Term Life Insurance
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What is Term Life Insurance
Term life insurance provides financial protection for a specified period (term), typically 10, 20, or 30 years. If the insured person passes away during the term, the policy pays a death benefit to the beneficiaries. It is a straightforward and affordable option compared to permanent life insurance. Key Points:
- Coverage Period: Fixed duration (e.g., 10, 20, 30 years).
- It covers costs related to illness, injury, or hospitalization.
- No Cash Value: Unlike permanent life insurance, it has no savings component.
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Why Choose Us
Why Is Term Life Insurance Important for Your Family’s Well-being?
Pure protection plan
Critical illness coverage
Income tax benefits
FAQ
You Can Find All Answers Here
It is essential for everyone one who has family members depending on his/ her income, to have a Term Insurance Policy. It is a MUST-buy product even before you start your investment
As per the Annual Report of Insurance Regulatory Development of India (IRDAI) out of the top 10 Life Insurance Company, 9 of them had an average claim settlement ratio of 98%. It means most company honoured 98 out of the 100 death claims that was lodged. Death claim under suicide will get paid only after the policy completes a period of 1 year. According to medical science a person cannot plan his suicide one year in advance. Hence, death claim on account of suicide after one year will get honoured.
A majority of cases are rejected due to incorrect disclosures or non-disclosures of facts when purchasing Term Insurance. Non-smokers, for example, pay a lower premium than smokers. People who smoke socially, say once or twice a week, buy Term insurance under the non-smoker category. Suppose he dies and the medical history shows that he smoked, the policy will be rejected because of an incorrect disclosure.
