Term Insurance

Following are the reasons and key benefits of having a term insurance plan:

• Affordability:

  Term insurance is an affordable option. It is an excellent choice for individuals who want to ensure their family’s financial security without incurring steep costs.

• Pure protection:

  Term insurance focuses solely on providing a death benefit. It is a straightforward and effective way to ensure your loved ones are taken care of in case of your untimely demise.

• High coverage amounts:

  Term insurance enables you to secure a substantial coverage amount, offering a higher level of financial protection at low cost.

Term insurance is ideal for individuals seeking affordable financial protection for their family in case of their untimely death. Below are specific scenarios:

• Primary breadwinners:

  Any individual who is the main income earner in the family, term insurance ensures their family’s financial security and helps them maintain their lifestyle if something happens to you.

• Parents with dependents:

  Parents, especially with young children, should buy term insurance to secure their children's future education, upbringing, and other expenses in case of an untimely demise.

• Newly married individuals:

  Newly married couples or those planning a family, term insurance can safeguard your spouse and future children’s financial well-being in your absence.

• Loan borrowers:

  If any individual has borrowed loans, term insurance ensures that their family is not burdened with repayments in case of death.

• Young professionals:

  Term insurance is especially affordable for young individuals. By locking in a low premium rate, young professionals can secure long-term coverage at a lower cost.

• Entrepreneurs:

  Business owners can use term insurance to provide coverage for the liabilities and their family is not left dealing with business liabilities.

Following are the different types of term insurance plans:

• Level term insurance:

  This is the most common type of term insurance, where the coverage amount remains the same throughout the policy term.

• Decreasing term insurance:

  In this type, the coverage amount decreases over time, often used to cover a specific debt like home loan.

• Increasing term insurance:

  Here, the coverage amount increases over time to account for inflation or other financial responsibilities which are of growing nature.

Term insurance provides affordable life coverage for a specific period, offering financial protection to your loved ones in case of your untimely death. Here are some key features:

• Affordable premiums:

  Term insurance plans are cost-effective, offering high coverage at lower premiums compared to other life insurance policies.

• High sum assured:

  You can choose a substantial sum assured, ensuring your family is financially secure even in your absence.

• Flexible policy tenure:

  Term insurance allows you to select the policy term based on your needs.

• Death cover:

  In the event of the policyholder's death during the policy term, the sum assured is paid to the nominee.

• No maturity benefits:

  Unlike other insurance plans, term insurance does not offer maturity benefits. It provides only the death cover.

• Riders for additional coverage:

  You can enhance your term insurance with riders.

• Tax benefits:

  Premiums paid towards term insurance are eligible for tax deductions under Section 80C, and the death cover is also tax-exempt under Section 10(10D).

• Suicide exclusion

  In case of death of a life assured due to suicide within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, then the nominee or beneficiary of the policyholder shall be entitled to receive, the higher of 80% of the Total Premiums paid or the surrender value as on the date of death, provided the policy is in force.
  
  

  Total Premiums Paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly. Please note that GST and cess, if any, will be collected over and above the premium under the policy

Below are the steps you may follow to raise a claim with the insurer:

• Step 1 - Register your claim request

  Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.
  

  Contact No.: 1800-209-7272

• Step 2 - Submit the required documents

  Submit the necessary documents along with the duly filled claim form online. You can also submit it to the nearest branch of the insurer.

• Step 3 - Claim settlement

  The insurer will assess the claim request. The claim initiator will receive the status via e-mail and SMS. The claim initiator can also check it online on the insurer’s website.

Following are the documents you will need to raise a claim with the insurer:

• Photograph of the proposer

• Age proof, such as PAN card, passport, voter’s ID, birth certificate.

• Address proof, such as passport, driving licence, voter ID card, Aadhaar card, etc.

• Identity proof such as Aadhaar card, passport, driving licence, etc.

• Income proof such as form-16, salary slips, ITRs, etc.