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Explain the claim process for term insurance
Verified | Ramesh | 03 Jul, 2025, 03:51 PMHello Ramesh, There are many different steps involved while filing a claim on a term insurance plan. In case of unfortunate death of the insurance holder, the dependents (family members) or beneficiaries under the term insurance policy should inform the insurer as soon as possible. To support the claim filed, it is necessary to submit all the required documents. However, before contacting the insurance company, the beneficiary should keep some important facts in mind.
1. The insurance policy should be in force, and all the premiums should be duly paid.
2. The specific situation for which the claim is filed should be covered under the term insurance.
3. Policy exclusion.
To know more about the claim process, visit here
Hello Preyesh, You can buy the plan here and also check the premium amount: Term Insurance
Term insurance policies are known for affordability, as they typically offer higher coverage amounts at a lower premium than other life insurance policies. This is because term insurance policies do not accumulate cash value over time and only provide a death benefit if the policyholder passes away during the policy term.
Policyholders can choose the amount of coverage they want and the length of the policy term. Suppose the policyholder passes away during the policy term. In that case, the beneficiaries will receive a lump sum payment, which can be used for expenses such as mortgage payments, college tuition, or other bills.
Once the policy term has ended, policyholders can choose to renew it, convert it to a permanent life insurance policy, or let it expire. However, if the policyholder outlives the policy term, there is no payout, and the policy expires.
Term insurance policies are popular among those who want affordable and straightforward life insurance coverage for a specific period. It is essential to carefully review the policy terms and conditions to ensure that the coverage and the length of the policy term meet your needs.
Hello, thanks for reaching out. Term insurance policies are usually pure life insurance covers that offer a high sum insured at low premiums. Typically, for the same amount of sum assured, the premium will be lower for someone who buys the policy at a younger age than their older counterpart. The premium gets locked for the entire policy term at the rate you purchase.
We have the plans available from multiple insurers offering a sum of up to 1 Crore. You can find more information on term life policies here: Term Insurance
