What is Term Insurance?
Why Term Insurance?
Pure protection plan
Critical illness coverage
Income tax benefits
Accidental death benefit coverage
We leverage technology and multiple channels to serve our clients with the best option to invest and flourish.
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 death benefit payout options
What are the key factors one must consider before buying a Term Insurance Cover?
1. 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.
2. 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.
3. 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.
4. Features; Riders – Compare the feature and riders. Pick a few riders that you think are relevant; important to you.
5. Claim Settlement Ratio (s) – What has been the company's last five years' claim settlement ratio?
6. 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.
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