Term Insurance
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What is Term Insurance?
Term Insurance is nothing but an income substitution. You pay premium for the life insurance cover and God forbid if the life assured/person dies, the family gets the huge sum of money as death claim. The amount helps the legal heirs/ other family members to live their comfortably.
Why Term Insurance?
Term Insurance is nothing but an income substitution. You pay premium for the life insurance cover and God forbid if the life assured/person dies, the family gets the huge sum of money as death claim. The amount helps the legal heirs/ other family members to live their comfortably.
Pure protection plan
Critical illness coverage
Income tax benefits
Accidental death benefit coverage
Why us?
We leverage technology and multiple channels to serve our clients with the best option to invest.
The availability of term insurance plan calculator simplifies the complex process of investing in the right insurance plan.
Constant supervision of investment under term insurance plan.
Availability of Multiple Death Benefit Payout Options
What are the key factors one must consider before buying a Term Insurance Cover?
- Human Life Value – This is the amount of Life Insurance Cover one must have to ensure that the family lives a comfortable life and the children's education costs are taken care of.
- Policy Term Period – How long do you wish to have the cover? Do you want it until 65 only, or do you wish to cover for your whole life? The premium will vary accordingly.
- Premium Comparison – Compare the premium and the payment term. Nowadays, you have the choice of paying a premium within a few years so that the chance of the policy getting lapsed gets reduced.
- Features; Riders – Compare the feature and riders. Pick a few riders that you think are relevant; important to you.
- Claim Settlement Ratio (s) – What has been the company's last five years' claim settlement ratio?
- No. Of days to claim settlement - How many days does the company generally take to settle the claim?
How is term insurance different from other life insurance policies?
- The purpose of term insurance is to protect you from risk. Premiums for term insurance are very low, but the sum assured (life insurance coverage) is very high.
- For example – a healthy, non-smoker person can get insurance coverage for Rs. 1 Crore by just paying say 8000/- per annum.
- A life insurance coverage equal to 10 times the annual premium is provided by other insurance products that combine investment and insurance.
- Therefore, if you pay an annual premium of Rs 1 Lac, your life insurance coverage will be only Rs 10 Lac.
- In order to ring-fence your family against such risks, you must only purchase a term insurance policy.
faq's
It is essential for everyone one who has family members depending on his/ her income, to have a Term Insurance Policy. It is a MUST-buy product even before you start your investment
As per the Annual Report of Insurance Regulatory Development of India (IRDAI) out of the top 10 Life Insurance Company, 9 of them had an average claim settlement ratio of 98%. It means most company honoured 98 out of the 100 death claims that was lodged. Death claim under suicide will get paid only after the policy completes a period of 1 year. According to medical science a person cannot plan his suicide one year in advance. Hence, death claim on account of suicide after one year will get honoured.
A majority of cases are rejected due to incorrect disclosures or non-disclosures of facts when purchasing Term Insurance. Non-smokers, for example, pay a lower premium than smokers. People who smoke socially, say once or twice a week, buy Term insurance under the non-smoker category. Suppose he dies and the medical history shows that he smoked, the policy will be rejected because of an incorrect disclosure.
If you are very well organized, and good at managing and understanding things on your own you can buy them online. However, in many families, people are not aware of the fact that the breadwinner had a term insurance policy. Thus, the claim process becomes difficult. In such cases, you need a trusted advisor who would stand with you during tough times to help your family.
We prefer all our clients to get the Term Insurance policy after proper underwriting and medical check-ups. If the policy is issued after thorough underwriting, it is easy to get claims. The most good Insurance companies have a good claim settlement ratio of 95%.