Posted: 2017-12-07 19:57
Decreasing Term Insurance cover is being structured in such a way that the cover as well the premium keeps reducing as and when the tenure of the policy decreases. Mostly, banks and financial institutions covering major risks against housing loan, mortgage or liabilities etc. opt for this type of term plan. During any uncertainty, the insurance companies ensure that the funds are paid back to the bank or financial institutions.
Most term insurance policies come with an option of conversion where you can convert your term life insurance plan to a permanent one or an endowment plan (to get a lump sum amount on maturity of plan). If you are not medically fit and not eligible for a new policy, then conversion is the best option to go for. Be informed that some policies permit conversion any time before expiry date, while others might allow during a specific period or age.
Ideally, a term insurance plan with maturity benefit is different from a pure term plan. In a pure term insurance plan, if a policy holder survives the term, then he/she or even the nominee is not eligible to receive any benefit. However, a TROP (Term Return of Premium) plan does offer maturity benefits which are equal to a sum of premiums paid by the policyholder if he/she survives till the end of the term.
Ease of Dealing - Choose a plan where insurance provider is a reputable company to deal with. After you buy the plan, all your further interactions are going to be with the customer service department of the insurance company, so make sure that they are professional enough to cater to all your requirements. Easypolicy also offers the added advantage of helping you in various service related matters since they have a dedicated help desk.
Online payments can be a major hassle, but not with Coverfox. This is why you don’t need a Credit Card you can make payments through just Net Banking or your ATM/Debit Card. Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do allow for card-on-delivery payment though. But this only works in the case of customers with expired car insurance, where an inspection is required.
Here, we don’t take any sides (apart from yours) when it comes to insurers – in fact, we don’t even ask you for your contact details for comparing various products until you are convinced. You can say that we are always looking out for you – like the friend you call at 9 am - whether it’s finding you the perfect policy or making sure you get only the best deals, we are on your side. As an IRDA approved organization, we are as genuine as they can get.
You''d get your policy before you finish reading this answer. It''s THAT fast. Once you choose your product and make your payment, it’s sent to your inboxes right away. No hard copies, because we are also secret environmentalists. If by any chance there is a delay due to a medical check or an expired vehicle inspection, we promise that you’ll be informed in advance.
Increasing Term Insurance cover is equally opposite to the Decreasing Term Insurance. Here, with the increasing age, the life cover also tends to increase. This type of a term plan is usually dependent upon inflation and therefore has been structured keeping inflation in mind. You can lower your stress of remaining under-insured by purchasing this type of term plan. Your life cover increases at a predetermined rate in this plan.
We all strive hard to give the best to our family members without any hassles. But what if you being the breadwinner of the family suffer an untimely death? Will you still be able to fulfill your family’s needs and aspirations in your absence? Though it may sound unrealistic, you can certainly make arrangements for your family’s well-being post your demise. Losing someone you love and care can be painful and bitter. But to make things less bitter, you can buy a term insurance plan that would offer your family a financial help in their tough times.
Additional Rider Benefits: Riders are add-ons that enhance your basic term plan insurance. You can buy term insurance riders at an additional cost. Before buying a term insurance plan online, ensure to compare the riders offered by different insurers. Some of the important riders you may wish to add to your policy are critical illness rider, accidental death benefit cover etc. However, it is recommended to buy one only as per your requirement.
Usually, the term plans offered by insurance companies have a maturity age of 75 years to whole life. You must compare the policies offered by various companies and see the one which suits you the most in terms of the maturity age. Take a look at your financial situation while assessing the right term. Usually holding a policy till you retire is ideal, but you can increase or decrease the tenure depending on your needs.
Return of Premium Term Insurance is another type of term insurance wherein the insurer pays back all the premiums paid by you on the expiry of the insurance policy. But again, to reap this benefit, you need to survive too. For example, if you pay ,555 . for 75 years for a cover of lakhs, you would get an amount of ,75,555 (exclusive of applicable taxes) only if you survive the policy period. The premiums here are usually higher than the other types of term plans.
The minimum time for a policy allowed by most insurance companies is 5 years and the maximum of up to 65 years depending on the insurer. You should take a policy with a longer policy term so that you enjoy coverage for a long time. There is no maturity benefit in a term plan, thus, you should take a policy at least till the time you retire so that the income does not stop for the family if something were to happen to you.
This term plan comes with low premium as the sum assured keeps decreasing with every passing year. This kind of plan is bought keeping in view any debts on head. As the years pass and the policyholder remains alive, the debts get paid off from his income, hence the need for sum assured keeps decreasing too. If the policyholder dies during the term, the insurance money can be used to pay off the debts.
A normal term insurance plan would not provide any benefits on maturity of the policy. However, off late several insurance companies have tweaked the term plans to provide some maturity benefits. These plans on maturity would pay you back the entire premium amounts paid till the end of policy, provided the insured sees the term through. However, they come at additional costs. These are called TROP . Term Return of Premium pl
One truth of life that we all hate to accept is death, but this we all have to face. The untimely death of someone close is the worst thing to happen. Apart from the emotional turmoil, the death of the bread-winner of the family brings everyone’s life to a standstill. There is nothing that will fill the void that death creates, but you must ensure to secure the future of your family financially. This will help them to continue living a comfortable life when you are not around.
Insurance companies provide their customers with a free look period to go through the insurance policy. In the event of the policy not impressing them, they can opt to terminate without having to pay any sorts of surrender charges. The period is set at 65 days for policies purchased manually. People who purchase policies online have a larger window of 85 days to go through the policy documents and make up their minds.
Term Insurance Company''s Reliability: Before buying term insurance policy, ensure that the insurance company you wish to opt for is reliable and stable enough to develop trust among their customers. Basis the company’s reputation and the financial goodwill, you will get a clear picture of its business and the bankruptcy status. Therefore, before you buy term plan insurance online, do not forget to compare the term plan basis the insurance company’s stability.
These are some of the most common documents that one would need to provide during their application submission. Depending on the scenario the insurance companies might request you to submit additional documents to support your application. For an example, if you underwent any medical procedures or any sorts of X-rays in the last couple of years, the insurance company might ask you for relevant documents including the reports, diagnosis documents and discharge letters.
Right from clothes to shoes to house-hold items we love to shop online. We like this way of shopping because we get so many choices to pick and choose from. Then why shouldn’t this be applicable to buy term insurance online too? We love exploring all the possible options. offers you a plethora of term insurance plans under one roof with benefits like unbiased advice and after sales-services! Let’s have a look at the reasons to buy term insurance online: