Rishabh who is 31 years old intends to safeguard his entire family on an untimely demise. He avails a term insurance policy with a sum assured of Rs 50 Lakh, paying a yearly premium of Rs 4,000. If he dies within the tenure of the plan, his nominees get the death benefit of Rs 50 Lakh. The term life plan offers no survival benefits.
Term insurance is a type of life insurance plan offered at affordable premiums. If the insured dies within the term of the plan, the insurer pays out the death benefits. This is complete risk protection. In other words, the insurance company does not pay out the sum assured if the policyholder survives the term of the plan.
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See Also: Death, Term Insurance and Taxes
1. What should be my term insurance cover?
Well, it differs across people. The quantum of term insurance cover you require; depends on the number of dependents, type of lifestyle, how much you require for children’s education, marriage and so on.
2. Why online term insurance plans are cheaper than offline term insurance plans?
Insurers offer term life insurance policies online, at low premiums. For example, when term insurance is sold offline, the agent’s commission is passed on to the final consumer. So, offline term life insurance plans are expensive vis-à-vis online plans.
3. Will I face any problems at the time of claim if I purchase term insurance online?
You will not face any difficulties as each insurance company has customer service representatives to attend and address concerns. They will guide you with claim settlement.
4. What is the claim settlement ratio?
Claim settlement ratio is the ratio of claims filed to the claims settled. A high claim settlement ratio ensures hassle-free claim settlement.
See Also: Term Insurance is the Key to Secure Your Family’s Future
Term insurance plans |
Minimum entry age |
Maximum entry age |
Policy tenure |
Max Life Term Insurance Plan Plus
|
18 |
60 |
10-50 years |
LIC e-Term Insurance Plan
|
18 |
60 |
10-35 years |
ICICI iProtect Smart Term Insurance Plan
|
18 |
65 |
10-40 years |
HDFC click 2 Protect Plus Term Insurance Plan
|
18 |
65 |
10-40 years |
SBI Life eShield Term Insurance Plan
|
18 |
65 |
5-30 years |
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