All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses.
Term Insurance plan is a form of life insurance that provides coverage for a limited time-period. In case the insured person dies while the policy is still active, then a death benefit will be paid to the nominee. It is one of the most cost-effective way of protecting your family due to its affordable premiums and the flexibility of opting out at convenience. You can also change or customize a term plan if you wish. The amount of premium paid for term insurance stands eligible for income tax deduction under section 80C of the Income Tax Act.
If you are around 30, you have another 30 years of working life ahead of you. Your current annual salary is around Rs 5 lakh, but you will be getting raise every two years or so. Hence, you could look at a term insurance amount of Rs 1 crore. Remember to consider inflation as well.
In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.
Yes! In fact, if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, it may have severe repercussions such as your policy being considered as null and void or denial of the policy benefits.
Whether you are in your 20s, 30s, 40s or more – it is always a good idea to get insured.
Claims of death due to drunken driving, accidents while inebriated, self-inflicted wounds, murder, death in a war or known violent area, dangerous hobbies like skydiving, and death due to sexually-transmitted diseases are not entertained.
This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.
The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).
Yes. The average Indian woman lives longer than the average Indian man, therefore, the term life insurance premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.
Nicotine use becomes a factor in determining the premium because a non-smoker is expected to live longer than a smoker–in any country.
If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the term life insurance policy will be deemed ‘lapsed’.
If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.
In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.
You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.
You would be required to share some combination of age proof, address proof and identity proof, in addition to your bank details to buy an online policy. For identity and age proof you can use Aadhar card, Pan card, Passport, Voter Identification cards, school leaving certificate, birth certificate etc. For address proof, utility bills, Passport, bank a/c statement etc. are acceptable.
It depends on various factors, including the number of dependents you have, your investment needs, affordability, and the lifestyle you wish to provide to your family. You must factor in the living expenses of your dependents, for how long will they need it, your current loans and liabilities and future expenses such as child education when deciding your term insurance cover.
Yes, the insurer can reject a life insurance claim on grounds of :
- Misrepresentation of actual information
- Non-disclosure of correct information
A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders :
- Accidental death and dismemberment
- Critical Illness
- Waiver of premium
- Income benefit
- Partial and permanent disability