What’s Term Insurance?
Term insurance is a pure life insurance, which provides financial protection to the person. In case of death of the ensured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.
Why should you Buy Term Insurance?
Death, disability, illness, all are realities infrequently talked about. Still, all three are realities we can not conceivably overcome with certainty. Term insurance is one tool, which can save you and your family from the financial difficulties brought upon by these three and similar disastrous conditions.
What Mandatory Documents Are Required To Buy Online Term Insurance Plan?
list of documents is required. They are listed below.
| Proof of income / employment |
| Proof of identity |
| Educational documentation |
| Proof of home address and correspondence |
| Proof of age |
| Photography |
| Copy of the PAN card |
To Secure Your Family’s Future
you’re responsible for the overall well- being of your better half, parents, and children.
To secure Assets
You might have built means like a home, office, or vehicles through loans. you can insure that the load of these borrowings won’t cause any difficulty to your loved ones after you
To Minimize Lifestyle Risks
The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. Benefits of the Term insurance , on the other hand, can make the life of your loved bones easier in such a situation, though financially.
To Stay Prepared for doubts
Uncertainties in life can affect us in unrepresented ways. This can be well understood while witnessing the current global Coronavirus epidemic.
1. Financial security
2. Basic insurance product.
3. Greater returns
4 Sufficient coverage
5. Survival benefits
6. Policy term
7. Low claim rejection
8. elasticity
9. Riders
10. Low brokerage
11. Flexible payment options
12. Choice of plan
13. Tax benefits
Who Should Buy Term Plan?
Any existent with financial dependents should consider buying an online term insurance policy. This includes people who want to gain duty benefits as it provides duty benefits under section 80C of Income Tax Act 1961. Let’s learn more about them, they could be.
- Parents
- Recently Wedded
- Young Professionals
- Taxpayers
- Retired or those who are recently retired
- Working Women
- Self- Employed People
Advantages of Term Insurance
- High Life Cover at Affordable Premiums
- Protection from diseases
- Long Term Coverage
- Disability Benefits
- Income Options in case of Unfortunate Events
- Protection Against Liabilities
- Tax Benefits
- Multiple Premium Payment Options
- Riders for Fresh Benefits
Provides Financial Security :
An early death is unfortunate and so are the financial liabilities that need to be borne by the family. To prevent such a situation from arising, it’s a good idea to invest in a term plan that would take care of the financial requirements of the family.
Highly Flexible:
Flexibility is one of the major advantages of a term plan. You can select any online or offline plans for which health plans aren’t obligatory. You can also change the plan and customize a term plan as and when needed.
Low Claim Rejection:
When you buy any term plan, make sure you expose correct data about your health condition, finances, habits etc. As per the recent Insurance Regulatory and Development Authority (IRDA) mandate, no insurance company can claim that there has been anon-disclosure of facts after two years of the policy becoming effective.
Top Term Insurance Companies in India
- LIC Insurance Corporation Of India
- ICICI Prudential Life Insurance
- SBI Life Insurance
- HDFC Standard Life Insurance
- Max Life Insurance
- Bajaj Allianz
- Birla Sun Life Insurance
- Reliance Nippon Life Insurance
- TATA AIA Life Insurance
- PNB Metlife India Insurance