Compare and Choose a Suitable Term Insurance Plan in India

Term insurance is a life insurance policy that covers a specific period. The nominee receives a death benefit if the policyholder passes away during this term. Unlike other life insurance policies, term insurance typically does not offer maturity benefits if the insured survives the policy term.

Term insurance offers financial protection to your family in case of your untimely demise. It ensures that your loved ones can maintain their standard of living, pay off debts, and meet future financial goals like education or marriage expenses.

Smokers are considered higher risk by insurers due to health complications associated with smoking. Consequently, premiums for smokers are typically higher than for non-smokers.

Yes, many insurers offer the option to purchase term insurance online. Buying online can be convenient and may offer lower premiums due to reduced overhead costs.

Yes, premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakh per annum. Additionally, the death benefit received by the nominee is tax-exempt under Section 10(10D).

Traditional term insurance plans do not offer any maturity benefits if the policyholder survives the policy term. However, some plans, known as Term Return of Premium (TROP) plans, return the premiums paid if the insured outlives the policy term.

Some term insurance plans offer the option to increase coverage at significant life stages, such as marriage or the birth of a child. It's advisable to check with the insurer about such features before purchasing.

The CSR indicates the percentage of claims an insurer has settled against the total claims received in a financial year. A higher CSR reflects the insurer's reliability in honouring claims, making it an essential factor when choosing an insurance provider.

While some insurers offer term plans without medical tests, especially for younger applicants or those seeking lower coverage, undergoing medical examinations can provide a more accurate assessment of health risks, potentially leading to more favourable premium rates.

Yes, Non-Resident Indians (NRIs) can purchase term insurance policies in India, provided they meet the insurer's eligibility criteria and complete the necessary documentation.

Common riders include Critical Illness Rider, Accidental Death Benefit Rider, Waiver of Premium Rider, and Income Benefit Rider. These riders enhance the policy's coverage by providing additional benefits under specific circumstances.

Premiums are calculated based on the applicant's age, health status, lifestyle habits (e.g., smoking), occupation, sum assured, and policy term. Younger and healthier individuals typically enjoy lower premiums.

Yes, term insurance covers death due to natural causes, illnesses, and accidents unless specified otherwise in the policy exclusions.

Yes, individuals can purchase multiple-term insurance policies from the same or different insurers to achieve the desired level of coverage. It's essential to disclose existing policies when applying for a new one.

The free-look period (usually 15 to 30 days) from the policy's inception date, during which the policyholder can review the terms and conditions. If dissatisfied, they can cancel the policy and receive a refund after deducting nominal charges.

Consider your financial obligations, number of dependents, future financial goals, policy features, premium affordability, insurer's reputation, and claim settlement ratio. Comparing different plans can help in making an informed decision.

Term insurance provides coverage for a specific period and does not offer maturity benefits. Whole life insurance covers the insured for their entire lifetime and includes a savings component, resulting in higher premiums.

Yes, policyholders can change or update their nominee details during the policy term by informing the insurer and completing the necessary documentation.

Insurers typically offer a grace period (usually 15 to 30 days) to pay the overdue premium. If the premium is not paid within this period, the policy may lapse, and the coverage will cease. Some policies offer revival options within a specified timeframe.

Most term insurance policies have a clause stating that if the policyholder commits suicide within a specific period (usually one year) from the policy's commencement, the insurer will not pay the death benefit. It's essential to review the policy terms for specific details.