.png)
UNTILL THE POLICY APPROVAL!**
Get ₹1 Crore Term Insurance Plan at ₹15*/Day
Enjoy a 16% Discount on 1st year Premium**
OF ANNUAL INCOME?
IS YOUR
LIFE COVER
^
Tailored Term Plans Solutions for your long-term Goals.
Discover the most Suitable Term Insurance Plan for you!
5 Crore Term Insurance @ ₹44/day
5Cr
2 Crore Term Insurance @ ₹21/day
2Cr
1 Crore Term Insurance @ ₹15/day
1Cr
75 Lakh Term Insurance @ ₹19/day
75Lac
50 Lakh Term Insurance @ ₹12/day
50Lac
.png)
What is a Term Insurance?
Term insurance is a simple type of life insurance. The policyholder makes regular payments to the insurance company for a fixed time. If the insured person dies during this period, their nominee gets a lump sum amount, called the death benefit. But if the insured person survives the term, they do not get any money.
.png)
Why Do You Need a Term Insurance Policy?
A term insurance policy is designed to provide financial security to the family when the life assured is no more. Suppose, Mr A, a 35-year-old, has a family of a homemaker wife and two kids below 10 years of age and is the sole income earner. Mr A also has a home-loan with a huge outstanding amount. Now, if he suddenly dies at 40, there’s no regular income for the family anymore. His kids are under 15, and awaiting higher studies. At this point, Mr A’s sudden demise can make it quite difficult for his family to make ends meet, clear dues and carry on with the children’s education. This is where a life insurance term plan may emerge as a saviour. If Mr A had bought a policy with a sufficient sum assured, his death benefit would help the family maintain the existing lifestyle, repay all the dues and keep a corpus aside for the life goals like the children’s education, marriage or retirement planning. Hence, for your financial protection; you may find it worthy1[2] to purchase a term life insurance.
Who Should Buy a Term Insurance Policy?
A term insurance policy may act as a financial cushion for a family when an earning member succumbs to a sudden death. The sum assured paid to the nominee can be utilized to sail through the financial crisis by taking care of household needs, repaying debts, and funding life goals. So, if you are someone who has dependent parents or an immediate family, liabilities, and life goals to be fulfilled, term life insurance may be a worthy choice to consider.2[3] It may help you create a financial shield for your loved ones that would help them sustain if you are suddenly not there anymore.
.png)
What is a Term Insurance Calculator?
While it’s important to have a sufficient coverage amount in your term insurance policy, it’s equally crucial to figure out if you can afford to pay the premiums for the entire policy term to enjoy the insurance benefits in full. So, to ensure that you choose a term insurance plan that offers coverage matching your needs, without being harsh on your pocket, you need to make the calculations right. Here, a term insurance calculator may be helpful. A term insurance calculator4[5] is an online tool that helps in calculating the coverage amount needed, based on inputs of one’s income and savings. Some calculators also help in estimating the premium payable for a specified amount of coverage and the details of the policyholder. The term insurance calculator may be accessed from websites of insurance companies or financial platforms free of charge. Based on the calculated coverage and corresponding premium payable, it may be easier to gauge which of the available term insurance plans is the best-fit choice for you. Based on the calculations, some of the term insurance calculators also suggest which plan matches your requirements and affordability best.
.png)
Documents Required to Buy Term Insurance
To buy a term insurance plan in India, you need to submit a set of documents. The list may vary across insurance companies. Following is a broad checklist:
-
Photo Identity Proof
-
Age Proof
-
Address Proof
-
Income Proof
-
Recent Photograph
.png)
.png)