Tax Act, 1961.
What are Riders?

Riders are add-ons or added benefits which one can opt for along with current life insurance policy at reasonable rates. They are an excellent solution to increase insurance coverage without buying a new policy. Riders offer financial cover over and above the basic sum assured in a life insurance policy. Even if you have drawn on a particular Rider, you remain eligible for the death benefit on the life insurance plan.

Benefits of Riders
  • Extra coverage: By attaching a Rider to the main insurance policy, you can enjoy a comprehensive coverage.
  • Affordability: Buying a Rider is much more affordable than buying a separate insurance policy.
  • Flexibility: You can add a Rider to any of your insurance policy term, ULIP, endowment, whole life and customize your policy as per your needs.
  • Tax benefits: Like main life insurance policies, Riders also enjoy tax benefits as per the prevalent tax rules.
Types of Riders in Term Insurance
  • Critical illness Rider
  • Accidental death benefit Rider
  • Hospital Cash Rider
  • Permanent & partial disability Rider
  • Women’s critical illness Rider
  • Waiver of premium
Lodging a Term Insurance Claim

The nominee/claimant must intimate the insurance company and lodge a claim on the death of the insured through established claim reporting channels:

  • Online - Claims section on company’s official website
  • Call- 24 x 7 toll-free claim intimation service of the insurance company
  • Visit- Nearest Insurance company’s branch office
  • E-mail- on the claim intimation email id provided
Required Documents to File a Term Insurance Claim:
In case of a natural death
  • Term Insurance policy document
  • Duly signed and filled claim forms
  • Original or Copy of the Life Assured’s Death Certificate
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company
In case of an accidental death
  • Police FIR report, Police Inquest Form and Final Police Investigation Report
  • Medical certificate from Attending Doctor
  • Hospital Certificate and medical reports including admission and discharge summary of the life assured, death summary, test-reports, etc.
  • Post-mortem report
  • Claimant's statement
  • Any other relevant document as requested by the insurance company
Sanction of claim and payouts

Once the insurance company authenticates all the documents and admits the claim, the pay-outs to the nominee will be maid as per payment options specified in the term insurance form.

Which Insurance Brands Do We Work With?

We compare offerings from the top insurance brands in the country, including

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Term Insurance FAQs

Before buying a Term Insurance plan, it is crucial that you understand how it functions and what you need to do to make the most out of it. Here is a look at some of the frequently asked questions about Term Insurance plans and what they have to offer.

Q. Who Should Buy a Term Insurance Plan?

Ideally, everyone should buy a term plan. However, if you are the sole earner and a lone contributor to the family's income, then you must purchase a term plan. Nonetheless, the below mentioned people should definitely buy a term plan:

  • If you are the sole breadwinner in the family
  • If you have dependents – parents, spouse, etc.
  • If you have children and wish to safeguard their future
  • If you are a single person who is planning to start a family
  • If you are running a business or a startup
  • If you are financially independent and wish to provide financial security for your family

Anyone and everyone who does not want to see their family struggle to maintain their standard of living after the loss of the earning family member must buy a Term Insurance Plan.

Q. Will my premium amount change during the tenure of the policy?

No, the premium amount stays the same through the entire span of the policy.

Q. Can I change the duration of life cover after the policy is issued?

No, the duration of life cover cannot be changed once the policy is issued.

Q. I am an occasional smoker. Do I need to still declare myself as a tobacco user?

Yes, you must declare yourself as a tobacco user even if you are an occasional smoker. If information is withheld and later revealed to the insurer, there is a probability that the insurer may charge an increased premium amount. There is also the possibility that the policy may be considered null and void, and the company may refute the policy benefits.

Q. Does term insurance cover accidental death?

Yes, term insurance pays when there is an accidental death claim.

Q. Can we claim term insurance from two companies?

Yes, you can claim term insurance from two companies, provided you have disclosed complete details of the previous policy to the other insurer, from whom you have taken the second policy.

Q. How Does a Term Plan Payouts work?

The payout of the sum assured is based on the type of payout preference chosen at the time of buying the term plan.

  • Lump sum - The sum assured is paid out as a one whole amount in ‘lump sum’ to the nominee of the policy. If Sum Assured is Rs. 1 crore, then the Payout of Rs..1 crore all at once as after the claim is approved
  • Lump Sum + Monthly Income - If Sum Assured is Rs. 1 crore, then the Payout of Rs.50 lakh (at once – at the time of death claim) and Rs. 50,000 every month as a death benefit
  • Monthly Income or Income Replacement - A percentage of the sum assured is paid in monthly instalments regularly from the first month of the occurrence of death. If Sum Assured is Rs. 1 crore, then the Payout of Rs. 1 lakh every month (Rs.12 lakh annually) for 83 months (approximately) as a death benefit.
Q. Which term insurance plans provide coverage up to 99 years?

HDFC Click 2 Protect 3d Plus, Aegon Life iTerm , Bajaj Allianz Life Secure, are few of the term insurance plans that offer coverage up to the age of 99 years. It should be noted that while the maximum age for which coverage is provided by the above term insurance plans is similar, their features, benefits and costs differ.

Customer Reviews

Truly designed and built around me!

Navigating the application was a breeze and I must’ve spent minimal time before I could get my first term insurance policy! Indisputably the unique online insurance buying experience truly designed and built around me.

Nisha Nalawade

Extremely fast onboarding

I switched to this application from another similar application and was pleasantly surprised by the extremely fast onboarding and ease of selection. The excellent support ensured I understood what’s exactly best for me and got it delivered.

Suhas Deshpande

Promising technological innovation

Yours is a promising technological innovation that solves a pressing issue of comparing various policies and their features. This makes the process of getting insurance painless and easy to comprehend.

Raunak Bhagwat

Abridged buying curve

The interface not only simplified the choice but also saved us man-hours in getting what we had chosen with its completely technology-driven approach. Now I can manage the selection and pay my premium at a convenient time.

Bharti Bharambe

Riding on automation

It’s a great and simple solution to solve the labor-intensive procedure through its completely automated solution. I could compare various offerings and choose the appropriate one for me from the comfort of my home.

Rajesh Singh

Fast & reliable support

It was the easiest to onboard and choose the policy that’s best for me, but it was the fast and reliable support for both issue settlement and on-boarding new features that have kept me coming back for more.

Sumedhkumar Mohale

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