Term insurance can be defined as a type of insurance plan that is availed for a period or a set term (number of years). The primary unique feature of term insurance is that unlike other kinds of life insurance policies, a term insurance policy is less expensive since it does not have maturity value. The policy comes useful only if the policyholder dies within the time frame during which the term insurance coverage is in force.
Term insurance policies are offered by almost all the main insurance providers, and these come in various terms like 10 years, 20 years, and 30 years and so on. The most significant point about term insurance policies is that most of these policies have an integral feature to get converted to permanent life insurance policies irrespective of the state of health of the term insurance policyholder.
Why Term Insurance?
Term insurance is mostly overlooked in comparison to other insurance products since there is a disbelief that term insurance plans do not provide significant returns or any additional benefits besides the Sum Assured on the policyholder’s demise.
Term insurance is overlooked in comparison to other insurance products. The main reason for this is the misconception that term insurance plans do not offer significant returns or any additional benefits besides the Sum Assured on the policyholder’s demise.
Term insurance plans are also a really cost-effective way to build up a financial safety cushion in case of the policyholder’s death.
Term insurance plans are typically a product of different insurance product. These products produce other advantages that occur together with the plan, leading to a better premium quantity. Rather than selecting a plan with many different add-ons and ending yourself paying a high premium, select an insurance plan term with a fixed term, a cheap premium for nearly equivalent options.
Term insurance plans additionally match everyone’s budget. A term insurance plan is one wherever the benefits received is far over the overall invested amount, leading to higher returns no taking the trouble of getting to manage these funds.
How to buy Term insurance online?
Online term plans are still at a starting stage in India with some companies still in the process of launching online plans. Online term insurance plans you buy from EaseMyPolicy are up-to 60% cheaper than equivalent, typical offline plans. This is because, in online plans, agent commissions are not involved, and operational costs are also lower. However, these benefits are passed on to the customers in the form of reduced premiums.
EaseMyPolicy helps you choose the Best Term Insurance Plans from leading brands in less than a minute
EaseMyPolicy provides you with the detailed information of the product to give the clarity over the plan which ideally suits your requirement and budget
You can compare term insurance plans on our portal instantly & save up to 60% premium
The Term Insurance Policy comparison we provide you is completely unbiased and transparent
PolicyDesk provides free expert advice and also publishes relevant articles, news, etc. to keep you posted on latest Term insurance plans an available from leading insurance companies in India
Get Instant Tailor-made Quotes
Get Free Expert Advice
Get an Insurance Policy in No Time
List of Term Insurance Companies
LIC Term Insurance Plan
AEGON Term Life Insurance
Aviva Term Insurance
SBI Term Insurance
Max Term Life Insurance
Bajaj Allianz Term Insurance
Bharti Axa Term Insurance
IDBI Federal Term Insurance
Birla Sun Term Life Insurance
ICICI Prudential Term Life
Insurance
Reliance Nippon Term Life Insurance
HDFC Term Life Insurance
PNB MetLife Term Life Insurance
Exide Life Term Insurance
Documents Required for Term Insurance:
The following documents are to be submitted while applying for a term insurance policy:
PAN card
Proof of age (passport/birth certificate/driving license/PAN card etc)
Proof of address (utility bills/ration card/bank account statement/voter’s ID card/passport)
Proof of identity (passport/voter’s ID card/Aadhaar card/driving license/letter from a public servant or authority verifying identity)
Proof of income (Income tax return/employer’s certificate/Income Tax assessment order)
A recent passport size photographs
