Choosing the best term insurance plan to meet your needs and requirements is important. The type, amount of cover, plan tenure, and the premium payment terms all determine whether a term plan will be beneficial for you or not. Let us understand the process of selecting the best suitable term plan.Read more
Comprehend the following listed aspects before choosing the ideal term insurance plan:
Avoid extremely cheap premiums: A very cheap premium can be misleading at times. Before you purchase the plan, read the terms and conditions carefully. Read for the inclusions as well as exclusions.
Read the riders that are available such as critical illness, accidental death benefit, accelerated terminal illness, a permanent disability rider, and so on.
Understand the requirements: Ascertain a coverage amount required as per your lifestyle and goals in the future.
Choose a plan with high coverage amount: Term Insurance plans have high coverage at affordable premiums. The coverage amount should be ideally 15 to 20 times. Also, take into view your current lifestyle and inflation rate.
Bajaj Allianz is an online term plan which provides a financial shield for your family; the features are listed below:
|Tenure of the Policy||Maximum of 40 years and minimum of 10 years.|
|Paying term of the premium||10-40 years, equal to the policy term chosen|
|Premium Paying Mode||Yearly, Half-Yearly, Quarterly, Monthly|
|Sum Assured||Minimum Rs. 50,00,000/- Maximum Life Benefit: No Limit|
|Benefits||Critical Illness Benefit Accidental Total or Permanent Disability Benefit Death Benefit Tax Benefits|
|Documents Required||Identity Proof Age Proof Address Proof Recent Photograph|
|Entry Age||Minimum 18 years and Maximum 65 years|
|Maturity Age||Minimum 28 years and Maximum 75 years|
With an easy and hassle-free application process. The term is customizable depending upon the age of the policyholder.
|Sum Assured||Minimum: 25,00,000 Maximum: No Limit|
|Entry Age||Minimum: 18 years Maximum: 65 years|
|Maturity Age||Maximum of 75 years|
|Policy Term||Minimum 10 years Maximum 30 or cover ceases as per (chosen age-entry age)|
|Premium Paying Term in Years||Equivalent to the policy term|
|Premium Paying Frequency||Annual or Half Yearly|
|Yearly Premium||Subjective to the sum assured and policy term|
|Benefits||Life Insurance Benefit Family Care Benefit Tax Benefits|
|Entry Age||Minimum 18 years and Maximum 65 years|
|Maturity Age||Minimum 26 years and Maximum 65 years|
|Sum Assured||Minimum 30,00,000 Maximum No Limit|
|Features||Two cover options of Level sum assured and Increasing sum assured Pure term plan with regular premium payment options|
|Benefits||No Maturity Value under the plan On the death, the sum assured is paid to the nominee|
|Policy Tenure||Basic Life Cover - 10 years minimum A Maximum of 65 years – Entry Age for Smokers and 75 years –Entry Age for Non-Smokers|
|Premium Payments||Annual and Monthly|
|Entry Age||For Basic Life Cover: 18 – 55 years For Income Protection: 25-55 years|
|Maturity Age||For Basic Life Cover: Minimum: 45 Years Maximum: 65 years for Smokers and 75 years for Non-Smokers For Income Protection: 45-65 years|
|Benefits||Death Benefit Tax Benefit Maturity Benefit Premium Savings|
|Exclusions||If the policyholder dies on account of suicide, the beneficiary receives only 80% of the premiums paid to date.|
|Documents Required||Age proof, Identity Proof, Income Proof, and Address Proof|
|Sum Assured||For Basic Life Cover: Minimum: Rs. 50,00,000/- Maximum: No Limit
For Fixed Income Protection: Minimum: Rs. 25,000 (For 25-43 Years) Minimum: Rs. 35,000 (For 44-48 Years) Minimum: Rs. 42,000 (For 49-55 Years) Maximum: No Limit
For Increasing Income Protection: Minimum: Rs. 25,000 (For 25-48 Years) Minimum: Rs. 30,000 (For 49-55 Years) Maximum: No Limit *Subject to underwriting norms
|Eligibility||Entry Age: Minimum 18 years and a maximum of 65 years at issue (45 years for Pay to Age 60 option) Maturity Age:
|Features||Premium Rebate to Females Minimum Sum Assured of 50 Lakhs Two options to choose from – Pure Protection Cover and Life Stage Plus Option (at key milestones)|
|Benefits||The plan offers the following benefits: Payout Accelerator Benefit Tax Benefit Death Benefit Life Stage Plus Option Reinstatement Benefit High Cover Discount|
|Entry Age||Minimum 18 years and a maximum of 60 years|
|Maturity Age||80 Years|
|Options||Level Term Assurance and Increasing Term Assurance|
|Sum Assured||Minimum 25,00,000; No Limit for the maximum amount|
|Benefits||Death Benefit Maturity Benefit Survival Benefit Tax Benefits|
|Yearly Premiums||Single Pay – 11000 Regular Payments – Yearly: 3000 Half Yearly: 1500 Quarterly: 750 Monthly: 300|
A term insurance plan secures your family's future by providing flexibility of coverage, tax benefits, and affordable premiums and also provides financial security. Choose your term plan wisely before purchasing one to get adequate coverage.
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