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RESUME APPLICATION PAY PREMIUM

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Term Insurance Plans

FAQs About Term Insurance

Here’s a list of FAQs about term insurance

1 Do term insurance plans have investment value?

No, most term insurance plans do not offer any investment value. They offer life coverage with death benefits if the policyholder suddenly dies during the tenure. If the policyholder survives during the policy term, unlike ULIP or endowment plans, there are no maturity benefits.

2 Is term insurance good?

Whether term insurance is good depends on individual needs. In general, term insurance is a good financial instrument to purchase as it ensures financial stability for a family during unfortunate events. These affordable plans come with life coverage with low premium amounts.

3 What is the biggest advantage of term insurance?

One of the biggest advantages of term insurance is the financial security it provides to your near and dear ones in the unfortunate event of your demise during the policy tenure. These plans also provide life-long coverage with options of coverage till the age of 99 years.

4 What is term insurance?

Term insurance is a simpler form of life insurance product that provides financial protection through a large life coverage at comparatively low rates of premium. If there is a sudden demise of the policyholder during the policy tenure, it is the nominee or beneficiary who receives the life coverage.

5 How much does term insurance cost?

The cost of term insurance depends on multiple factors such as tenure of policy, health, lifestyle, age, and insurer. The premium amount also increases considerably with age, smoking habits, and pre-existing conditions, if any.

6 What is terminal illness in term insurance?

Terminal illness in term insurance is a condition or illness that is difficult to cure and likely to result in death within a stipulated time frame. Insurance coverage from a policy that covers term illnesses can be used to pay medical expenses at the end of treatment.

7 Do I need a term plan in my 50s or 60s?

Yes, opting for a term plan in your 50s and 60s is always a good option, as it provides life cover to your family in the event of your sudden demise.

8 Do term insurance premiums increase every year?

Yes, insurance premiums increase every year because of rising inflation in the economy. Thus, to avoid this rise in premium, make sure to purchase the premium as early as possible. The sooner you purchase, the more affordable your premium will be.

9 Can senior citizens buy term insurance?

Yes, senior citizens aged between 60 and 85 years should opt for term insurance to secure the financial future of their families. However, with age, the premium amount rises considerably.

10 How can I get a ₹ 1 crore term plan?

To obtain a ₹1 crore term plan, make a thorough comparison of policies from different insurers online. Accordingly, proceed to choose a reputable insurer and select a tenure. Undergo thorough medical examinations and disclose details necessary to avoid rejections.

11 What are the types of death covered in term insurance?

Death caused by any natural cause of a medical condition is usually covered by term insurance. These include stroke, heart attack, different stages of cancer, and others. Alongside this, deaths that occur due to natural calamities such as floods and earthquakes are also covered under term insurance.

12 How many years do we need to pay term insurance?

The period for which you need to pay the term insurance depends entirely on the policy term, which ranges between 5 to 40 years. Alongside this, you can also select a policy that continues until you attain a certain age, like 99 years or so.

13 What is the free look period for term insurance?

A free-look period for term insurance is a 10 to 30-day window period that starts from the receipt of an insurance policy. Within this tenure, a new policyholder can terminate the policy and then get a refund for the premium paid at the beginning.

14 What is the difference between a term plan and a term plan with a return of premium?

Under the term plan, the only benefit you receive is the death benefit. However, in a term plan with a return of premium, the insurer makes sure to return all premiums paid if you survive the policy tenure. However, a TROP charges higher premiums in comparison with any standard term plan.

15 What are the eligibility criteria for buying Term Life Insurance in India?

The eligibility criteria for purchasing term life insurance in India vary from one insurer to another, but make sure to include citizenship proof, age, income, medical examination, proof of identity, and others. If you do not fall in the usual age category and have not cleared your medical tests, you will not be eligible.

16 What are the different terminologies used in term insurance?

The different terminologies used in term insurance include premiums, riders, policy, claim, policyholder, free look period, death benefits, and more.

17 What is a 5-year term insurance policy?

A 5-year term insurance policy is a policy that provides death benefits over a fixed tenure of five years. This ensures the family can fight against the rising cost of inflation and maintain the desired standard of living in the event of your demise or accidental disability.

18 Can term insurance be rejected?

Yes, a term insurance application can be rejected for numerous reasons, including providing misleading or incomplete information or if the cause of death is not covered in the policy.

19 Will I get any maturity benefit/survival benefit at the end of my policy term?

Yes, certain types of term plans may offer maturity benefits at the end of your policy tenure. The benefits you receive depend largely on the kind of policy you have opted for.

20 How is term insurance different from life insurance?

Term insurance is a kind of life insurance policy that provides coverage for a particular period of time whereas by opting for life insurance, you can avail coverage for your entire life.

21 Should I buy term insurance online or offline?

You should choose to buy term insurance online as it provides more flexibility. By opting online, you can choose the desired policy term, sum assured, and payment of premiums, along with other factors that allow you to make changes in your plan that suit your needs.

22 Can we cancel term insurance?

Yes, you can cancel a term insurance policy anytime by informing the insurance company beforehand. There are no penalties or fees charged for cancelling a term insurance policy. The cancellation process is quite simple and hassle-free.

23 What is the main disadvantage of term life insurance?

The main disadvantage of term life insurance is there are no opportunities for investment. There are several types of life insurance policies providing maturity benefits, survival benefits, and bonuses. However, it is important to note that term insurance is not intended to meet desired purposes of investment.

24 How many years is best for term life insurance?

If you are in your 20s, make sure to choose at least a tenure of 40 years, or else you can also opt for coverage until you attain the age of 99 years or so. However, choose a longer tenure to pay affordable premiums without renewing the plan.

25 Is it safe to buy term insurance online?

Yes, purchasing term insurance online is not only easier but also a safer and more convenient process.

ARN: DM/03/25/22270

For NRI Customers

(To Buy a Policy)

Call (All Days, Local charges apply)

Email ID

Whatsapp

(If you're our existing customer)

Call (Mon-Sat, 10am-9pm IST, Local Charges Apply)

Email ID

For Online Policy Purchase

(New and Ongoing Applications)

Call (All Days & Toll free)

Schedule a call

Whatsapp

Give missed call to buy a policy

Email

Branch Locator

Locate a branch

For Existing Customers

(Issued Policy)

Whatsapp

Call (Mon to Sat, from 10 am to 7 pm, Call charges apply)

Email

Fund Performance Check

Call (Missed Call)

Term Insurance FAQs

FAQs About Term Insurance