complete information of term life insurance | Features and benefits | टर्म लाइफ इंश्योरेंस क्या है – टर्म इंश्योरेंस का मतलब क्या है | लाइफ इन्शुरन्स टर्म प्लान इन हिंदी | term life insurance meaning | life insurance corporation of India
Dear readers, Term insurance is a type of life insurance that provides comprehensive financial protection against life uncertainty factors. Depending on the insurance plan you purchased. In the case of sudden death during the term of the policy, your family will receive the security deposit. The money received in your absence will help your family members to cope with financial difficulties.
When you are considering purchasing a term insurance policy, you need to know and understand the meaning of term insurance. Besides, it is also important to know which plan will be eligible for you and your family. For example, life insurance coverage for the term of insurance you choose should be sufficient to meet your family’s financial needs for normal expenses, children’s education, and other obligations.
What is Term Life Insurance? – टर्म लाइफ इंश्योरेंस क्या है ?
Term insurance is a unique, traditional form of life insurance plan that provides the financial coverage needed for your family in difficult times such as your death. The insurance policy aims to support your family in managing your daily expenses and handling all your obligations in your absence. This is the simplest and best way to secure you and your family. Hereby, by paying a basic premium, you will be guaranteed a greater guaranteed amount. In addition, it will help the family to live happily and maintain the standard of living after your death.
The death of a dear family member is painful, especially if he is the breadwinner of the family. This becomes even more painful, which can lead to emotional and financial turmoil in the family. To ensure that your family does not face any financial difficulties in your absence, you should have a term insurance plan in place. Temporary insurance provides financial support to your family in the case of early death.
टर्म लाइफ इंश्योरेंस in Hindi – टर्म इंश्योरेंस जीवन बीमा का सबसे सरल और शुद्धतम रूप है। यह आपके परिवार को सबसे किफायती दरों पर वित्तीय सुरक्षा प्रदान करता है। टर्म इंश्योरेंस के साथ, आप अपेक्षाकृत कम प्रीमियम दर पर बड़ी मात्रा में लाइफ कवर (यानी सम एश्योर्ड) प्राप्त कर सकते हैं। पॉलिसी की अवधि के दौरान बीमित व्यक्ति की मृत्यु के मामले में, नामांकित व्यक्ति को लाभ राशि का भुगतान किया जाता है।
इस प्रकार का जीवन बीमा पॉलिसी अवधि के दौरान पॉलिसीधारक के साथ किसी भी दुर्भाग्यपूर्ण घटना के मामले में नामांकित व्यक्ति को वित्तीय सुरक्षा प्रदान करता है। टर्म इंश्योरेंस पॉलिसी कम प्रीमियम पर उच्च जीवन कवर प्रदान करती हैं। उदाहरण के लिए: ₹1 करोड़ का प्रीमियम टर्म इंश्योरेंस कवर ₹441* प्रति माह जितना कम हो सकता है। इन निश्चित प्रीमियमों का भुगतान एक बार में या पूरी पॉलिसी अवधि के लिए या सीमित अवधि के लिए नियमित अंतराल पर किया जा सकता है। प्रीमियम राशि खरीदार द्वारा चुनी गई प्रीमियम भुगतान पद्धति के प्रकार के आधार पर भिन्न होती है।
Why is a Term Insurance Plan Necessary?
Life is very unpredictable and uncertainty can deceive you emotionally, financially, and also physically. This is because no one controls his own death, and no one can predict. The death of a family breadwinner can disrupt the life of a family member.
To find solutions to these problems, term insurance plays an important role in your life. Furthermore, long-term plans are an excellent way to build a financial safety net and are the simplest and most affordable type of life insurance. This will help your family pay off your loans and pay certain needs in your absence. A death benefit is paid to a beneficiary or designee only upon the death of the insured. Therefore, in simple words, if the insured died after the expiry of the policy, the death benefit is nil.
How Does a Term Insurance Plan Work?
A term insurance plan is the most authentic form of life insurance product. It offers a guaranteed high amount at a low premium. During the term of the policy, the risks of the unexpected death of the insured (natural or accidental death) are covered. In the case of the death of the insured during the term of the policy, the insurance company pays the life insurance amount (the sum insured) to the candidate as mentioned in the policy document.
The return on the sum insured depends on the type of payment option selected at the time of purchase of the term plan. The payments can be a lump sum, a lump sum, monthly income payments, or monthly income payments selected at the time of purchase.
Features and Benefits of Term Insurance
Term Insurance Features
- Provides life coverage for the insured during the policy period and provides financial protection for your family against the risks of unexpected death.
- Provides financial security for your family through a plan that suits your income.
- Free trial offers.
- Additional optional rider to increase base plan coverage.
- Offers lower rates for non-smokers and women.
- Flexibility to choose document term, premium payment method, premium frequency, etc.
Term Insurance Benefits
- Provides financial security for your family in your absence.
- The highest amount is guaranteed with the lowest premium.
- Facility to buy term insurance online.
- Tax benefits on installments and payments u/s 80C and 10 (10D) of the Income Tax Act 1961.
Who Should Buy a Term Plan?
Ideally, everyone should buy or purchase a term plan. However, if you are the sole breadwinner or contribute to the family’s income, you must purchase a term plan. However, the people mentioned below should definitely buy the term plan:
- If you are financially independent and want to provide financial security for your family.
- If you are the only breadwinner in the family.
- If you have dependents – parents, spouse, etc.
- If you are single and planning to start a family.
- If you are running a company or a start-up company.
- If you have children and want to secure your future even in your absence.
However, all those who do not want to see their loved ones struggle to maintain their standard of living after the death of the family breadwinner should purchase a term insurance plan.
Best Term Insurance Plans in India 2021
Below is a list of the best term insurance plans in India from some of the top-rated term insurance companies.
|Term Plan||Entry Age(Min-Max)||Policy Term (Min-Max)||Accidental Death Benefits||Critical Illness Benefits||Waiver of Premium||Terminal Illness|
|Aditya Birla Sun Life Protectior Plus Plan||18-65 years||5-70 years||Paid||Paid||Paid||Included|
|Aegon Life iTerm Plan||18-65 years||18-65 years||Paid||N/A||Paid||Free|
|Ageas Federal iSurance Flexi Term Plan||18-60 years||10-62 years||Paid||N/A||N/A||N/A|
|Aviva LifeShield Advantage Plan||18-55 years||10-30 years||Included||N/A||N/A||N/A|
|Bajaj Allianz eTouch Lumpsum||18-65 years||18 – 65 years||Paid||Paid||Free||N/A|
|Bharti AXA Term Plan eProtect||18-65 years||10-75 years||Included||N/A||N/A||N/A|
|Canara HSBC iSelect+ Term Plans||18-65 years||5-62 years||Paid||N/A||N/A||Paid|
|Edelweiss Tokio Life My Term+||18-55 years||10-85 years||Paid||Paid||Paid||N/A|
|Exide Life Smart Term Plan||18-65 years||10-30 years||Paid||Paid||Paid||N/A|
|Future Generali Flexi Online Term Plan||18-55 years||10-65 years||Paid||N/A||N/A||N/A|
|HDFC Life Click 2 Protect 3D Plus||18-65 years||18-65 years||Paid||Paid||NA||NA|
|ICICI Prudential iProtect Smart||18 – 60 Years||18 – 60 Years||Paid||N/A||Free||Free|
|IndiaFirst Anytime Plan||18-60 years||5-40 years||NA||N/A||N/A||N/A|
|Kotak e-Term Plan||18-65 years||5-75 years||Included||Paid||Included||N/A|
|LIC E-term Plan||18 – 60 years||18 – 60 years||N/A||N/A||N/A||N/A|
|Max Life Online Term Plan Plus||18-60 years||18-60 years||Paid||N/A||Included||N/A|
|PNB MetLife Mera Term plan||18-65 years||18-65 years||Paid||Paid||N/A||N/A|
|Sahara Kavach||18-50 years||15-20 years||N/A||N/A||N/A||N/A|
|SBI Life eShield Plan||18 – 65 years||18 – 65 years||Paid||N/A||N/A||N/A|
|SBI Smart Shield||18 – 60 Years||18 – 60 Years||Paid||N/A||Free||Free|
|Shriram Life Cash Back Term Plan||12-50 years||10-25 years||Paid||Paid||N/A||N/A|
|SUD Life Abhay||18-65 years||15-40 years||Paid||N/A||N/A||N/A|
|TATA AIA Maha Raksha Supreme||18-70 years||10-40 years||Paid||N/A||N/A||Included|
Disclaimer: “QnAHub does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.”
What factors should be considered when purchasing the best term insurance plan?
Choosing the best insurance plan according to your needs can be a daunting task, but if you know how to get the best deal, you can do it easily. There are many things associated with a term insurance plan that is also important to keep in mind. So, to help you out, here are the basic things you should look for while choosing the best term policy, both online and offline.
When it comes to choosing the best term insurance plan in India, people usually go for a product on a premium basis, such as how much they have to pay to take advantage of it. Do not forget that the premium should be low but it is advised not to rely on the premium only to check benefits and coverage. This is because a plan with lower premiums may offer lower coverage that will not be beneficial to you. To take advantage of the best, you should compare through our site and find out the difference between what is best for you and what is not.
Well, you agree with the factor that the market reputation of the insurance company plays an important role in choosing the right insurance policy. You should check the company’s claims settlement ratio. It must be able to manage all searches as well as fulfill its obligations. Do a search or compare online to get the best.
When it comes to purchasing a term insurance policy, you should understand the plan and its features along with coverage and exclusions before making the final decision. Yes, you should look for additional features and benefits that many companies can offer you. In such an operation, do not forget that it is necessary to read the documentation of the document before making a payment.
Claim Settlement Ratio:
The purpose of investing in a term insurance plan is to help those in need at the right time. The claims settlement ratio can greatly help in choosing the right insurance company that will be able to submit the claim amount in a timely manner. It is always advisable to go for a plan that you can use to offer a higher claims settlement percentage. You can easily benefit from this information through the IRDA portal.
Single Life or Joint Life Term Plan
|POINTS OF DIFFERENCE||JOINT TERM PLAN||TWO DIFFERENT TERM PLANS|
|Who’s covered?||Both the partners are covered in the same policy.||Two separate term plans are required to cover both partners.|
|Life coverage||Depending on the annual income of the policyholder – Sum Assured can be the same for both the partner or can be a maximum of 50% for the spouse. Both the partners are covered in the same policy.||Sum Assured may vary for each partner. Each spouse can choose based on their needs and annual income.|
|If either partner dies during the policy term?||Depending on whether the living partner is no longer insured, the sum assured is paid in full, and the plan continues for the surviving spouse, they may need to purchase another term plan.||The sum assured is paid in full and the policy of that insured is terminated. The surviving partner remains covered under his term plan.|
|What if both partners die?||A single payment of the Sum Assured or the respective Sum Assured will be made to the legal heir(s) depending on the plan.||Double payment will be made to the legal heir(s) from both the term insurance policies.|
|Qualification||1. It is suitable for middle-aged couples, as buying two separate policies in middle age can lead to higher premiums which are not advisable.|
2. It is also suitable for couples who do not have much difference in age.
3. Specifically, for couples with similar lifestyles, such as smokers or non-smokers, the premium will be higher for both even if one partner is not a smoker.
|1. It is advisable to opt for it at a young age, as the premium is less.|
2. It is also suitable for couples whose age varies greatly. Because then the total premium paid will be very less and will be as per the age and sum insured.
3. This is suitable if neither partner is a smoker, wherein the premium and the sum insured may vary.
|Who should buy it?||If one of the partners maintains a household life or has a low income, then they should opt for a joint term plan.||If both the partners are working and contributing to the family income then each should opt for two single term plans covering separately.|
It is Important to Choose the Right Term Life Insurance Plan
You will find different types of term insurance plans available in the market with different benefits. However, while considering the benefits of term insurance, it would be best not to take a “one way for all” approach. Depending on your financial obligations, you should obtain appropriate life insurance coverage and choose the appropriate add-on according to the type of coverage you are looking for. Before purchasing a term insurance plan online or offline, keep in mind that you know and understand the various aspects involved in purchasing it.
Term Insurance Premium Calculator – Factors That Affect Your Premium
Term Insurance Premium Calculator is a tool that helps you find out the premium amount that you have agreed to pay for the sum insured you have chosen under a term insurance plan. You can simply choose the term plan based on your quotes and pay the premium. But, do you know how to use the Term Insurance Premium Calculator?
The factors mentioned below are used to calculate the term insurance premium:
- Life Insurance Age: Age is the most important factor in obtaining a term insurance premium. At a younger age, you are less likely to experience lifestyle diseases or death. Thus, the insurance company will save money in the near future because the chances of making a claim are less.
- Personal habits: If you are addicted to alcohol, drugs, or smoking habits, your insurance company will charge you more for your premium. Sometimes, there are policy disclaimer changes as well. People who are not addicted to these habits pay premiums about 30-70% less than addicts.
- Health Record: If you do not have a family history of cancer, Alzheimer’s, etc., you will be able to enjoy lower premiums.
- Policy Duration: The premium calculator will be negatively affected if you purchase a term plan that also covers retirement age until you have paid all of your obligations.
- Coverage/Confirmed Amount: It is advised to choose coverage as per your requirements. The higher the guaranteed amount, the higher the premium will be.
Term Life Insurance Calculator Benefits
Just as you do proper research and development before purchasing anything online, such research before purchasing fixed term insurance online is wise. Here are the benefits of using a term insurance calculator:
- Our Term Insurance Calculator will help you to know the exact premium of the coverage amount you have chosen to protect your family in the event of an early death
- Online shopping for your term insurance becomes simple and convenient
- Become an informed customer
- Get plans from different insurance companies under one roof
- You can compare the features and rates of different insurance plans to get the best deals!
- Online term insurance is cheap and easy to understand
How to Use a Term Insurance Calculator
- The Fixed Term Insurance Calculator gives you your personal details like Name, Gender, Date of Birth, Mobile Number, Marital Status, Annual Income, Smoking, and Chewing Habits, Coverage Amount as per your convenience and age/duration you wish to cover the policy to date.
- Once you enter these details, the term insurance calculator will give you a large number of term insurance plans offered by different insurance companies.
- Choose the “Buy Now” button for the one that gives you the right coverage at the right price according to you.
- The Insurance Calculator will ask you to select your address and candidate details and finally take you to the Payment Gateway option
- You can now pay for term insurance online using your debit card, credit card or your net banking facility.
Term Insurance Claim Process
It is sad to lose your loved ones. It causes emotional distress and prolonged suffering. When one experiences such emotional grief, it is not easy to think of other things, for example, financial stability or income streams, which may arise due to the unexpected death of the breadwinner of the family.
If the breadwinner has a term plan, it is important to know how to claim death benefits for a term insurance plan.
How to File a Term Insurance Claim in the Case of Death?
File an insurance claim for
The first step is to submit a claim. The candidate/plaintiff must inform the insurance company and file a claim regarding the death of the insured. To submit a term insurance claim, the candidate/claimant needs to communicate with the insurance through any of the claims reporting channels such as:
- For online claim information, visit the claims section of the company’s official website.
- Contact your insurance company for their free, 24/7 claim information service.
- Visit the nearest branch of the insurance company.
- Email the claim notification to them at the email id provided.
Please note: A claim will be formally accepted and recorded when the insurance company receives a written request for claim settlement along with the completed claim form and other relevant documents. One must submit a term claim through a phone call or visit an insurance company branch to expedite the claim process.
The claim process begins when the candidate/claimant submits a claim along with a complete claim form with all valid and supporting claim documents.
Frequently Asked Questions on Term Insurance
Term insurance is the simplest and purest form of life insurance. With term insurance, you can get a large amount of life insurance (i.e. an amount guaranteed) at a relatively low premium price. The amount of the benefit is paid to the candidate in the case of the death of the insured person during the term of the policy.
If the insured died within the specified period, the sum insured or the lump sum is paid to his family or whoever represents him. After paying a nominal premium each year on a fixed-term plan, you are provided coverage for a specified number of years. Generally, term policies are taken for 10 years, 15 years, 20 years, 25 years, and 30 years.
Most modern life insurance policies do not expire until you reach the age of 95. Although you may have a 10-year life insurance policy, your coverage will not expire after 10 years.
Can you have multiple life insurance policies? There is no rule issued by life insurance companies that prevents you from having multiple life insurance policies. There are some scenarios in which it might make sense to do so. You can choose to have a life insurance policy and a permanent life insurance policy.
SBI Life eShield is the purest insurance policy offering a range of benefits at affordable prices. The plan provides the option to choose a cover on life and take advantage of increased coverage. The minimum term of the policy is 5 years and the maximum is 30 years. Under the same order, you will get coverage up to 75 years.
The minimum age of entry is 18 years, the maximum age of entry is 65 years and the maximum age of maturity is 80 years. The minimum guaranteed amount is 50 lakh rupees and there is no maximum guaranteed amount. Hence you can choose a security deposit for Rs 1 Crore.