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An ultimate guide for all the insurance seekers, to make smart decisions by accessing the articles based on insurance. Grab as much information as you can about insurance products, plans, coverage, and exclusion here !!
20-Dec-2022
Term Life Insurance guarantees payment of a stated death benefit if the insured person dies during the specified term period of a policy.
In the case, if the policy expires, the granted policyholder would have the options to renew the policy after the expected expiring term or can convert the policy to a permanent coverage or even would have the option for termination of life term insurance policy as per the policy cover specifications.
Term Life Insurance plan provides you with a high cover life insurance guarantee at very low expenses of the premium to be invested.
For example, for any 1cr of Term Life Insurance , the policyholder has to invest a low premium amount of 490** per month.The fixed amount can be paid on double or at ordinary plan range of stretches for a particular term of policy or under some restricted period of term.
Attainable For All
The Term Life Insurance Plan can be incorporated in a person's requirements of insurance plan so as to avail more benefits in less payment options.
Anyone with financial independence can obtain a Term Protection Strategy. This includes youthful aspirants, guardians, self employed people, retired people, money managers and married couples.
The premiums which should be invested are determined on the basis of a person's age, health status, and life expectancy.
Less Investment, More Benefits
The benefits which can be obtained by purchasing a term life plan are sure to exceed the insured beneficiary's expectations. This includes a high sum assured at affordable premium, multiple death benefits payouts, critical illness coverage, accidental death benefits, return of premium options and additional riders.
Security Assured
The Term Life Insurance guarantees the payment of a stated death benefit to the insured beneficiaries if the insured policy holder dies during the specified term of the policy.
If we compare it with the whole life insurance plan, this term life insurance policy serves the purpose related to the guaranteed death benefit & the aligning layer of protection through it. A classic term life insurance plan holds no saving component within it.
Supposedly, in any case, if you die during the term of the policy, the insurance provider of that policy authority will pay the face value to the beneficiaries who are mentioned in your beneficiary list.
This cash value will not be taxable and can be used by the beneficiary to settle your healthcare and funeral costs, bank debt or mortgage debt for business or other purposes etc.
However , if the policy expires before your death , there will be no payout for that. You may have the option to renew your term plan, the premium will be determined for your age at the time renewal of policy.
How to apply for Term Life Insurance Plan
The application process through Policy.Online is easy, safe and convenient. You can follow the steps which are given below to claim for a term life insurance plan on the Policy.Online portal.
Step 1 : Open the Policy.Online website
Step 2 : Click on the Buy Policy Option on the navbar of the header.
Step 3 : Now you'll see a varied list of products you might want insurance for. Click on the one you want. For example - If we want a term life insurance, then we click on that option.
Step 4 : To move ahead, Enter your details in the dialogue box present at the right side of the screen.
Step 5 : Choose an option according to your preferences in the subsequent screens i.e. your preferred approach, mode of payment, death benefit payout option, life cover option.
Step 6 : Let us know if you have smoked or chewed tobacco anytime in the last 12 months.
Step 7 : Then select your annual income range starting from 7 Lac or above. In the subsequent screens choose your occupation type, educational qualifications, term plans option, your favorite insurer.
Step 8 : Fill in your complete details and then click on the Get Quotes option.
Step 9 : We then show a list of quotes that suit your needs and preferences, Select a premium that you like.
Step 10 : Provide the Phone number and the Email Id of the proposer, Fill in the required details in the dialogue box on the right side of the screen. Now you need to provide all the details related to the policy holder. Fill in the Annual Income, nationality and your objective of buying policy.
Step 11 : Provide the required KYC Documents. Fill in the Residential details. After verifying all the information, click on make Payment.
Step 12 : Once the payment has been done successfully, you can see the policy details on the screen.
WHY POLICY.ONLINE?
Policy.Online Insurance Broker Pvt Ltd is authorized by Insurance Regulatory and Development Authority (IRDA) in 2020 to grant insurance broking services in Life and General Insurance Sectors. We aim to make an approach to assist each and every life with the possible insurance plan to shield the ones' life. The users get a finer insurance availing experience through the friendly portal which gives you smooth access to the whole process. There is a support of the POSP Network to assist clients individually throughout the application process.
Our experts team resolves every confusion and provides solutions to clients regarding insurance plans, process, the method of application & the term period after obtaining the policy. You will be suggested different quotes according to your preferences and needs which will enable you to easily compare the personalized quotes of different top insurers to meet your expectations. We provide you the top insurers of India for the best deal of insurance plans to guard yourself, family and business.
