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Term Plans

ensure your family’s financial security in case of death.

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Term Plans FAQs
What is term life insurance?
Why should I buy term life insurance?
When is term life insurance the right choice?
What affects the premium rates of my term life insurance?
 
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Term Insurance Basics

Have you thought what will happen to your dependants and your responsibilities if something untoward happens to you? What will happen to your children’s education? Where will your family live, what happens to the loans that you have taken, how will they fulfill their daily requirements?

A low cost life insurance with high risk cover, term life insurance , might just be the solution. The purpose of term insurance is to replace your income in case of an eventuality. If you have adequate term insurance and such a situation arises during the specified term, your life insurance amount will make it possible for your family to have sufficient funds to take care of your basic responsibilities and remain self sustaining. Term Insurance is taken for a fixed duration generally up to 30 years or up to the maximum renewal age specified by the insuring company. It provides coverage till the time you maintain the insurance and ceases if you outlive the term. In its true sense, there is no cash value acquired on a term insurance plan (without return of premium ) unless it has a return of premium condition attached.

Buying a term insurance is almost hassle-free except that you might be required to undergo a medical examination to assess your health condition. Also, it is a good idea to consider some basic points of references from different companies offering same or similar term plans.

 
Points to consider:
 
• Option to Convert Plan
Some term plans offer the facility to convert it to other traditional plans like endowment plans or money back plans etc. at a later stage. Convertibility feature might prove useful if during the policy term you do not feel the need to continue term insurance and would like to switch over to another plan.

• Smokers and Non-smokers Criteria
Keeping in mind the fact that tobacco users are at higher health risk, some insurance companies have separate premium structures for smokers and non-smokers. In such cases, premiums for non-smokers or non-tobacco users might be much less than those for smokers or tobacco users.

• Terrorism Cover
Although Term Life Insurance covers death due to any reason, terrorism may or may not form a part of it for all life insurance companies. Depending upon your need to cover death due to act of terrorism, you must check if your shortlisted companies are providing the cover or not.

• Availability of Riders
Some insurance companies offer riders like accidental death benefit , dreaded diseases rider etc. These can be taken along with the basic term life insurance plan. Riders come with an added cost and are valid up to a certain age. The riders give an added support in case of death or benefits as mentioned in policy contract.

• Renew Upto Age
Each insurance company specifies maximum age up to which the insurance can be renewed (65-70 years of age) called the “renew up to age”. Maximum duration for which one can take term insurance is also specified (up to 30-35 years duration). These two are important factors in deciding the maximum term for which you can take insurance.

• What is Easypolicy?
Easypolicy simply makes insurance easy. With Easypolicy, you may rest assured that you are making the right choice for your insurance policy. We not only offer quotes from various insurance companies, but also make price-feature comparisons for our users to see what each company has to offer. Moreover, we assist you with important information in a friendly interface, which helps you understand the intimidating world of insurance better so that you can make an informed choice.

Please refer to our Term Insurance FAQs for more Information.
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