How To Buy Term Insurance With InsuranceDekho?
- Fill Your Details
Enter your personal details such as name, mobile number, gender and date of birth. Click on the ‘View Instant Quotes’ button to see available quotes.
- Compare Different Term Insurance Quotes
Based on the details provided by you, different term insurance quotes will get displayed to you. Compare the available term plans and select the plan that suits your requirements.
- Make The Payment
After selecting the best term plan for yourself, adjust the sum assured and the policy term. Once all plan details are finalised make the payment for the premium. You can make the payment via netbanking or debit/credit card.
- Submit a photo id proof (voter’s id, aadhaar card, pan card and passport).
- Address proof (electricity bill, telephone bill, ration card or any other utility bill)
- An age proof such as birth certificate
- A passport size photograph along relevant medical records and your recent salary slips to get your policy document.
Benefits of Term Insurance
What is Term Insurance?
Term insurance is a type of life insurance plan that provides a life cover for a fixed ‘term’ of the policy at affordable premiums. These are also known as protection plans. The benefit under the plan known as the death benefit is provided to the nominee in case of an unfortunate demise of the life assured. A term insurance plan helps you keep your family and loved ones financially secured in your absence.
Term insurance provides a death sum assured (death benefit) to the nominee in the event of an unforeseen demise of the life assured during the policy term. This benefit helps your family remain financially sound in the time of emotional grief and meet financial liabilities, if any.
Peace of Mind
Term Insurance plans help you maintain your peace of mind by securing the future of your loved ones financially in your absence. They give you enough assurance that the standard of living of your family and their dreams will not be compromised when you're not around them.
A term insurance plan helps you maintain financial stability of your family in case of your untimely demise. Also, if you opt for term insurance with return of premiums (TROP), you are eligible to receive a sum assured on plan maturity if you survive the entire policy term.
Life insurance premiums qualify for a tax deduction under Section 80C of the Income Tax Act. Also, as per Section 10(10D), the sum assured (SA) received on death or plan maturity is eligible for tax exemption if the premium is up to 10% of the SA or SA is at least 10X of premium amount.
Term insurance plans are known for providing high insurance coverage at affordable premiums. They help you secure the future of your family with amounts as high as Rs. 10 Crore or more against nominal premium amounts. Term plans’ affordability, make them a preferred choice.
Whole Life Cover Benefit
Some of the life insurance providers offer a whole life cover with their standard term plans. This helps you to enjoy the benefits of a life cover till 99 years of age. This benefit enhances your peace of mind and helps you live your life to the fullest without worries.
Top Term Insurance Companies in India
|Life Insurance Company||Claim Settlement Ratio 2019-20|
|Max Life Insurance||99.22%|
|HDFC Life Insurance||99.07%|
|Tata AIA Life Insurance||99.06%|
|Dhfl Pramerica Life Insurance||98.42%|
|Exide Life Insurance||98.15%|
|Reliance Life Insurance||98.14%|
|Canara HSBC Life Insurance||98.12%|
|Bajaj Allianz Life Insurance||98.02%|
|Aegon Life Insurance||98.01%|
|ICICI Prudential Life Insurance||97.84%|
|Aditya Birla Sun Life Insurance||97.54%|
|Aviva India Life Insurance||97.53%|
|Bharti Axa Life Insurance||97.35%|
|PNB MetLife Insurance||97.18%|
|Daiichi Life Insurance||96.96%|
|Life Insurance Corporation of India (LIC)||96.69%|
|IndiaFirst Life Insurance||96.65%|
|IDBI Federal Life Insurance||96.47%|
|Kotak Life Insurance||96.38%|
|Future Generali Life Insurance||95.28%|
|SBI Life Insurance||94.52%|
|Shriram Life Insurance||91.61%|
|Sahara India Life Insurance||89.54%|
|Edelweiss Tokio Life Insurance||83.44%|
Types of Term Insurance Plans
Level Term PlansLevel term plans are the most basic term plans. Under these plans, the sum assured is fixed throughout the policy term and the benefits are payable in the event of life assured’s untimely demise.
Term Plan With Return of Premium (TROP)A term plan with return of premiums (TROP) provides for a maturity benefit in case the life assured survives till the end of the policy term. It is the only term plan which provides maturity benefit.
Increasing Term PlansThese plans allow the life assured to increase the value of the death sum assured on an yearly basis while keeping the plan‘s premium the same. These plans thus, feature a relatively higher premium than level term plans.
Decreasing Term PlansA decreasing term plan allows you to decrease the death sum assured every year to match your decreasing insurance needs. These plans are helpful for individuals who have other liabilities to pay off, for instance a home loan.
Convertible Term PlansConvertible term plans are the plans which can be converted into any other type of life insurance plan. For instance, a convertible plan of 20 years can be converted into a pension plan anytime during the policy term.
Term Insurance Riders
Term RiderWith the help of Term rider you can increase the value of the basic sum assured payable in case of your untimely demise. The rider benefit amount can be equal to the base plan coverage or it can be a pre-decided amount. This rider helps you maintain financial stability of your nominee in your absence.
Accidental Death Benefit RiderAccidental Death Benefit rider provides sum assured in the event of an unfortunate demise of the life assured in an accident. This rider helps you ensure that your loved ones have enough financial support in your absence. Accidental Death Benefit rider is one of the most preferred term insurance riders.
Accidental Total and Permanent Disability RiderAn Accidental Total and Permanent Disability (APTD) rider provides a benefit amount in case the life assured suffers a total and permanent disability due to which they cannot earn a living. The benefit can be received either as a lump sum or in the form or periodic payouts.
Critical Illness RiderCritical illnesses come without any warning and can result in a financial strain if you do not plan for them.A Critical Illness Rider offers additional coverage to the life assured if he/she gets diagnosed with anty of the listed critical illnesses such as cancer, heart attack, kidney failure, CABG, paralysis, liver failure, etc.
Accelerated Terminal Illness RiderAccelerated Terminal Illness rider provides the life assured with the death benefit in advance on the diagnosis of a terminal illness. The benefit is payable if the life assured has low chances of surviving after contracting the terminal illness. This rider helps you spend time with your family during difficult times without worrying for finances.
Waiver of Premium RiderUnder Waiver of Premium rider, all the future premiums payable under the life insurance policy gets waived off if the life assured suffers a permanent and total disability. Some plans also offer the waiver of premium benefit in case of death and diagnosis of a terminal illness of the life assured.
Income Benefit RiderWhen you opt for an Income Benefit rider, a fixed number of monthly instalments equivalent to your monthly income is provided to your family in case of your unfortunate demise. This rider helps your family maintain the same financially standing and standard of living even in your absence.
Why Choose InsuranceDekho?
- Quick policy issuance
At InsuranceDekho you can purchase a term insurance policy in just a few minutes. You can easily compare and purchase a term insurance plan by following these simple steps: Enter your details such as Age, Mobile Number and Date of Birth Compare available plans at a single platform Purchase the term insurance policy that best meets your requirements Make the payment and submit the required documents.
- Committed Customer Service
At InsuranceDekho, our customer assistance team is available all 7 days of the week to provide solutions to all of your queries related to term insurance plans. Our knowledgeable team of experts is always ready to provide you the best solutions available to help you with your doubts and serve you in the best way possible.
- Availability of Top Plans
We have partnered with all the top term insurance providers in India to provide you with the best life insurance plans available in the country. This helps you get the term plans which offer the best value for your premium.
Frequently asked questions (FAQ’s)
Why should I choose a term insurance plan?
Term insurance plans are the most affordable type of life insurance plans. These plans provide high insurance cover at a nominal premium amount. Some term insurance plans also offer whole life cover benefits with which you get a life cover till 99 years of age. A term insurance plan helps you enjoy peace of mind and leave a financially stable future for your family in your absence.
What are the key features of a term insurance plan?
Following are the key features of a term insurance plan -
- Budget Friendliness
- Long-term life protection
- Availability of riders
- Easy to Purchase
- Availability of whole life protection
What are the different types of term insurance plans?
Term insurance plans come in 5 different types namely Level Term Plans, Term Insurance With Return on Premiums (TROP), Increasing Term Plans, Decreasing Term Plans, and Convertible Plans.
What are different types of payout available under term insurance plans?
Different term insurance payouts are Lump Sum, Lump Sum plus Monthly Income and Monthly Income by way of monthly, quarterly, semi-yearly, and yearly instalments.
Is suicide covered under term insurance ?
Generally suicide is not covered under term insurance plans. In case the life assured commits a suicide within 12 months of issuance of the policy, the nominee receives a minimum of 80% of the total premiums paid till the date of death after deduction of applicable taxes and charges.
What is the minimum and maximum entry age to purchase a term insurance plan?
Anyone who is between 18-65 years of age is generally qualified to purchase a term insurance plan.
If the policyholder passes away in a foreign country, will his term insurance be effective?
As soon as one purchases a term insurance plan, the policy will be effective disregarding the geographical whereabouts.
Is loan against policy available under term insurance plans?
No, facility of loan against the insurance policy is generally not available under term insurance plans.
Can I purchase term insurance even if I consume tobacco/alcohol ?
Yes, you can purchase a term insurance even if you consume tobacco/alcohol on a regular basis. However, the premiums for people who consume tobacco/alcohol are usually higher than the ones who maintain a healthy lifestyle.
What are the different premium payment options available for term insurance plans?
The policyholder can choose to pay the term insurance premiums through Net Banking, Debit/Credit cards, NEFT (National Electronic Fund Transfer) or through any e-Wallets.
*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Communication here refers to Life Insurance Coverage. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - firstname.lastname@example.org ; Helpline number: 7551196989.
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