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Term Insurance

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Term insurance is the simplest and most affordable form of life insurance

Term plans provide peace of mind to you by ensuring that your family is financially secure and independent, in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals during the policy term. In the event of your unfortunate demise during the policy term, your nominees will receive the ‘Sum Assured’ which you had selected while purchasing the plan.

Term insurance is a form of life Insurance that is active for a fixed period of time (popularly referred to as the term). These plans are easy to understand and provide financial protection that your family will need if you are no longer around.

 

New age Insurance companies like ICICI PRU, Tata AIA & HDFC LIFE, Kotak, PNB Metlife  provide term life Insurance up to age 99

ICICI Pru life also provides additional protection through optional benefits like Critical Illness Cover and Accidental Death Cover.

 

  • Term till age 99 is available with selected Insurance companies. Regular term plans covering till age 85 is also available.
  • Term till age 99 is available with selected Insurance companies. Regular term plans covering till age 85 is also available.
  • Double Accident Benefit (Additional Sum Assured is payable on death due to accident).
  • Critical illness Benefit (coverage for list of selective critical illnesses)
  • Protect your wife and children with Creditors. Ask for free Married Women Property Act (MWPA) endorsement in the proposal form.
  • 1) Proposal form

    2) One Passport size Photo

    3) Premium cheque / Online payment

    4) PAN Card (Photo Copy)

    5) Aadhaar Card (Photo Copy)

    6) Income tax returns for last 3 years including P&L , B/S and computation of income

    7) Salary slip for last 3 months (If salaried)

    8) Medicals can be arranged at door step (Except TMT & ECG)

    9) Premium paying options available: Monthly, Quarterly , Half yearly and Annual

  • Term Insurance plans offer tax benefits on premiums paid under Section 80C. New-age term plan with critical illness cover also offer additional tax benefits on premiums paid under Section 80D. You also get tax benefits under Section 10(10D) on the money that your family receives in case of an unfortunate event.

  • Maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC will be limited to Rs. 1,50,000
  • PURE TERM LIFE INSURANCE – CHECK LIST

    1ID PROOFPAN / PASSPORT / DRIVING LICENSE / VOTER’S ID / RATION CARD / EMPLOYEE ID CARD
    2AGE PROOFAADHAR DOB / PAN / PASSPORT / DRIVING LICENSE / GOVERNMENT ID / BIRTH CERT / SCHOOL(OR)COLLEGE RECORD
    3ADDRESS PROOFAADHAR / PASSPORT / DRIVING LICENSE / BANK STATEMENT LATEST 3’MONTHS / VOTER’S ID / RATION CARD
    4PHOTOPASSPORT SIZE PHOTO
    5PAN CARDCOPY REQUIRED
    6Bank DetailsCancelled Cheque Leaflet with Name Printed
    7FULL NAME OF PERSON TO BE INSUREDTo be filled
    8COMMUNICATION ADDRESSTo be filled
    9PERMANENT ADDRESSTo be filled
    10MOBILE NUMBERTo be filled
    11E-MAIL i.dTo be filled
    12MARITAL STATUSMARRIED / UNMARRIED / WIDOW
    13EDUCATION QUALIFICATIONTo be filled
    14OCCUPATIONTo be filled
    15NAME OF THE BUSINESS/WebsiteTo be filled If Applicable
    16ANNUAL INCOMETo be filled
    17INCOME PROOFIncome Tax Returns
    18HEIGHT
    19WEIGHT
    20NOMINEE NAME
    21NOMINEE DOB
    22RELATIONSHIP
    23SUBSTANCE CONSUMEDTOBACCO / ALCOHOL / ANY NARCOTICS
    24HEALTHDIAGNOSAD,CANCER, SUGAR (OR) ANY OTHER BELOW ASSURED
    25PROPOSED SUM ASSURED
    26SUM ASSURED ALREADY COVERED UNDER EXISTING POLICIES

    Note: Usually 10 to 25 times of Annual Income is considered as Sum Assured under Pure Term Life Insurance Plan depending up on the age and health

    If Additional Sum Assured is required the following additional supporting documents are required:

    1Home-Loan Documents / RC & Insurance copy of a car owned by the Life Assured
    2Bank-statement for last 6 months
    3Any documents regarding Investments like Mutual Funds, FD..etc.