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Term Life Insurance

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Low cost Insurance Plan providing life cover/financial stability to the family in case of death during term of the policy. Suits for all those who wish to avail cover at all levels at a cheaper premium rates.

  • Two types —
  • With Return of Premium – On death Sum Assured is payable. On surviving the Term, all premiums paid are refunded.
  • Without Return of Premium – On death Sum Assured is payable.
  • Double Accident Benefit (Additional Sum Assured is payable on death due to accident)
  • Total Permanent Disability Benefit ( Sum Assured is payable in case of TPD due to accident )
  • Critical illness Benefit (coverage for list of selective critical illnesses)
  • Flexibility in Insurance cover like i) Uniform cover, ii) Increasing cover, iii) Decreasing cover is available to suit Loan protection/Family Income protection needs.
  • Aegon Life, Kotak Life, LIC of India & SBI Life for their-
  • Competitive cost, Services, Simplified process etc.
  • To get Quote from Company with Benefit Illustration
  • Filling up of Proposal form with all requirements
  • Payment by Cheque
  • Under Section 80C/80CCC – Life Insurance

  • Benefit is available to Individual assessee and Hindu Undivided Family assessee. In case of individual assessee – Himself/herself, spouse, children of such individual In case of HUF assessee – any member of HUF
  • If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured, then deduction will be allowed only for premiums upto 20% of the sum assured.
  • For insurance policies issued on or after April 01 2012, deduction is allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured.(15% of actual capital sum assured in case of person with severe disability or specified ailment).
  • Above benefits shall be reversed if the policy is terminated/cease to be in force within 2 years for traditional products and 5 years for ULIP products after the date of commencement of policy. Sec 80CCE – 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

    1 ID PROOF PAN / PASSPORT / DRIVING LICENSE / VOTER’S ID / RATION CARD / EMPLOYEE ID CARD
    2 AGE PROOF AADHAR DOB / PAN / PASSPORT / DRIVING LICENSE / GOVERNMENT ID / BIRTH CERT / SCHOOL(OR)COLLEGE RECORD
    3 ADDRESS PROOF AADHAR / PASSPORT / DRIVING LICENSE / BANK STATEMENT LATEST 3’MONTHS / VOTER’S ID / RATION CARD
    4 PHOTO PASSPORT SIZE PHOTO
    5 PAN CARD COPY REQUIRED
    6 Bank Details Cancelled Cheque Leaflet with Name Printed
    7 FULL NAME OF PERSON TO BE INSURED To be filled
    8 COMMUNICATION ADDRESS To be filled
    9 PERMANENT ADDRESS To be filled
    10 MOBILE NUMBER To be filled
    11 E-MAIL i.d To be filled
    12 MARITAL STATUS MARRIED / UNMARRIED / WIDOW
    13 EDUCATION QUALIFICATION To be filled
    14 OCCUPATION To be filled
    15 NAME OF THE BUSINESS/Website To be filled If Applicable
    16 ANNUAL INCOME To be filled
    17 INCOME PROOF Income Tax Returns
    18 HEIGHT
    19 WEIGHT
    20 NOMINEE NAME
    21 NOMINEE DOB
    22 RELATIONSHIP
    23 SUBSTANCE CONSUMED TOBACCO / ALCOHOL / ANY NARCOTICS
    24 HEALTH DIAGNOSAD,CANCER, SUGAR (OR) ANY OTHER BELOW ASSURED
    25 PROPOSED SUM ASSURED
    26 SUM ASSURED ALREADY COVERED AS PER EXISTING POLICIES

    Note: Usually 10 times of Annual Income is considered as Sum Assured under Pure Term Life Insurance Plan

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

    1 Home-Loan Documents
    2 Bank-statement for last 6 months
    3 Any documents regarding Investments like Mutual Funds, FD..etc.