Term Plan Offers

What is term plan ? Term Plan is a part of life insurance which provides coverage at a fixed rate of payments for a limited period of time i:e relevant tenure. It’s a pure death benefit plan, its primary aim is to provide coverage of financial responsibilities of the insured.

Benefits of term plan Instant life cover. Extremely affordable premium. Hassle free process. Regular and single payment option. Tax benefit under sec 80C of Income tax act,1961.

Why buy a online life insurance plan ? Online insurance plans are promoted as cheaper than their offline versions. Not only being cheap but it also facilitates you with the simplicity and the quick service. Nowadays buying goods and services over the internet are more secure than ever before. Insurance policies are now widely available on internets rather than following an agent or dealing on phones consumer can consider their options and buy the appropriate plan for themselves. Internet has become more secure and safe in recent years giving consumers faith they can share their details online safely. Most popular and cheap among the online plans are Term Insurance plan to be purchased today. A man of 30 yrs can give 50 lacs cover to his family just paying 6000 annually for a tenure of 30yrs.

Process of Claiming the SA : As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim. . If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

Documents required for claim settlement: The nominee/claimant would require to submit original policy documents, death certificate by local authority, police FIR and investigation report (for accidental death),certificate and records from the treating doctor (for death due to critical illness) ,employer certificate(if the insurer was salaried)and the claim processing form. Based on the cause of death and policy term and conditions the insurance co’s may request for some additional documents.

Facts about term plan: Term plan are only the death benefit plan. These are non-renewable plan once the term is over the policy will end. The Premium remains same for whole tenure of the plan,its not going to increase with the age etc. Term plan is available both online and offline the only difference is the online plan are much cheaper than its offline version. And it is not going to effect the claim settlement/rejection at any point of time. Even now you are getting riders like ADB, Terminal illnesses cover etc with the online plans. Almost all kind of death are covered in term only some co’s exclude death through natural calamities and suicidal death are covered only after 12 month of the policy.

Term plan available in market: Aegon religare online term plan – Aegon Religare iTerm Aviva life insurance online plan – Aviva i-life Birla sun life offline plan term plan. Bharti-Axa life Insurance online term plan - Bharti AXA Life eProtect Bajaj Allianz life insurance offline plan New risk care. Future Generali life insurance online plan smart life HDFC Life online plan - HDFC Life click2protect • ICICI Prudential Life Insurance online plan – ICICI Pru i-care Kotak Mahindra Old Mutual Life Insurance online plan e-term/e-preferred plan Life Insurance Corporation of India offline plan – LIC Amulya Jeevan Met Life online plan - Met protect Tata-Aig Life Insurance offline plan Life Raksha

Policy Term - Policy Term is a time period of the contract between Life Insured and the Insurer (Life Insurance Company/Provider), where the Life Insured have to pay a fix amount regularly for the chosen time period.