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In very simple words, Term Insurance is the biggest financial security for your family, in your absence!
It is the simplest and cheapest insurance policy available in the insurance market, which provides death benefits to the family of the insured, in case the insured person dies while the policy is still running valid. The said benefits are transferred to a family person nominated (nominee) by the insured. While buying a Term Insurance, the buyer can choose the term (period) of the policy, as per the options made available by a particular insurance provider, based on the age and other important parameters.
Today, there are a huge number of insurance plans floating in the market, because the priorities of different insurance buyers are different. Out of those, Term Plan or Term Insurance is the most basic, yet, most important insurance for every individual who has a family.
Benefits of Term Insurance, in totality, are in terms of financial security to the family after the death of policyholder.
Here are some of the major benefits you and your family will get if you hold a Term Insurance Policy:
Maintain The Daily Life of Family After The Policyholder Dies
If the policyholder is the only earning member of the family, then after his death, the lump-sum amount that comes to the family as the benefit of policy can help to sustain the daily life without facing any financial challenges.
Loans Repayment And Debt Handling
During the course of life, if the policyholder has taken any loans or there are any debts to be repaid, those can be taken care by the Term Insurance lump-sum amount which the family will receive after the death of the insured. Family can focus on rebuilding their life without any liability stress on their head.
Important Life Expenses Are Taken Care Of
Quality education for kids and their marriages thereof are some of the important life expenses that can be taken care of, with the Term Insurance money the nominee will receive after the policyholder passes away.
Provides Income Stability In Case of Disability
In case the policyholder is disabled due to an accident or a critical illness and there is a loss of income, the term plan can also provide a supplementary income for the family to be able to run a smooth life.
Policyholder Gets The Tax Benefits
The premium payments for your term insurance attract tax exemptions under section 80C of the Income Tax Act, which means, you do not have to pay any tax on the money you use to buy insurance for yourself and your family.
It Is the Most Economical Insurance Plan
Even though Term Plan comes with so many benefits and gives absolute financial security to the family of policyholder, still it is the most economical insurance plan which everyone can afford easily. Especially, if one buys the term insurance at a young age, the premium payments are substantially low.
Riders - Helping you ride on your financial independence with ease!
Before you make a final decision on buying a term insurance, you must know the additional benefits with Term Insurance Policy.
Various kinds of additional benefits with term insurance, offered by insurance providers, are called TERM INSURANCE RIDERS! These riders make your insurance policy much stronger by adding just a little more to your annual premium amount.
Here is a quick run through all kinds of riders available with term insurance policy:
Waiver of Premium - In case of a physical disability caused to the policyholder due to an accident or critical illness, they may not be able to work and pay future premiums. With this rider attached to the policy, all future premiums are waived off, yet, the policy remains active and the sum assured remains intact.
Accidental Death Benefit - If policyholder dies in an accident, this rider brings an additional sum along with the basic sum assured under the policy. For example, if the purchased policy is for a sum assured of Rs. 90 lacs and there is an accidental death benefit rider attached of Rs. 10 lacs, the family will be paid 90 lacs in case of natural death, and 1 Cr. in case of accidental death.
Critical Illness - If policyholder is diagnosed of a critical illness (all major illnesses specified in the policy document), a lump-sum amount is given for the treatment. After that the policy might continue or terminate as per the policy document. Also, if the death occurs due to this critical illness, the family is paid the additional benefit mentioned under the rider.
Return of Premium - Your term insurance policy becomes a great investment with this rider. If the policy expires and the policyholder is still alive, then this rider entitles them to get all the paid premiums back, which usually does not happen with a basic term plan.
Permanent And Partial Disability - If the policyholder is partially or permanently disabled due to accident, this rider helps to avail a percentage of the sum assured for next 5 to10 years. This rider is important to generate an income source for self in case of mishaps.
Income Benefit - This is majorly for the income generation for the family after the death of policyholder. Family gets a supplementary income every year for next 5 to 10 years, which is over and above the sum assured under the policy.
Term insurance riders should be a part of your financial planning. They make life easy for you and your family.
Term Insurance comes in various forms to cater to various needs of the customers.
Pure Term Plan - It is the basic type of plan which one can buy as an insurance policy. Policyholder needs to pay the premium for the entire term of the plan and in case the policyholder dies before the term is completed, family gets the sum assured.
Return of Premium Plan - It is the term insurance for people who look for some returns on the money they invested in buying the insurance. If the policyholder is still alive at end of the term, he gets back all the premiums that he paid during the term, which is a substantial amount to take care of a lot of expenses.
Decreasing Term Insurance - This term plan comes with low premium as the sum assured keeps decreasing with every passing year. This kind of plan is bought keeping in view any debts on head. As the years pass and the policyholder remains alive, the debts get paid off from his income, hence the need for sum assured keeps decreasing too. If the policyholder dies during the term, the insurance money can be used to pay off the debts.
Increasing Term Insurance - It is the opposite of decreasing term. Here, the sum assured keeps increasing every year. This type of insurance is bought, keeping in view larger future expenses like marriages and higher studies. Premiums may or may not change during the term but you can definitely compare various plans on Easypolicy to buy a good Increasing Term with lower premiums.
Convertible Plan - This term plans offer you the option of converting your basic term plan into a whole life insurance plan or investing in an endowment policy, after spending a stipulated amount of time in the pure term plan. This makes a good investment for good returns.
Invest in the best suited term insurance plan as per your individual needs! Check out all the plans at Easypolicy!
Easypolicy is your number one search engine where you can look for the best suited insurance policy for you.
However, the factors that affect the premium that you need to pay are here:
Age: The younger you’re, the lower will be the premium. Young people are less likely to die, therefore considered to be less risky by the insurance providers. For example; a person at the age of 25 buying insurance policy will have to pay lower premium than the person buying at the age of 50.
Gender: Women are charged lower premiums as compared to men. A lot of scientific study and research conclude that women, on an average, live 5 years more than men. Which means that the insurance company gets premiums for a longer period, hence, the lower amount.
Health Record: Any diseases in past, surgeries in past, potential ailment developing in present, and the overall health record will all be taken in account while calculating the premium. For example; policy buyer suffering from ailments like diabetes or cancer will be charged higher premium.
Medical History: Even if one does not suffer from any ailment, but carries a family history of genetic disorders, then also they need to pay higher premiums on their insurance. For example; a person whose father, mother or anybody in immediate blood relation died of a disease that can be passed on, they will be charged higher premium.
Smoking: Given their lifestyle and unhealthy habits, the smokers are considered to be extremely risky customers and sometimes have to pay twice the premium as compared to a non-smoker.
Drinking: Consumption of alcohol as a habit is considered to be a risky behaviour by insurance companies. If one is a heavy drinker, it can lead to a substantial increase in premium
The Policy: The kind of policy one is investing in affects the premium. For example; if one is buying a life insurance cover for a long term and will be paying the premiums for longer duration, hence, they will pay lower amount of premium. However, if one buys a short-term plan, it will result in an increase in the premium amount.
Profession: Risky professions like mining, working in oil and gas industry, fisheries and other such dangerous professions, lead to higher premiums.
Lifestyle Choices: Lifestyle determines the premium amount too. For example if one is involved in adventure sports, driving fast cars, partaking in risky activities, they will have to pay higher premiums. For example, a car racer, or a bunji-jumper will pay higher premiums.
Obesity: Obesity (fat body) leads to chronic health disorders like diabetes, blood pressure, heart ailments, joint complications, and many more. This puts the policy buyer in a high-risk customer category and result in higher premiums.
Want to check how much premium will you have to pay? Compare now and key in the parameters.
Easypolicy; the best comparison engine for insurance policies, gives you ample choices on Term Insurance. You can get all the details, compare all the term plans available and make a sound decision.
We are giving you effective tips to buy insurance from Easypolicy, which will save your money as well as get you the best plan.
Life Cover - Your insurance should give your family enough sum assured to take care of major expenses like marriages and higher studies of kids, in your absence. Go for the one which covers all.
Premium - Choose the plan that offers you maximum sum assured at the lowest premiums to make it easy on your pocket. Also, the premium chosen at the time of buying the policy must remain unchanged throughout the term of the plan. Choose wisely.
Add-ons (Riders) - Choose a plan with important riders like accident cover, critical illness cover etc., which come at an economical cost so that you get well-rounded life coverage and financial security.
Flexibility - Buy a plan which offers you the flexibility of increasing or decreasing sum assured as per the need. For example; increasing sum assured in case of marriage, parenting and higher education of kids. Decreasing sum assured in case of debts being paid off.
Ease of Dealing - Choose a plan where insurance provider is a reputable company to deal with. After you buy the plan, all your further interactions are going to be with the customer service department of the insurance company, so make sure that they are professional enough to cater to all your requirements.
Easypolicy is here to help you make the best decision. Start your comparison on Term Insurance now!
You do not have to look any further if you have reached Easypolicy!
This is what makes Easypolicy the best and your number one partner to buy term insurance plan:
Apart from all the above, we can provide you assistance on all your individual queries you may have related to term insurance plan you want to buy.
Easypolicy, the number one insurance comparison tool, brings you all the term insurance plans available in the market. Here is step by step working on how to compare term insurance to reach the best suited for you.
Compare The Offerings
Login to Easypolicy, key in the required details like age, gender, smoker/non-smoker, ailments etc. in the easy to fill forms and read through the details of various plans made available to you as per your parameters. Compare and shortlist the ones that fit the criteria.
Look Into The Premium
Once you have shortlisted the plan, find out the premium amount and compare it with other plans of similar nature. Since term plans are the best selling ones, almost all insurance companies are offering them with just a little bit of variations in features and premium amounts.
Check Terms & Conditions Thoroughly
After finding the plan with lowest premium and maximum features and benefits for you, check the terms and conditions associated with the plans. Instead of only considering the premium amount you have to pay, go through the terms in detail, to understand how useful the plan will be when you would actually need it.
Determine Company Background
After reading the terms and getting satisfied, check the company’s credentials. Find out how old is the company, how good are their financials, how stable it is in terms of doing business etc.
Dig Into The Claim Management System
Knowing about how the company manages the claim and what is its claim management ratio, you can take informed decision.
Check The Customer Service Records
Find out about how the company's customer service functions. Call their toll free number to understand how supportive they are. How fast is their process of providing you solutions to your queries.
The best term policy will be provided by the best company, all you have to do is know how to compare! Start comparing now!
Easypolicy is your one stop platform for all your insurance needs. We provide the best assistance you need at every step while renewing your insurance.
Term Insurance renewal is simple.
If your policy has lapsed (when you did not pay monthly premiums and policy lapsed), or it has expired (the term of plan got over), you can do this:
1. Buy A New Policy
It is the best option as you get to choose from a range of fresh policies and riders as per your needs. Buying the new policy online after comparing at Easypolicy will be your best bet as you will get the plans at fairly lower prices. To buy a new policy, you have to be fit, healthy and young. As you age, you will may not be eligible for a new plan.
2. Buy An Extension On Your Coverage
As your policy expires, you will stop paying monthly premium. But if you want to, you can extend the same policy by paying annual premium on it. The premium rates may increase in this case. Go for this option only if you are ageing and want to extend your policy only for a few years. You may want to reduce the death benefit amount for reduced premiums.
3. Get Your Term Plan Converted
Most term insurance policies come with an option of conversion where you can convert your term life insurance plan to a permanent one or an endowment plan (to get a lump sum amount on maturity of plan) . If you are not medically fit and not eligible for a new policy, then conversion is the best option to go for. Be informed that some policies permit conversion any time before expiry date, while others might allow during a specific period or age. Also, you may need to pay more for a converted plan or you may not want all the features of your previous policy.
The decision of term insurance renewal or buying a new policy remains with you. It is advisable not to make your decision looking at the premium amount only. You must also look into the background of the insurance provider and your needs that should be met through the revived or new policy.
At Easypolicy, we are with you at every step. We help you to file your insurance claim with ease. We are your No. 1 trusted partner, when it comes to any procedure related to insurance.
Term Insurance claim process is very simple.
Step - 1: Intimate your insurance provider about the death of policyholder through the contact details on the website or in the policy documents.
Step -2: Fill the claim form provided by the insurance provider.
Step - 3: Submit to the insurance office with original policy documents and death certificate.
You will receive the insured amount in 3 to 4 month of time after you file your claim.
Points to remember while and after filing the claim:
Make sure you check the insurance providers’ background and claim settlement ratios thoroughly, before you buy a term plan.