Term Insurance is purest form of life insurance. It gives very high risk cover for the lowest premium among all insurance plans. The motive is to give financial cover/security to your family in event of death of the insured person. This plan is most beneficial if you are the sole earning member of your family or your family is dependent on you or you bring the maximum share of income in your family.
Term insurance plans provide large amount life insurance cover at an affordable premium. This cover can compensate for several years of lost earnings.
Critical Illness Cover provides lump sum payments when a critical illness like a heart attack, cancer, kidney failure etc is first diagnosed.
To increase the security of your family, a Term Policy provides additional pay-out (up to `2 crores) in case of an accidental death+.
You also get tax benefits^^ subject to conditions under Section 10(10D) on the money that your family receives in case of an unfortunate event.
Parents are generally the sole source of financial support for their children. The needs of children extend from school fees and living expenses to hefty university fees, later on in life.
Roses, chocolates and movie tickets are great, but here’s a truly long lasting gift for your spouse – term insurance.
Young professionals are just starting their careers. Many of them are not yet married and have no financial dependents.
Term insurance premiums paid are allowed as deduction from taxable income under Section 80C of the Income Tax Act, 1961^^.
SIP invest a fixed amount every month in a mutual fund. The wealth creation in an SIP is driven by a stream of regular installments which compound over time.
Retired persons need to have term insurance if they have dependant spouses or families. Buying term insurance can also be a way of leaving an inheritance for their families
If you have opted for Accidental Death cover, your family will get additional pay out in case of death due to an accident, subject to maximum of `2 crore.
Pays out your insurance cover even before death, if you are affected by a terminal illness.
Age Proof --> Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)
Identity Proof --> Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship
Address Proof --> Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address
Income Proof --> income proof specifying the income of the person buying the insurance
Proposal Form --> duly filled in proposal form is required
Medical Tests --> Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.
Term insurance plans are an excellent way to build a financial safety net
Term insurance plans offer you coverage for a fixed term.
In case you opt for an offline term insurance policy, you will be paying the lowest amount as broker commission.
Last, but not the least, premiums paid towards a term plan is eligible for tax benefits under Section 80C of the Income Tax Act.
You can choose the sum assured under term insurance policies so that it offers you sufficient coverage.
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