Term Insurance-Facilitator Of Complete Protection

You must have heard about several term insurance policies in India. However, there still exists a fair amount of negligence in terms of its prominence.The rationale of this article is to make our readers aware about a term insurance policy’s importance. After you read this article, you will understand that why you should get term insurance. Also you’ll be able to get an appropriate plan suiting your requirements.

  Before buying a term insurance cover, determine the coverage you will need

This is a necessary aspect as it is the sum assured amount which will determine the usefulness of your insurance when needed. Hence it should be decided rationally considering all the possible aspects. Below is a simple thumb rule to follow-

·        An individual below 45 years of age must select an insurance guaranteeing 10 times the value of the individual’s annual income.
·        The person above the age of 45 must opt for an insurance which gives 5 times the value of his annual income.

 Basic details of term insurance

·        Term insurance being pure insurance plan, there’s no surrender value or paid up value. Also one can’t apply for a loan in parallel to term insurance plans.
·        Insurer decides the premium based on one’s gender and age followed by his health and lifestyle habits. Older person will have to pay higher premium than younger counterparts.
·        Women usually have to pay lesser premium than men of the same age due to female life expectancy levels being usually higher than male life expectancy levels.
·        The premium rises with rising policy duration as, the person’s possibility of facing higher risk increases with his age.
·        People who smoke are charged with higher premiums than those who don’t smoke.
·        People who have obesity problems or other ailments require require paying greater or higher premiums.
·        Certain companies may not demand medical checks. However, certain insurance companies before providing term plans, require the buyers above 35 years to undergo medical tests.

 Aim for the maximum coverage value-
The latest IRDA rules grant support for higher protection component prevailing amongst term insurance plans in India. It’s seen a minimum of 7-10 times increase in the provided sum insured value. However, it also depends on the insured’s age.Many consider it as a welcome move for the fact that it emphasizes on the protection aspect of the policy and not an option for pure savings or investment per se.There’s another variation of this which is known as Term plan with Premium Back. The idea is that if the policyholder survives throughout the policy term, he/she should at least get his total premium amount. Therefore, they are preferred by most in India.

 Term insurance also gives posthumous benefits
One can get term plan for his credit protection. For instance, consider a person dies before paying off his home loan; however he had a term insurance. This term insurance will take care of the mortgage loans thus preventing the family from facing the burden.Hence, now you know the factors which need due attention while deciding on a term plan. Choose wisely and take help of professional when needed. 

Get Term Insurance Online

Term insurance plan is ideal if one wants to save money. It is idea for those who want to get embraced in a secure life coverage saving the dependents during the worst times.

Let’s know about the various beneficial aspects of this very useful policy in this article.

Getting term insurance online helps you get a reliable policy easily and quickly-

Term insurance policies offer full insurance coverage for essential requirements like child’s marriage and education fees.

They have a fixed tenure. The insured needs to pay fixed rate of premiums.

Reach your goal faster by getting term insurance online-

The prime goal of a term indemnity policy is to grant life coverage. It aims to reduce greatly the major financial responsibilities of the policyholder.

Prime features-

·         Term indemnity plan is easily affordable.

·         The process to buy one is hassle-free especially when buying it online.

·         It gives instant protection. Most insures offer flexible payment options.

·         It demands a lowest premium rate which is the primary reason for its popularity.

·         You can easily buy suitable term indemnity policy online. In this way you’re freed from the troubles seen in its offline counterparts.

Term insurance plans in India | Benefits

• Term life plans are easy to understand. The terms and conditions of these policies are simple and comprehensive even for the beginners.

• These plans are affordable and come with flexible payment options including regular and single sum premiums.

• These plans offer basic life coverage therefore they are affordable. Some insurers offer additional riders like accidental death and critical illness insurance at additional premiums.

• Some insurers provide attractive introductory riders like premium waivers, critical illness covers. Also you can get female critical illness covers and free accidental covers during events like terrorist attacks.

• Select a policy with a time frame of 10-40 years of policy period. One can get coverage for maximum 75 years of his/her age.

• Term insurance plan is tax-friendly. You receive tax benefits as per Section 80C of Indian Income Tax Act.

Online term insurance | Right approach

Online term indemnity is easily discernible even for the novices.

Prior to buying term indemnity, calculate the sum assured amount you need and premium amount you can pay.

The easiest way is to visit the insurer’s website. They mostly provide free online premium calculators for assistance. You just need to choose a suitable policy. And then fill up details like age, preferred sum assured amount and tenure. After completion, you’ll get probable premium quotes.

After paying the 1st premium, you’ll get an email or confirmation call. The insurer can also send a KYC or know your customer form. It shows the authenticity of your personal information, residential address, etc.

Depending on your age, you may need to undergo a medical test. Keep in mind that results of your medical test affect the premium rates of your term plan. If some unknown medical complications evolve in the medical test then you can either pay the additional premiums or revoke the policy. Always provide correct personal information and medical history while buying any online insurance policy.

Confused over diverse term insurance rates? We will provide an easy solution

Did you know that term insurance rates differ by more than 40% across several companies in India? This brings to a simple conclusion that getting term insurance at the lowest possible premium and maximum coverage is important. However, deciding from a cohort of diverse rates where each company claims of best of the offerings, it may become little difficult.

After reading this article, you will understand how to choose an appropriate policy from the clutter of policies available in the market. The purpose is to help you take informed decisions and get the most reliable term insurance plan in India.

Further you can browse through relevant points which will help you in selecting the best and the safest term insurance policy in India.

Make a prudent beginning-

It is a famous saying, “Prudent beginnings give fruitful results.” The same applies to when selecting your term insurance provider. You should get term indemnity only from an insurance company which is valid as per the IRDA-Insurance Regulatory and Development Authority.

An insurance agent may not always be the best option for the following reasons-

·         The plan recommended can be way expensive

·         He’s more likely to recommend you something where he can get a higher commission.

Term plansprovide low commissions to agents. Since, last few years, term insurance rates witnessed significant cut by 40-50% thanks to increased competition & lower mortality rates.

Buy term indemnity online in the quickest manner possible. The benefits include-

·         One can easily compare features and prices of several term insurance plans

·         The process is simple & fast

·         Most companies enable all documentation & medical test reports to be delivered to the insured’s home

·         Most insurance companies favor lower commissions for online sales. Hence, you can get term insurance plans at lowest rates which can save you 30% money than the offline way!

·         One can easily pay his premium via credit card or net banking

The most important query regarding the validity of sum assured- answered: (after reading this you’ll know the conditions for the beneficiary to receive sum assured)

Consider that the policyholder survives throughout the policy duration. In this case, the risk cover will be terminated. Therefore, there won’t be any amount paid to the policyholder nor his dependents.

However, if the policyholder dies during the policy period then a sum assured amount will be paid to the policyholder’s dependents. The insurer will pay the sum insured amount to policyholder's dependants or the one who is listed as the nominee in the policy.

Conjecture-

Tern insurance plan can be looked upon as savings plan or as a protection cover.

It’s a good investment option for retirement benefits.

One surprising fact is that products like ULIPs and insurance are looked upon as long term investment options. However, their very basic function which is to provide insurance or protection is ignored to large extent.

Note- The distributors tend to sell policies unfairly. They sell policies just to obtain higher commissions by charging higher annual premiums to the buyers. Hence, it is important to take the help of professional to avoid such problems.

Online Term Insurance India: Benefits Of Selecting A Suitable Plan

Term insurance is ideal if you want to save money and avail life coverage for a particular time span. Term policies offer insurance coverage for a relevant tenure at fixed rates of interest and premiums. The prime goal if a term policy is to provide life coverage and reduce all the financial responsibilities of the policyholder. A term plan is an affordable and hassle-free life insurance that gives instant protection and flexible payment options. Lowest premium rates and availability on online term life plans are the important reasons why people choose theses insurance plans. Buy a suitable online Term Insurance policy and avoid all the troubles that usually accompany its offline counterparts.

Why go for online term insurance India?

Online term insurance India has become the easiest way to get a suitable term insurance policy. It is because online you can browse through all the good insurers within minutes and finalize your pick. And when you get a suitable online term insurance plan in India you get the following benefits-

Benefits of getting online term insurance India:

• Term insurance plans are easy to understand. The terms and conditions of these policies are simple and comprehensive even for the beginners.

• Term insurance plans are affordable and come with flexible payment options including regular and single sum premiums.

• Term insurance plans offer basic life coverage therefore they are affordable. Some insurers offer additional riders like accidental death and critical illness insurance at additional premiums.

• Along with life coverage, these plans reduce other financial responsibilities of the dependents like mortgage, business or education loans.

• With online term plans you can buy a customized coverage at your convenience. You can also choose online payment options for the policy premiums.

• Some insurers provide attractive introductory riders including waiver of premium, critical illness, female critical illness, free of cost accidental death and death in terrorist attacks.

• Choose the suitable policy tenure from 5 to 40 years. With term life, you can enjoy insurance coverage up to 75 years of age.

• Use your insurance policy as a tax saver policy. These plans give tax benefits under Section 80C of Indian Income Tax Act. How online term insurance works

Online term life is simple and comprehensive even for the novices. When you decide to buy a term life policy, the first thing to do is to calculate the sum assured and affordable premiums. You can easily do that by visiting the website of your preferred insurer. They provide free online premium calculator for your assistance. All that you need to do is to choose the suitable policy and fill in the required details including your age, desired sum assured and tenure, medical information and other personal information. After filling in the information, you will get estimated premium quotes.

After you pay the initial premium, you will get a call or confirmation email. The insurer may also send a KYC (know your customer) representative at your home for additional details including personal information and other documentation. Depending on your age, you will need to undergo a medical test.