Term life insurance provides a lump sum amount to the beneficiary in the event of any unfortunate death or disability of the insured for a predefined period of time. Term life insurance is the cheapest form of life insurance which provides death benefits. No pay-out if insured survives the term period. Best term insurance.
Why Term Insurance:Worth of your life is hard to measure and no amount of money can really compensate for loss of life. But you should start being realistic and measure the real economic value of your life which will help your family’s future happiness. It is important to maintain the level of income even if the breadwinner is not around. Also you have to understand that the income which is sufficient for you today may not be sufficient in future. The key for future financial planning is you estimate each and every aspect of your life and plan as per that.
Benefits of Life Insurance
Less expensive & fixed cost: Term insurance policies are less expensive than permanent or whole life insurance policies. Even the cost of the premium gets locked for the whole tenure of the policy. This means annual premium will be same till the tenure ends.
Long Term Savings: Term insurance also helps you in long term savings that can help you meet your financial needs of the future. Therefore life insurance give you double benefits i.e. Risk benefit and savings.
Life Stage Protection Planning: At every life stage you and your family will have different goals and requirements. Life insurance is a tailor made policy which gives you the option to increase your sum insured at every life stage.
Tax Benefits: Policyholder is eligible for tax exemptions after life insurance policy under income tax act 80C. Policy holder can also avail exemptions under section 80D for receiving any amount as part of maturity benefits.
Terminal Illness: Term insurance covers for illnesses which is likely to cause death to the policyholder in near future. It allows dependents to benefit from the money locked under your policy before policyholder die. If a terminal illness is claimed then no other claims can be made, also premiums will be waived off and policy will end.
Exclusions in Life Insurance
Insurance companies do cover the suicide. There are various scenarios where the suicide cover is provided by the insurance companies, such as the suicide cover would be applicable after a waiting period of one/two years. Some of the insurance companies also offer to refund the premium paid to the nominee if the insured member commits suicide.
Death due to deliberate exposure to exceptional danger is not covered.
Death due to intoxicating substances like alcohol, drugs etc. are not payable under term life insurance policy.
Guaranteed term life insurance
Important things you should know before buying Life Insurance:
Evaluate your needs for better coverage: Everyone has their own lifestyle, to maintain that lifestyle after death of breadwinner is tough. Therefore you must evaluate your needs in such a way that family’s lifestyle remains same after breadwinner’s unfortunate death.
Premium payment Frequency:premium payment frequency of the term life insurance varies company to company. However, all the life insurance companies provides various premium payment frequencies such monthly, quarterly, yearly or even you can do one time payment. The frequency of premium payment may be changed depending upon the lifestyle of the insured.
Compare Life Insurance Quotes Online: Before buying any term life insurance policy compare the plans from different life insurance companies and select the best plan which suits your requirements. To compare life insurance policies click here
Claim settlement ratio: Before buying a Life insurance policy you shall check the company’s credentials and track record in terms of claims settlement. This will help you to take a well informed decision in selecting the insurance company.
Life stage protection feature: Before buying your life insurance policy check if insurance company is providing you a life stage protection feature which allow you to increase your sum insured at different stages of life.
Defining the period of the policy: Term life insurance policy starts from the age of 18 to maximum of 65. But there are some companies that also provide cover up to 80 years of age. You need to decide a period which suits better to your requirements. Experts suggest buying the term policy at younger age as it is cheaper and also the same premium gets locked for the whole tenure of the policy.
How can you save on Life Insurance premium?
It's always better to Disclose all health issues up front.
If you need life insurance, buy it sooner rather than later.
If you’re thinking about quitting smoking, do it!
Choose the right term period
Choose add-on covers wisely
Add On Covers
Critical illness rider: This allows beneficiary to receive a lump sum amount in case policyholder is diagnosed with major illnesses which are predefined in the policy. Almost all major illnesses like heart attack, cancer, kidney failure, paralysis etc. are part of critical illness cover.
Accidental Death/ Permanent Disability Benefit Rider: This rider covers the risk of death or permanent disability due to accident. Rider provides an additional benefit over what the basic policy covers. Rider may also provide payment of benefits periodically and waiver of future premiums.
Hospital cash rider: This rider allows policyholder to avail daily hospital cash amount for sudden hospitalization.
Waiver of premium rider: This rider waives of policyholder obligation to pay further premiums if he/she gets seriously ill or disabled.
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