Get ₹1 crore Term Insurance plan starting from ₹16/day

Below mentioned are the eligibility criteria to purchase a term life insurance policy:

While buying term life insurance plan, you need to keep a number of factors in mind such as your age, lifestyle, income, and others. All of these factors affect its premium. So, in the section below, let’s understand the different things that you need to consider when buying this plan:

• Age: There is no best time to buy a term insurance plan. However, depending on which age you are buying the policy, its premium will accordingly vary. For instance, the premium of an individual who is 25 years old will have to pay a lower premium as compared to those who are in their 30s. This is because the chances of falling ill are higher when you are old and thus age directly affects the premium.
• Income: To secure a financial future for your loved ones, you must also keep your income in mind. You should ideally choose a plan that offers 10 times the coverage of your annual earnings.
• Smoking Habits: To keep the lifestyle of your dependents intact even in your absence, you must be careful in choosing the term life insurance plan. You should select a plan, considering your current lifestyle. It is important to note that the premium amount for smokers is 30-40% higher vs non-smokers since smokers are more likely to develop smoking-related health complications vs non-smokers later in their life. So, while buying this plan, It is important to declare smoking habits honestly otherwise it may lead to claim rejection.
• Education: Your education is another factor that will affect the premium. According to different reports, it has been found that insurers consider the educational qualification of the policyholder in determining their earning capability and thus assessing the premium.

While a term life insurance plan is recommended for all, here is a group of people who should buy it:

• If anyone has non-earning dependants such as retired parents, non-earning children, and spouse
• If you have taken a loan and that might lead to financial burden if you are not around
• If you don’t have the adequate savings to fund your family’s need
• If you have certain liabilities to fulfil such as children’s wedding or higher education
• Newly married couples

Let us understand this with an example: Ram and Shyam are two friends who are thinking to buy term insurance. Ram is 32 years old who has taken a home loan and is planning for having children and Shyam on the other hand is 40 years with no dependent parents and children. In this case, Ram is suggested to buy a term insurance plan as compared to Shyam.

Wondering whether term insurance will be more affordable if you buy at an early age? If so, then the answer is. Go through the illustration to understand the same:

The above data explains how the premium gets directly affected if you buy it when you are old. Moreover, you should also keep your financial dependants in mind while determining the right time to buy term insurance.

Listed below are the add-ons available with the term insurance plan:

• Accidental Death Benefit: Accidental Death Benefit rider provides a definite sum assured in the event of an unfortunate demise of the policyholder due to an accident. This type of rider is best-suited for those who frequently travel and are at greater risk of accidents. Thus, with this rider, you can financially protect your loved ones in case of death due to an accident.
• Critical Illness: Critical illness rider provides financial coverage if the policyholder is diagnosed with critical illnesses like cancer, kidney failure, heart attack, etc. It is advisable that you check with your insurer about the list of critical illnesses covered under your term insurance plan. This is recommended for those who lead an unhealthy lifestyle and are thus at a higher risk of getting diagnosed with any critical illness.
• Terminal Illness: Terminal Illness rider provides the payout of death benefits in advance if the policyholder is diagnosed with a terminal illness or any kind of life-threatening disease.
• Premium Waiver: In case the policyholder suffers permanent or partial paralysis, the entire premium gets waived off with a Premium Waiver Rider. There are some plans that also provide premium waiver benefits if the policyholder is diagnosed with a terminal illness.
• Accidental Disability Benefit: An Accidental Total and Permanent Disability rider provides or ATPD provides financial benefits if the policyholder suffers a permanent or partial disability.

The documents required to buy term insurance plan are as follows:

• Age and ID proof - PAN card
• Address proof - passport, driving license, aadhaar card, or voter ID
• Income proof - ITR copy, Form 16 copy, or, Salary slips, bank statement

Our goal is to provide you with a seamless experience and understand your requirements to provide you with the best term plans. Below mentioned are some reasons why you should consider InsuranceDekho for purchasing this policy:

• Easy Comparisons: You can use the term insurance premium calculator tool to easily compare several plans according to your requirements and budget. You just need to enter a few details to start comparing the different term insurance plans available.
• Prompt Customer Response: At InsuranceDekho we have customer care specialists who will resolve your queries effectively and efficiently. Our team strives to provide you with a smooth and hassle-free experience.
• Quick Policy Issuance: You can easily purchase a policy by entering a few personal details such as age, gender, mobile number, date of birth, etc. Within a matter of a few clicks, you can buy this plan with InsuranceDekho.

Below mentioned are the steps for an online term insurance claim:

• Claim Intimation: Visit the chosen insurance provider’s official website and open the claim section on the website. You can log onto the website using your registered mobile number/email address/policy number.
• Fill Out the Claim Form: Next, fill in the claim form and submit relevant documents for claim processing. The documents will vary for the type of claim you are raising, so check with the insurer regarding the documents you need to submit. For instance, in case of death, the nominees will have to submit a death certificate, on the other hand for critical illness-related claims, the policyholder needs to submit a valid medical certificate from the attending doctor.
• Claim Processing & Settlement: After the required documents are verified, the insurer will start with the claim processing and will settle the claim for your term insurance policy within 30 days.

While buying a term insurance plan, you should be wise in choosing the premium payment term. In order to avoid paying hefty premiums at one go, you should pay premiums monthly instead of annually. It is however important to note that there are discounts available when you choose to pay premiums on an annual basis. So, depending on your premium paying capacity, choose the premium frequency accordingly. You should also choose the auto-debit option so that premiums are always paid on time.

There are different payout options available when buying this type of life insurance plan. On choosing the adequate payout, you will be able to fix how your family will receive money when you are not around. Some of the options available when it comes to term insurance payouts are as follows:

• Lump-sum: This refers to the payout model where the entire amount is credited to the nominees’ account in one go.
• Lump-sum with Monthly Income: Lump-sum with monthly income is where a definite amount is paid when the policyholder dies. Along with this, a specific amount is also paid every month for the next 10-20 years.
• Only Income: In this type of payout option, the payout is done every month for a specific number of years.

Now, depending on your financial dependents, you should choose the payout option. It is advisable that if you have nominees who are financially not independent, you must choose a lump sum with a monthly income. So, while buying term insurance, you need to opt for the premium payout.

Here is how you can buy term insurance with InsuranceDekho in a few simple steps:

• Go to the term insurance page InsuranceDekho website
• 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
• Based on the details provided by you, different quotes will get displayed to you. Compare the available plans and select the plan that suits your requirements
• After selecting the best term plan for yourself, include the necessary add-ons
• Once you have finalised your plan, make the payment for the premium. You can make the payment via net banking or debit/credit card.