IndusInd Nippon Life Term Insurance Plans

Saral Jeevan Bima pays a lump sum. Below, we look at the features, eligibility, riders and benefits of each plan.

Why Buy IndusInd Nippon Life Term Insurance?

• Claim settlement ratio of 98.94%, so almost 99 of every 100 claims received were paid.

• 700+ branches across India, so you can buy or file a claim in person.

• 68,000+ advisors available to help you pick a plan and handle your policy.

• Assets under management of ₹40,214 crore.

• Backed by Nippon Life of Japan and IndusInd International Holdings.

• Pay premiums, manage your policy and track claims online, through the Customer Connect app or on WhatsApp.

Critical Illnesses Covered Under IndusInd Nippon Term Plans

IndusInd Nippon Life offers critical illness cover as a rider, not as part of the base term plan. You can add the Critical Illness Rider to Super Suraksha Plus and Super Suraksha Elite by paying an extra premium. If you are diagnosed with a covered serious illness such as cancer, stroke, heart attack or kidney failure, the rider pays out a lump sum. You can use that money for long-term treatment and recovery, or to make up for the income you can’t earn while you are ill. The base policy still pays your family the sum assured if you die. The list of illnesses covered and the conditions for each are given in the rider brochure, so read it before you add the rider.

IndusInd Nippon Life Term Plan Riders

IndusInd Nippon Life term plans offer several important term insurance riders that you can include in the base term plan to enhance its coverage. You can add these riders at an additional cost, which you will pay along with the base premiums to get comprehensive coverage against the eventualities of life. Here are all the riders you can avail of with IndusInd Nippon Life term insurance plans:

How Much Term Cover Do I Need?

The right life insurance policy is important to the financial future of your family. According to financial experts, you should have at least 15 to 20 times your annual income. For instance, if you earn ₹20 lakhs a year, then a ₹4 crore life insurance policy would ensure your family can continue to live their lifestyle and pay their bills. IndusInd Nippon’s Human Life Value (HLV) calculator can help you figure out what coverage you would need. It looks at your debts, investments and income so that your family can live well without money worries. Choosing the Proper Level of Coverage for the INL Insurance Plan

Choose the Right Sum Assured

It is important to choose the right sum assured for your IndusInd Nippon Life term insurance to ensure your family is able to take care of their financial needs in your absence. Let us take a look at some of the sum assured options you can choose to secure your family.

Features of IndusInd Nippon Life Term Insurance Plans

• Choice of payout: Lump sum, monthly income for 10 years, or both. If a nominee takes the mixed option on Elite, at least 25% has to go into the monthly income.

• Limited or regular pay: Pay for 5 to 20 years and stay covered for much longer, or pay every year until the end.

• Four payment modes: Yearly, half-yearly, quarterly or monthly. Quarterly and monthly need electronic payment.

• InstaPayout: An advance on the death benefit paid soon after the claim is registered.

• Grace period: 30 days (15 days for monthly mode). The policy stays active during this time.

• Revival: A lapsed policy can be revived within 5 years of the first unpaid premium, subject to underwriting.

• Free look: 30 days from receiving the policy to cancel if the terms don’t suit you.

List of IndusInd Nippon Life Term Insurance Plans

INL Super Suraksha Plus

Super Suraksha Plus is a pure risk term insurance plan that comes in two variants, Life and Life Plus. The plan offers benefits such as:

• Cover for up to 50 years, within the maximum maturity age of your variant.

• The Life Plus variant returns 100% of the premiums you paid if you survive the policy term.

• InstaPayout of ₹1 lakh within 2 working days of a claim being registered.

• Option to raise your cover at marriage, the birth of a child or a home loan, with no extra underwriting.

INL Super Suraksha Elite

Elite is meant for people who already know they need a large cover. The minimum sum assured is ₹2 crore, and it is a pure term plan with no maturity benefit. The benefits offered by the plan are:

• Cover for up to 50 years, with a policy term of 20 to 50 years.

• Pay premiums for 5, 7, 10 or 15 years, or for the whole policy term.

• InstaPayout of ₹2 lakh within 2 working days of a claim being registered.

• Death benefit can be taken as a lump sum, a monthly income or a mix of both.

INL Saral Jeevan Bima

Saral Jeevan Bima is a basic term plan with a standard structure across all insurers. It suits first-time buyers and anyone who wants a small, simple cover without income proof. The benefits offered are:

• Life cover from ₹5 lakh to ₹25 lakh.

• Entry from 18 to 65 years, with a policy term of 5 to 40 years.

• Regular, limited (5 or 10 years) or single premium payment.

• Accidental death is covered from day one, while death from other causes has a 45-day waiting period.

Who Should Buy IndusInd Nippon Life Term Plans?

How to Buy IndusInd Nippon Life Term Insurance Online

Here is how you can buy a term plan from IndusInd Nippon Life term Insurance online in just a few minutes:

• Step 1: Go to the term insurance form

• Step 2: Enter your name, gender, date of birth, and contact information

• Step 3: Click on ‘View Plans’ and fill in your smoking habits, occupation type, annual income, and educational background

• Step 4: Select the most suitable IndusInd Nippon Life term Insurance and proceed to pay

*Note: It is advised to first know what is term insurance and then buy IndusInd Nippon Life term Insurance

Documents Required

• Identity proof: Aadhaar, PAN, passport, voter ID or driving licence

• Address proof: Aadhaar, passport, utility bill or a similar document

• Income proof: Recent salary slips, ITR or bank statements. This is usually asked for on larger covers

• Photograph: One passport-size photo

• Medical reports: Only if the underwriter asks for them

What is the Claim Settlement Process of IndusInd Nippon Life Insurance?

Step 1: Claim Intimation
Inform IndusInd Nippon Life as soon as you can after the policyholder’s death or the policy’s maturity. The nominee has to submit the claim form along with the required documents. You can do this in any of these ways:

• Visit a branch: Go to your nearest IndusInd Nippon Life branch, where staff can help you fill in the form.

• Email: Send scanned copies of the documents to claims[at]indusindnipponlife[dot]com

• Courier: Send the documents to the Claims Department, Office No. 701 & 702, 7th Floor, Silver Metropolis, Off Western Express Highway, Goregaon East, Mumbai 400063.

If you have questions, call 1800 102 3330 or write to customerservice[at]indusindnipponlife[dot]com

Documents Required
What you submit depends on the type of claim:

• Death claim: Claim form, policy document, death certificate, the nominee’s ID and bank details.

• Maturity claim: Claim form, policy document, maturity discharge form and bank details.

• Critical illness claim: Claim form, policy document, medical reports, hospital bills and bank details.

Step 2: Claim Processing
Once you submit the documents, the company verifies them. IndusInd Nippon Life offers a 10-day service guarantee for death claims, which means eligible claims are settled within 10 days.

Step 3: Claim Settlement
Once the claim is approved, the claim amount will be paid to the claimant's bank account via NEFT. If bank details are unavailable, payment may be made by cheque.

How To Contact IndusInd Nippon Life Insurance Company?

• Toll-free number: Call 1800 102 1010, Monday to Saturday, 8:00 AM to 8:00 PM, except public holidays.

• NRI customer support: Call +91 22 4198 4000.

• WhatsApp: Message +91 72088 52700 for quick help.

• Email: Write to customerservice[at]indusindnipponlife[dot]com for general queries.

• Registered and corporate office: IndusInd Nippon Life Insurance Company Limited, Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai 400051. Phone: +91 22 6896 5000.

• UAE representative office: IndusInd Nippon Life Insurance Company Limited, Al Qassim Building (Al Rais), 1st Floor, Near Burjuman Metro Station, Dubai, UAE. Phone: +971 4397 2100.

Is IndusInd Nippon Life Term Insurance Good?

It is a reasonable choice, with a few strong points and a few things to weigh. The claim settlement ratio of 98.94% is solid. The option to raise cover at life events without new medical tests is a real advantage, since most people’s needs grow after marriage, children and a home loan. InstaPayout helps a family cover immediate costs.

On the other side, the company changed its name from Reliance Nippon Life only recently, so it is newer under its current brand than many older private insurers. Its term premiums are generally not the lowest in the market, so get quotes from two or three insurers before you decide. If you want your premiums back when you survive the policy term, choose the option that includes a refund of premiums, and expect to pay noticeably more for it. If you want the lowest cost and nothing else, choose the pure term option with no maturity benefit.

FAQs