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Four Benefits of Buying the Best Term Insurance Plan

dateKnowledge Centre Team dateFebruary 05, 2021 views125 Views
Cheapest term insurance plans for all age groups

Term insurance is a contribution that ensures your family is financially stable and secure in your absence. If a person has insurance under this policy, they will have to pay a certain amount from time to time. However, in the event of death, the insured, the nominees nominated by him at the time of buying a term insurance policy, will be provided with a guaranteed sum of money. Term insurance plan is the most effective form of insurance that provides financial security for an insured person and their family in the event of sudden death.

Term Insurance Plan | Buy the Best Term Insurance Plan

Four Benefits of Buying the Best Term Insurance Plan

1. Financial Protection

Term Insurance can help you plan your finances unexpectedly by providing a timely financial solution. The term plan works with your risk by providing you with payment and the premium interest you have paid.

2. Security of Dependents

Just as you protect your family financially in the event of an emergency, term insurance also protects your loved ones. The term plan replaces your income. It takes care of the financial needs of your family in your absence.

3. Protection from Terminal Illnesses

Term insurance offers additional benefits in the event of serious illnesses such as kidney failure, heart disease, cancer, etc.

Learn if you can take terminal illness cover with a term insurance plan.

4. Tax Benefits

Under sections 80D and 80C, the term plan gives you tax benefits and additional tax savings if your time plan includes a serious illness.

Three Things to Consider while Buying a Term Life Insurance Plan

Life insurance is not about investing your money to get a return on it; it's about financial protection for your loved ones. The most effective known way to do that is through a term insurance policy. You only pay for insurance, and after the policy expires, you do not get any money. But for those who die during the policy, it pays a lot of money to those who are nominated. See the premium (time plan costs) and record for payment of insurance claims.

1. The premium may vary in the future - The online price you receive is provided on the basis that you are considered to have a general health risk, occupation, and medical history of your family. After submitting all the relevant documents, the insurer may ask you to undergo medical tests to cover the policy's cost. If medical reports indicate that you are facing certain risks, your term insurance premiums may increase.

2. Don't let the policy go into an obsolete state - The act of buying an online insurance plan is certainly a wise move. However, it would be best to let the policy end with the loss of premium payments. Since there would be no insurance agent to remind you of the premium payment date, it is easy to miss out on renewal insurance. It is recommended that you send ECS authorization to your bank so that the premium can be deducted automatically on the due date.

3. Do not hide the relevant facts when applying - If you smoke or use tobacco in any other way, your insurance premium will be 25% -30% higher than for a non-smoker. However, you should never hide this information in your insurance application. At the time of the claim, if the insurer finds that the customer is hiding the details, the claim will be rejected. The insurance company can also cancel the policy, as it applies.

We enumerate the premium rates of other policies for the guaranteed amount of 1 crore over three years of policy terms are 30, 25 and 20 years. A list of 15 policies is sorted based on the claim rate. The claim payment rate is measured by the amount of benefit or guaranteed amount, as the lower payment rate reflects higher ticket size policies that are rejected. Term insurance should provide the family with sufficient income in the event of an unfortunate death. The duration of the term plan should cover the length of time it normally works. Term insurance must be for at least 65 years old.

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Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
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