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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Life Insurance

Term Insurance Plan

Term Plan is a type of life insurance which provides coverage at a fixed rate of payments for a limited period of time i.e. relevant tenure. It's a pure death benefit plan. Its primary aim is to provide coverage of financial responsibilities of the insured. There are various term insurance available in the market some have return on premium and some have other benefits. Even now there are riders like accidental death rider, terminal illness, and waiver of premium in critical Illness etc are available with these plans.

Term Plan Offers

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Say, for example a person of 27 yrs bought a policy for sum assured of 25 lacs so he just need to pay a premium of approx 3300 yearly in an online term plan.
So this plan really works with the person who has started earning and wants to secure himself at a nominal cost. Also for a person who is a bread earner and wants to cover its liabilities at a minimum cost. Even now there are few term plans in the market which is designed for a person above 55 yrs considering their responsibilities.
Term plans give more benefits to the females in terms of premium and riders like women critical illness etc.

Benefits of Term plan

  • Instant life cover
  • Extremely affordable premium
  • Hassle free process
  • Regular and single payment option
  • Available in online as well as offline mode
  • Tax benefit under sec 80C of Income tax act, 1961

Why buy an online Term Plan?

Online term insurance plans are promoted as cheaper than their offline versions. Not only being cheap but it also facilitates you with the simplicity and the quick service.
Nowadays buying goods and services over the internet are more secure than ever before. Insurance policies are now widely available on internets rather than following an agent or dealing on phones consumer can consider their options and buy the appropriate plan for themselves. Internet has become more secure and safe in recent years giving consumers faith they can share their details online safely. Most popular and cheap among the online plans are Term Insurance plan to be purchased today.

Facts about Term plan:

  • Term plan are only the death benefit plan.
  • These are non-renewable plan once the term is over the policy will end.
  • The Premium remains same for whole tenure of the plan; it’s not going to increase with the age etc.
  • Term plan is available both online and offline the only difference is the online plan are much cheaper than its offline version. And it is not going to affect the claim settlement/rejection at any point of time.
  • Even now you are getting riders like Accidental death rider; Terminal illnesses cover etc with the online plans.
  • Almost all kind of death are covered in term only some co’s exclude death through natural calamities and suicidal death are covered only after 12 month of the policy.

Process of Claiming the Sum Assured:

As per the Regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

Term plan available in market:

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9 Comments, read them below or add one
  • pravin      February 26, 2013 10:36 pm
    sir i have taken a offline term plan of 25 lakhs for 25 yrs period from bhartia axa its cost Rs6800/- two yrs back , at my age of 35 yrs (now). when i am seeing online plan it found to be much cheaper geeting aprox 6000/- for 50 lakhs , should i switch over to online plan or i continue offline. kindly advice
    Post Reply
    • Ashi      February 27, 2013 12:40 pm
      Hi pravin, you can buy online term plan but for that you must lapse your offline term plan. For further information you must know the companies procedure.
      Post Reply
    • Ashish kumar      January 13, 2013 10:10 am
      If I have taken term plan for 10lacs,how I can increase my term plan in next year or if my salary will increase? either I should have to buy new term plan or I can update my old term plan?? suggest me some companies?
      Post Reply
      • Riya      January 14, 2013 5:14 pm
        You have to buy a new term plan for it.Go for Aviva i-life the cheapest term plan and connected with brand.
        Post Reply
      • raju      January 2, 2013 5:30 pm
        Hi,i wanted to take term insurance of Rs.10 lach minimum.i had read that only earning or salaried class are eligible. i am doing my internship as company secretay trainee and getting Rs.3500.Please suggest me whether i am eligible and if yes which Company is offering.
        Post Reply
        • Vineeta      January 3, 2013 4:38 pm
          Hi raju,, you will not able to get as you dont have permanent source of income. After completion of your internship, if your job is fixed then you are eligible.
          Post Reply
        • Gaurav      December 28, 2012 5:53 pm
          what kind of death term plans includes??
          Post Reply
          • aamita      December 29, 2012 12:19 pm
            Term plan includes all kind of death even suicide also but after 1 yrs of the plan.
            Post Reply
          • Rajat      December 28, 2012 12:01 pm
            How much term plan should i buy. How to decide what is the right amount of term plan requirement for an individual or the family.Pls help so that i can choose
            Post Reply
            • Preeti      December 28, 2012 1:16 pm
              It is always advisable to take 10-12 times of your annual income as insurance cover.Term plan is only available for the person who is earning. Also you should always go for online term plan as they are much much cheaper than the offline one.
              Post Reply
            • Harmeet      December 28, 2012 11:59 am
              Except the price for term plan what we should look before buying a term plan. do nationalized insurers give easy claims on term plans or private companies.Which private companies is best to settle claims easily on term plan
              Post Reply
              • Suchi      December 28, 2012 1:28 pm
                Yes LIC always peeps up in claim settlement i:e 97% but after that their are private players like ICICI Prudential has a claim settlement of 96% and same with HDFC life whereas SBI Life (Nationalized)has 95% less than private players. So you can easily trust the private players in settling the claims in term Insurance
                Post Reply
              • Rahul      December 28, 2012 11:57 am
                The term plans are cheaper online or is it better to buy from an agent.Which term plan is best for 25 lacs for an age of 35 years
                Post Reply
                • Jiya      December 29, 2012 12:20 pm
                  You should for Aviva ilife where your yearly premium will be approx 4700 in case you are non-smoker.
                  Post Reply
                • Neha      December 28, 2012 11:51 am
                  No this is not always the case....company provides some more time or condition to continue the policy.Read you policy docs you will get the answer.
                  Post Reply
                  • Smita       December 24, 2012 3:03 pm
                    I only paid a premium of 1 year after that I havent paid. Will my policy collapse??
                    Post Reply
                    • Shiva      January 10, 2013 5:06 pm
                      Hi Smita, If you have paid for one year and discontinued it... If this is below 3 years from the date of your policy taken.. you can renew the same. Policy will lapse if you do not pay for 3 years. There might be few compensation fee which will be charged by the company who you have the policy with. Always ensure renew your policies on time so that your benefits of the policy are into effect.
                      Post Reply
                      • Pranav      December 28, 2012 11:56 am
                        Yes, in term plans if you dont pay the premium in next year, your coverage will not be there
                        Post Reply

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