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Term Insurance

Secure Your Family's Financial Future at the Lowest Cost
Term Insurance Plans

About Term Insurance Plans

The death of a loved family member is painful, especially if he is the breadwinner of the family; it can be even more traumatic, which can cause an emotional and financial turmoil in the family.

To make sure your family does not suffer any financial hardships in your absence, you must have a term insurance plan. Term insurance provides financial support to your family in case of your untimely death.

Types of Term Insurance

Standard Term Insurance

Standard term insurance is the most simple and straightforward term plan. The life assured pays the premium as per the mode decided at the time of policy purchase. The premium payment frequency can be annual, half-yearly, quarterly or monthly. The premium amount and life coverage (sum assured) are fixed at the time of selection and purchase. The policy period can be anywhere between 5 to 40 years as per the current age and the maturity period opted.

Note: In case, the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.

There is only death benefit under the standard term plan. There is no maturity benefit or survival benefit offered that means if the life assured outlives the policy term, there is no payout.

Example of a Standard Term Insurance Plan:

Let's see the below two sample premium rates for men and women buying a standard term insurance. Let's say, a 30 years old non-smoker opts for a term plan with a sum assured of Rs.50 lakh with a maturity age up to 65 years.

The sum assured and the premium amount stays fixed throughout the policy period. The payouts are as opted by the policyholder.

AgeGenderTermSum AssuredAnnual Premium (Range)
30 yearMale35 yearsRs.50 lakhRs.4,500 – Rs.6,700
30 yearFemale35 yearsRs.50 lakhRs.3,900 – Rs.6,000

Term Return of Premium (TROP)

In the Term Return of Premium (TROP), if the life assured survives till the end of the policy term, the insurance company pays back all the premiums paid.

Example of Term Return of Premium (TROP)

If you pay Rs.7,000 p.a. for 25 years for a cover of Rs.50 lakhs, and if you outlive the policy period, you would get an amount of Rs.1,75,000 (exclusive of applicable taxes).

The premiums of TROP are usually higher than the standard term plans.

Increasing Term Insurance Plan

This plan is similar to the standard term insurance plan with regards to premium payment, and policy term, except, under the Increasing Term Insurance cover with the increasing age, the life cover also increases.

Increasing term plan helps in matching inflation and therefore has been structured accordingly. The coverage of this type of plan increases up to 1.5 to 2 times the original cover. You can lower your stress of remaining under-insured by purchasing this type of term plan. Your life cover increases at a pre-determined rate in this plan.

Your sum assured (coverage) will increase over a number of years. In most of the increasing term plan, the sum assured will increase on every policy anniversary. The increment could be 5% or 10% on the base coverage.

Example of Increasing Term Insurance Plan:

Let's say, a 30 years old non-smoker opts for an increasing term insurance plan with a sum assured of Rs.1 crore. Every year the coverage will increase by 5% on the base coverage, subject to the maximum increase in the coverage offered by the insurance company.

AgeGenderTermSum Assured (Opted)Effective Sum AssuredEffective Sum Assured
30 yearMale35 yearsRs.1 croreIf the Life Assured dies in the 5th year from the inception of the policy, the effective sum assured is Rs.1.25 crore @5% p.a.At the time of Claim, the Effective Sum Assured is Paid

Life Stage Event Term Insurance Plan

In Life Stage Event Term Insurance Plan, on your significant life stage milestone, you can increase the coverage.

If opted, your sum assured (coverage) and premium increases with each life's milestone, first marriage, first child, a second child, etc.

EventThe increment in the Sum Assured as % of Original Total Sum Assured
Marriage (First Marriage Only)50%
Birth of 1st Child25%
Birth of 2nd Child25%

In case, the life assured passes away during the policy period, the insurance company pays the effective sum assured to the nominee as per the payout opted by the policyholder.

Convertible Term Plan

A convertible term plan allows you to convert your term insurance plan into a whole life insurance or an endowment plan. You can switch your term plan into a whole life plan at a later stage in your life. Charges may be applicable at the time of conversion from a term plan to an endowment or a whole life plan.

Joint Life Term Plan

A joint life term insurance covers you and your better half in a single policy. You and your spouse are covered against the risk of unexpected death in one single term insurance policy.

As a married couple you can now cover yourself and your spouse under a joint life term plan.

How does a Joint Term Insurance plan work?

You pay a combined premium, and both the individuals are covered under a joint term plan. The term period is fixed at the time of buying a policy, and if during the policy period any of the partners die unexpectedly, the surviving partner being the nominee gets the life cover amount.

Example of a Joint Life Term Plan

A married couple purchases a joint term life plan with coverage of Rs.1 crore each for a policy term of 30 years.

The husband is 30 years old, and his wife is 28 years old. In case of any unfortunate event, if the husband dies in the 5th year from the inception date of the policy issuance during the policy period, the surviving partner will receive the sum assured of Rs.1 crore as a lumpsum. But the policy will continue and the insurance company will pay a lump sum of Rs.1 crore on the death of the surviving partner during the policy term to the nominee and terminate the policy. In this way, the total payout will be Rs.2 crore.

Note: The premium and payouts are indicative. These may vary from insurer to insurer.

Single life or Joint Life Term Plan

Points of DifferenceJOINT TERM PLANTWO SEPARATE TERM PLAN
Who is covered?Both the partners are covered in a single policy.Needs two different term plans to cover both the partners.
Life CoverageDepending on the annual income of the policyholder – sum assured can be same for both the partners or maximum 50% for the spouse. Both the partners are covered on the same terms.Sum assured may vary for each partner. Each spouse can select as per the needs and annual income.
In case any of the partners dies during the policy term?Full payout of the sum assured, and the plan continues for the surviving spouse, depending on the planning scheme or the surviving partner who is no more insured, may need to buy another term plan.Full payout of sum assured and policy of that life assured terminates. The surviving partner stays covered under his term plan.
What if both the partners die?Single payout of sum assured or respective sum assured to the legal heir(s) depending on plan.The double payout from both the term insurance policies to the legal heir(s).
Suitability1. It is suitable for middle age couples, as buying two different policies in middle age may have higher premiums which are not advisable.
2. It is also suitable for couples not having much age differences.
3. Preferably, for couples living the same lifestyle, as smoker or non-smoker, else the premium would be higher for both even when one of the partners doesn't smoke.
1. It is advisable to opt at a young age, as the premium will be lower.
2. It is also suitable for couples having a big age gap between them. Because then the overall premium paid will be far lower and will be as per the age and sum assured.
3. It is suitable if any of the partners is not a non-smoker, in which the premium and sum assured could differ.
Who should buy?If any of the partners is a homemaker or have a low income, one should opt a joint term plan.If both the partners are working and are contributing to the family’s income should opt for two single term plans covering each individually.

Group Term Insurance

Group term plans are life coverage plans for employees of businesses, companies, or any large group of people associated together, which provides life cover to all the members of the group. Group term insurance plans are same as individual term plan, except they are meant and priced for a group as a whole, and the premium changes every year. As soon as an individual leaves the group, he/she will not be a part of a group term plan.

Riders in Term Insurance

Riders are the additional optional features that enhance the base policy coverage. There are many riders that you can attach to your base term plan. Most companies also offer a few riders as an in-built feature of a term plan. Before buying a term insurance plan, one must see that rider is available as an in-built feature in the same or as an add-on to the policy.

On paying a small amount of additional premium, you can opt for such riders. These riders are highly beneficial as they come with their own standalone coverage amount.

For instance, if the life assured dies due to a road accident, under a standard term plan only the death benefit will be paid to the nominee. But, if there’s an Accidental Death Benefit Rider attached to the base term policy, the insurance company will pay the death benefit plus the rider benefit attached to the accidental death benefit rider.

Types of Riders in Term Insurance

Most common Riders in Term Insurance are:

  • Accidental Death Benefit Rider
  • Accidental Total and Permanent Disability Rider
  • Critical Illness Rider
  • Waiver of Premium
  • Accelerated Death Benefit Rider
  • Hospital Cash Rider

How to Choose the Best Term Insurance Plan

The wide range of term insurance policies offered by insurance companies in India make it a challenge for an individual to make a decision on the policy that will be the best suited for him/her. Not just selecting a reliable insurance company, individuals also have to make up their mind on a term insurance from the wide array of term policies being offered by the same insurer. This makes it important for an individual looking for a term insurance policy to be aware of the parameters that he/she should consider, so that he/she can make a well-informed decision.

The core purpose of opting for a term insurance is to ensure the financial stability and security of your family in case of your unforeseen demise. Therefore, you have to make a conscious decision now, so as to provide for your family in your absence when they will need it the most. If you survive through the policy tenure, it serves as an effective investment tool for fulfilling your future plans like child’s marriage or higher education, higher education for self to improve your qualification, retirement goals, etc.

The best term insurance is one that offers the highest sum assured at the lowest possible monthly premium. This means that it is the best to start early because the younger you are, the lower will be the premium that you can avail for a high sum assured. You should keep a few essential parameters in mind to decide on your sum assured, which will be analysed by the term insurance premium calculator to determine your monthly premium amount.

Let’s discuss the factors you must consider while selecting a term insurance premium calculator. Decide on the coverage you are looking for: It may be difficult for you to decide on the sum assured that you believe would be sufficient to support your family in the future. However, you need to do a rough calculation of our family’s estimated future expenses for maintaining their lifestyle and also meet their liabilities. It is advisable that you aim a bit higher, so that you do not fall short of the desired amount later.

Decide on the policy tenure: Insurance companies usually offer many term options of 5, 10, 15, 20, 25, 30 or more years from which you need to select judiciously as per your financial goals. The tenure that you choose will also determine the benefits that you will become eligible for. It is advisable that you opt for a term that covers you till your retirement age, so that you can avail a wider range of benefits.

Make a conscious decision: There are different types of term insurance policies offered by different insurance companies in India. You need to have an in-depth knowledge of each of their features, benefits and policy terms and conditions, to be able to make an informed decision. Check on the term insurance premium calculator for the premium payable for the coverage and policy tenure of your preference. Compare the quotes minutely before choosing one.

Inflation factor: The constantly rising prices, owing to inflation, have to be considered while deciding on a term insurance plan. As a result of increasing prices, the coverage that appears to be sufficient now may not be the same after the policy reaches its maturity. There are some insurance companies that offer the flexible option of increasing your cover annually by a fixed rate of 5% or 10% to keep up with inflation. However, in such term insurance plans, the premium offered is also comparatively higher than other fixed sum assured term insurance plans.

Compare Term Insurance Plans & Buy the Best Term Plan

It is crucial to compare term insurance plans, as all life insurance companies in the market offer different term life insurance plans. Moreover, each life insurance company offers a number of variants of term plans. And analyzing the right plan for oneself could be a task.

But don't worry. Our tool has transformed such a daunting task into a cake walk.

Online term insurance comparison tool removes all the guess work. Not only that, but it also guarantees you the best term insurance plan at an affordable premium!

Let's have a look at the factors you should watch out for while comparing term insurance plans:

  • Premiums Against Size of Life Cover: Everyone wants to be covered sufficiently. Compare the premiums for the size of the life cover offered by the insurance company. This should be ideally large enough to cover all your debts as well as aid your loved ones to lead a comfortable lifestyle post your demise. Nevertheless, the premium too should be pocket-friendly for the cover you opt for!

  • Features of the Term Plan: Always dig deep into the features and benefits offered by the insurance companies while you compare term insurance online. Watch out if the policy you wish to opt for offers flexibility to choose the tenure of your choice, the sum assured amount, inbuilt features like terminal/critical illnesses, accidental death benefit and the premium payment modes.

  • 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.

  • Claim Settlement Ratio: Claim settlement ratio of the company replicates the proportion of the total claims settled against the total claims raised. Higher the claim settlement ratio, higher are the chances of your claim getting fulfilled by your term insurance company. It is very important to keep a keen watch on the claim settlement ratio to ensure that your claim gets settled when the need arises. Therefore, keep this important factor in mind while comparing term insurance plans.

  • 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.

Term Insurance Premium Calculator: Factors that Affect Your Premium

Term Insurance Premium Calculator

A Term Life Insurance Premium Calculator is a tech-abled tool especially customised to help you calculate your monthly/annual premium for your life insurance policy. It generates results regarding the premium amount that you should pay to get to your desired sum assured, as per your financial objectives.

It automates the process of computing premium, making it hassle-free and seamless, thereby saving time. What’s more, computing e-premium minimises the scope for errors that may occur during manual calculations. Further, it also enables you to regulate the sum that you would like your nominee to receive in case of your absence. The term insurance premium calculator can also be customised according to your preference and convenience.

It might become challenging for you to compare between the wide range of life insurance policies offered by the host of insurance companies in India. It requires you to thoroughly research on the available life insurance policies. You also need to undertake the time-consuming task of making the necessary calculations to find out the monthly premium amount to reach your financial goal at the end of the policy tenure. The term insurance premium calculator makes this process easier and seamless by enabling you to compare between the premium payable for all available life insurance policies. Thus, it not only saves you from the hassle of making calculations for every policy, it also enables you to view and compare the premium payable for all these policies at one glance.

But, do you know, how to use the term insurance premium calculator?

The below mentioned factors are used to calculate your term insurance premium:

  • Age of the insured: Age is the most important deciding factor to derive your term insurance premium. At a younger age, you are less likely to fall prey to lifestyle diseases or death. Insurance company would thereby save money in the near future since the possibilities of making a claim are less.

  • Personal habits: If you are addicted to alcohol, drugs or smoking habits, your insurance company will charge you a bomb for your premium. At times, there are changes of a policy denial too. People who aren’t addicted to these habits pay almost 30 to 70% premium lower than the ones addicted to it.

  • Health record: You will enjoy a lower premium if you have not had a family history of cancer, Alzheimer’s etc.

  • Tenure of the insurance policy: The term insurance premium calculator will be affected adversely if you buy a term plan that covers your retirement age as well as till you pay off all your liabilities.

  • Coverage/sum assured: It is advisable to opt for a coverage as per your requirement. The higher the sum assured, higher would be the insurance premium.

Benefits of a Term Insurance Calculator

The way you do a proper R&D before buying anything online, it does make absolute sense to run through a same research before buying a term insurance online. Here are the benefits of using a term insurance calculator:

  • The term insurance calculator will help you know the exact premium for your chosen coverage amount to safeguard your family in case of your untimely death

  • Your term insurance online shopping becomes a simple and convenient process

  • You become a well-informed customer about the market know-hows

  • You get to see plans of different insurers under one roof

  • You get to compare features and rates of different term insurance plans for the best deals ever!

  • Online term insurance is cheaper and simple to understand

Parameters Considered While Calculating Term Insurance Premium

Term insurance premium calculator has streamlined the process of calculating premium payment for life insurance policies. It has made calculations easy, error-free and hassle-free, while saving time. It also makes comparing between premiums for various life insurance policies available in a few clicks and at one glance. Not just that, it can also be customised to suit your convenience.

The term insurance premium calculator has been automated to show results for premium amount, as per the preferred sum assured, taking into consideration certain parameters:

Age of the insured: Age is the most essential parameter that determines your eligibility for life insurance policies, the premium you can avail and other important parameters. If you are of a young age, the chances of you being diagnosed with a disease or illness are comparatively lower. Therefore, the chances of you making a claim are limited. The scope of you being detected of a disease or chances of death increases with age. Hence, your eligibility for a life insurance and being granted a low premium payment will be higher when you are young. The premium amount increases with age.

Lifestyle habits: Individuals with an excessive consumption of alcohol or who are into drugs or have a regular smoking habit will be offered a life insurance policy on a high premium. In certain situations, applicants may also be denied a life insurance policy. People who aren’t addicted to these habits pay as much as 30% to 70% lower premium than those who are not addicted to these.

History of health: A record of personal history of critical illnesses and family history of diseases like cancer, Alzheimer’s etc., also increase the premium payment amount. This is because such critical illnesses increase the chances of making a claim, arising due to a medical emergency or demise of the policyholder. On the other hand, individuals with no personal or family history of critical illnesses will be able to avail a much lesser premium. Life insurers enlist the diseases that they consider as critical illnesses. The term insurance premium calculator takes this parameter into consideration while computing e-premium.

Tenure of the insurance policy: The term insurance premium calculator will be affected adversely if you buy a term plan that covers you till or beyond your retirement age and till the time you pay off all your liabilities. While the minimum period for term insurance plans is usually 5 years, the fixed options offered are 15, 20, 25 or 30 or more years. Select the term wisely, so that it does not extend past your retirement age.

Gender: According to research, women live longer. This not only improves their chances of being eligible for insurance policies, but they are also offered low premiums as compared to those offered to men.

Estimated sum assured: Last but not the least, the sum assured and premium amount are directly proportional to each other. This implies that higher the sum assured, higher would be the insurance premium.

How to Use a Term Insurance Calculator

  • The term insurance calculator will ask you to enter your personal details like your name, gender, date of birth, mobile number, marital status, annual income, smoking and chewing tobacco habits, your preferred cover amount and the age/period till which your policy should cover you etc.

  • Once you enter these details the term insurance calculator will give you a plethora of term insurance plans offered by different insurers. Select the buy now button on the one you feel would give you the right coverage at the right price .

  • The term insurance calculator will ask you to feed in the details of your address, nominee and finally take you to the payment gateway option

  • You can now make the term insurance payment online using your debit card, credit card or your net-banking facility .

Why Buy Term Insurance Online

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. Coverfox.com 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:

  • Pocket-friendly: Experts say online term insurance plans are almost 40% cheaper than the offline plans. Now, who doesn’t want to save their hard-earned money? You skip all the intermediary charges like paper-cost, agent’s commission, processing fees etc. The insurance company therefore passes on their benefits to their customers.

  • User-friendly: Don’t worry if you are a newbie to the internet. Coverfox.com has a user-friendly gateway to take you through the process of buying term insurance conveniently. Comparing term insurance with different insurers would help you make a right choice.

  • Expert-knowledge: Any broker is licensed with the Insurance Governing Authority (IRDAI). They offer you the finest approach for all your needs related to insurance. Essential and top-notch services make them more reliable.

  • Back-up of your policy documents: In case you buy a term insurance plan with Coverfox.com, you can login and view your purchased term insurance policy on your online account. Besides, you also receive a soft-copy on your email address that gets saved too!

  • Reminders for renewal: Coverfox.com sends you timely renewal reminders to help you avoid from lapsing your policy.

How Reliable are Online Term Insurance Premium Calculator Estimates?

Digitalisation has simplified lives and it is no different for estimating premium amounts through the term insurance premium calculator. Online term insurance premium calculator has eliminated the hassle of lengthy premium calculations. These manual calculations were not only time-consuming, but also included human errors.

Introducing the term insurance premium calculator has done away with human errors, while saving time and making the process streamlined and seamless. What’s more, it also saves you from the effort of researching on the varied term insurance policies offered by various insurers, calculating premiums, knowing the benefits and features of each one of them and then taking a final call.

All that you need to do is feed the term insurance premium calculator with your details, desired sum assured and preferred policy term to enable it to generate the premium payable for an array of term policies. You can view all your options at one glance, reducing your effort on research and contributing to your convenience.

After you have chosen a term insurance policy according to your financial objectives, you can buy it online. This online facility makes the term insurance premium calculator a cost-effective solution as it removes the role of brokers and other intermediaries.

The process that the term insurance premium calculator follows to generate results emphasises on its reliability. The process may vary from one insurance company to the other. Let’s discuss the standard procedure here:

  • Mention your personal information like name, gender, date of birth, marital status, income, family structure, lifestyle habits and details, etc.

  • Mention your preferred sum assured, type of premium payment – monthly, quarterly, bi-annually or annually, and period of life cover. The premium will then be generated.

  • Fill up the proposal form

  • Purchase the term insurance policy through the available modes of payment - Debit Card and Net Banking.

List of Best Term Insurance Plans in India – 2018

Edelweiss Tokio Life Totalsecure Plus Term Plan

The term plan offers low-cost comprehensive coverage with 35 critical illness cover and a long-term life cover till 80 years of age. The plan offers flexibility in designing your coverage as per needs and has optional additional riders for enhanced protection.

Aviva i life Total Term Plan

The term plan gives you 4 plan options to choose your cover which suits the requirement of you and your family. The plan is packed with great features like inbuilt terminal illness benefit, accidental death benefit, maturity benefit, monthly income and many more.

Canara HSBC OBC iselect term plan

A pure protection plan that provides life insurance and terminal illness cover along with cover against accidental death/ disability, and the option to secure an income for your family even in your absence. It has 4 benefit payout options viz. Lump Sum, Lump Sum + Monthly Income, Monthly Income for a fixed term, Monthly Income till the end of your policy term.

PNB Metlife Mera Term Plan

This term plan can be customisable as per individual requirement which gives you the flexibility to choose from four pay-out options and also offers coverage for your spouse in the same policy. The plan has been designed to suit individual needs and offers enhanced protection for your family.

Aegon life iterm plan

This is an online term plan offering comprehensive insurance benefit for you and your family. The key features of the plan include low cost coverage, flexibility to increase life cover, pay-out on the diagnosis of terminal illness, additional covers for enhanced protection and many more.

Why Coverfox.com – Nominee Assistance Program

Coverfox.com is helping their customer's family at the time of claim, Coverfox.com now offers NOMINEE ASSISTANCE PROGRAM to their Term Insurance Customers.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal and psychological counselling. All this "FREE of Cost."

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

  • Claim Assistance
  • Legal Counselling
  • Financial Counselling
  • Psychological Counselling

Remember: No Extra Cost. You or any of your family member are not charged for this service under Nominee Assistance Program.

How Much Term Insurance Do You Need?

As discussed above, you need to be sure about the sum assured to be able to determine the premium amount. We also discussed that it would be a challenging task for you to decide on a suitable coverage so many years in advance. More so, because of rising inflation. So, now, the question is, “How much term insurance do you need?” Here are some factors that you have to consider while deciding on your sum assured.

Current income and expenses

Your existing income and expenditures determine the remaining balance and the amount that you can contribute towards premium payment from this balance. Consider the regular monthly expenses like utility bills, groceries, payment of medical insurance premium, expenses for the dependents in your family like children, spouse and parents. Also, take into account miscellaneous expenditures for entertainment and gifts, etc.

However, remember that your expenses will not stay constant till the maturity of your term policy as a result of inflation. Add up all these monthly expenses to get a clear idea of the outstanding balance from your monthly income. Your monthly income does not only imply your primary source of income, i.e. salary from your profession or business profits. This is one of the major determining factor based on which you can decide on the premium amount that you would be able to contribute towards a term insurance policy every month.

Current and future assets and liabilities

Consider your loan instalments (personal loan, home loan, car loan) and EMIs that you may have opted for. Your monthly assets and liabilities also include your disposable investments in fixed deposits, ULIPs, ELSS, capital market, gold, etc. These expenses too will not remain constant. With your annual monthly increment through the years, your investments will also probably increase. Leave scope for such investments.

Future financial objective for family and self

Along with future investments in assets and liabilities, every individual has different financial objectives for the future. These may be your child’s marriage or higher education or you might plan to pursue a higher education course to add to your present qualifications, retirement plans, etc. Your expenses throughout the years are bound to vary. Therefore, you need to review your sum assured and premium payable regularly and adjust them according to your goals and convenience.

Utilise the Human Life Value calculator

Human Life Value calculator is offered by leading insurance companies. It enables you to get an idea about your required sum assured of the term insurance policy. Based on the simple formula of time value for money, it generates the existing value of all the income that you are estimated to earn in future till you retire. You have to enter certain specific details about yourself on the online HLV calculator – your current age, present yearly income and expenses and estimated future rate of inflation, to offer you the sum assured that you should opt for.

Make use of the Income Multiplier

Another online tool that you can use to determine your sum assured for a term insurance plan is to calculate it through the Income Multiplier method. Here, you have to multiply your current income by a factor of your current age group to get the minimum and maximum sum assured, as per your income and age. If you belong to the age group of 20 years to 30 years, you have to multiply your existing income by a factor of 5 for minimum sum assured and by a factor of 10 for getting results for the maximum sum assured. Similarly, for the age group of 30 years to 40 years, the income has to be multiplied by a factor of 20, for the 40 years to 50 years age bracket, the minimum multiple is 15 and for the 50 years to 60 years, age bracket the minimum multiple is 10.

Term Insurance Claim Process

Losing your loved ones is devastating. It causes emotional distress and prolonged suffering.

When someone is suffering through such an emotional grief, it is not easy to think of other things, for instance, financial stability or income flow, which may arise because of the unexpected death of the breadwinner.

If the breadwinner has a term plan, it is important to know how to claim the death benefit of a term insurance plan.

How to File a Term Insurance Claim in the Event of Death?

Lodging a Term Insurance Claim

The first step is to lodge a claim. The nominee/claimant must intimate the insurance company and lodge a claim on the death of the life assured. To lodge a term insurance claim, the nominee/claimant needs to contact the insurance through any of their established claim reporting channels like:

  • Visit the claims section on company’s official website for online claim intimation
  • Call the insurance company on their 24 x 7 toll-free claim intimation service
  • Visit the nearest Insurance company’s branch office
  • E-mail them on the claim intimation email id provided

Please Note: A claim will be formally accepted and registered only after the insurer receives a written request of claim settlement with a duly filled claim form and other relevant documents. One must lodge a term claim through a phone call or visiting the insurance company’s branch to quicken the claim process.

Claim Process

The claim process starts when the nominee/claimant lodges a claim with a duly filled claim form along with all the valid and supportive claim documents.

Required Documents to File a Term Insurance Claim:

In case of a natural death

  • Term Insurance policy document
  • Duly signed and filled claim forms (As provided by the insurance company - To download visit their official website)
  • Original or Copy of the Life Assured's Death Certificate
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company.

In case of an accidental death

  • Police FIR report, Police Inquest Form and Final Police Investigation Report
  • Medical attendant's certificate or Attending Doctor’s Statement
  • Hospital Certificate and medical reports including admission and discharge summary of the life assured, death summary, test reports, etc.
  • Post mortem report
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company

The Claims Assistance team of the insurance company will verify all the supportive documents and nominee declaration. The claimant/nominee may be asked to provide other additional documents if necessary.

Approval of Filed Term Insurance Claim and Payouts

Once the insurance company verifies all the documents and accepts the claim, the pay-outs to the nominee will be made as per payment options mentioned in the term plan.

The pay-outs to the beneficiary are usually through ECS, for which, the nominee must submit the bank details – cancelled cheque/photocopy of the bank account passbook (may require to get attested by bank authorities).

Other Important Things Related to Term Insurance Claim Process

  • In case, the nominee dies along with the life assured, the pay-out is made to the next legal heir.

  • In case, the nominee dies before life assured, the policyholder needs to appoint another person as the nominee before the term plan expires.

Please Note: Kindly read the "Exclusions" as mentioned in the policy wordings/document before filing a death claim as it will help you to file a death claim under a term plan without any difficulty.

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Term FAQs

Term Insurance FAQs

What is the right age to buy a term insurance plan?

  • There really is no right age for making an investment when it comes to Term Insurance. Like any other insurance plan, the earlier you opt for it, the better. If you do manage to buy the plan at an early age:
  • The premiums will be relatively lower. Now that's a win-win situation!
  • Your liabilities are at a low, hence you might not require to insure a big sum, which will eventually result in lesser premiums.
  • As health risks largely depend on the age, getting covered is easier and hassle-free. Who doesn't like that?

What are the things you need to know when you are investing in a term Insurance plan?

  • You take a term insurance plan with the sole purpose of ensuring that your family members are adequately supported in case of your death. In such a sensitive case, you must always weigh your options on all possible parameters:
  • Coverage: Be sure that the coverage being offered will be sufficient for your family or the nominated person. Never ever compromise on it for the sake of a lower premium.
  • Claim Settlement Ratio: The insurer's claim settlement ratio and market reputation will ensure that your claims are honored when needed, so always keep that in mind.
  • Inflation: Keeping inflation in mind, always consider how sufficient the coverage amount will be in the future.
  • Add-on feature: Always supplement your term insurance plan with suitable riders for the most comprehensive coverage.

In an unfortunate event of your death, how can your nominee claim your term insurance plan?

  • If you have invested in a Term Plan, it is advisable to keep your nominee aware of the situation so that if and when the time comes, he/she can claim the policy for which you have been shelling premium every year. To make the claim, the following steps need to be taken:
  • Every insurance company has a pre-set procedure defined for making a claim. Hence, following your death (and yeah, even though it sounds scary!), your nominee has to intimate the insurance company of the same.
  • All necessary documents including Claim Form, Death Certificate, original policy documents, hospital and medical records and bank account details of the nominee, etc. are to be submitted to the insurance company for further processing.
  • Always prefer to communicate with the insurance company through written medium like an email to maintain a track of your conversation. You never know when it might come in handy (though we hope it doesn't).

What is term insurance with maturity benefit?

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.

Do term insurance plans offer surrender value?

Term insurance plans are considered to be the ideal and the best move for securing your family’s future. While many of them prefer buying a term plan just because of the convincing power of the friend or the friend's friend who’s an insurance agent. However, at times, they end up buying a wrong plan not apt as per their requirement. This is when these people start wondering if the plan can be surrendered. In short, they wonder if they get any amount back in case they stop paying the premiums and plan of discontinuing the term insurance plan.

But, what exactly is surrender value?

Surrender value is nothing but the amount that the insured receives if he plans on discontinuing the term insurance plan before the end of the policy tem. The insurer then calculates the amount to be the paid to the insured from the start of the policy period till the termination date of the policy. Certain charges too will be deducted by the insurer from the surrender value.

Does term plan offer surrender value?

Well, not all term insurance plans offer surrender value. This is majorly applicable in case you opt for a term plan with the return of premium option (TROP). In some cases of pure term plan, if you decide to pay all the premiums under one single pay premium or limited premium payment option, you will be eligible for a surrender value.

This means, any term insurance plan with a regular annual premium payment option doesn't offer the surrender value benefit.

How is the premium decided on term insurance?

The premiums that you pay towards your term insurance policy is purely decided on factors like:

  • Your Age and Gender
  • Sum Assured
  • Health Status
  • The duration of the policy period
  • The frequency of premium payment
  • Payout opted

Needless to say, that the premium remains unchanged throughout the term of your policy. And the good news is you don't have to invest a massive amount for the premiums every year. The younger you buy a term plan, the cheaper it is.

How much Sum Assured / cover should I take in a term plan?

Deciding your sum assured amount depends on various factors. It varies on the number of dependents you have, your investment needs, affordability, the lifestyle you wish to provide to your family, and your children’s education. Try to analyze your needs by adding survivors living expenses. Subtract it with the saleable investments that are already available. The difference that you arrive at is the required sum assured that you must take.

What will I get on maturity under Term insurance?

You will not receive anything as there is no maturity under Term insurance. The only benefit you gain is the death benefit. Your loved ones can gain the sum assured if you pass away.

What should be the tenure of my plan?

This needs to be done very calculatedly. If you feel you need to choose a policy with a tenure up to the age of 70 and 75 years, think about it! Will you really need it? You may fulfilled all your financial goals by then. The tenure of plans differ from insurer to another based on several factors. Most plans have you covered till the age of 60 years and that is an ideal tenure. Read your policy document carefully and be smart enough to understand the value of your policy and how it will benefit your family in case of death.

How much life cover should I buy in a Term plan?

There is a common formula to understanding how much life cover you should buy in a term plan.

Minimum sum assured = Annual Income x 10 times + Loans/Liabilities

Based on this formula, you can calculate your required life cover.

Can I change the duration of life cover after the policy is issued to me?

The duration of life cover cannot be changed once the policy is issued.

Will my premium amount change during the tenure of the policy?

Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy. This also depends on the tax regulation declared by the Government of India.

Why is premium amount for smoker higher than that of a non-smoker?

Smoking has a tremendous effect on term insurance. It is believed that your expenses go beyond that of a pack of cigarettes. It goes on adding up in the form of medical expenses as well as insurance premiums. While applying for a term insurance policy, you will be inquired about the use of tobacco products in the last 12 months. As a smoker, your risk pool will be different. Though the premiums may be considered higher for smokers, the premiums are available at reasonable prices.

I am an occasional smoker. Do I need to still declare myself as a tobacco user?

You may be an occasional smoker but if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, there are chances that they may charge you with an insurance charge. Your policy may be considered as null and void. Your insurer may also deny you of the policy benefits.

How do you decide whether I am a smoker or non-smoker at the time of purchasing insurance online term plan?

Smokers can be divided into 3 categories:

Preferred smoker: (An otherwise smoker who is fit)

Typical smoker: (A smoker with small supplementary health issues)

Table Rated smoker: (A smoker who has a major physical condition)

If you have been smoking in the last few months, be it frequently or occasionally, then you can be classified as a smoker. Also, with the help of a few medical tests, you can detected as a smoker. Cross check the definitions of smoker and non-smoker with your insurance company.

What if I become NRI after purchasing term plan?

Your plan will continue even after you become an NRI. Note that your term insurance won’t be valid for the first two years, if your status change is not intimated to your insurer. You need to update your KYC status as Non-Residential in all your existing policies. If you fail to do that, you won’t be able to renew your policy that you had once purchased when you were a resident. Claims will be settled in the account from where the premiums were being received. They can be denominated in both Indian and foreign currency.

Do you cover terrorist attack under Term Plan?

Yes, death due to terrorist attack is also covered under the plan. This may depend upon your insurer. If you are the policy holder, death benefit can be claimed by your nominees/legal heir.

Why should I buy an Accidental Death Benefit cover if accidental deaths are already covered under base plan?

No doubt accidental deaths are covered under base plans, but having an additional accidental death benefit cover serves as a great benefit. In case of an accident, an additional amount will be paid to you by your insurer along with the base life cover during the term of the policy.

What if I want to surrender my policy during the policy tenure?

If you wish to surrender your policy during the policy tenure, you remain at a loss! Remember that this is a term insurance plan. You won’t gain any benefits if you surrender your policy.

Can I insure my spouse/ children instead of me?

If you want to buy a term plan for yourself, you can do that on your own name. If you wish to cover your family members, you will have to buy individual term policies for them.

Can I switch my term plan from one company to another if I get better benefits in other term plans?

No it is not possible to switch your term plan from one term insurance company to another. This is applicable even if you are assured better benefits in another plan.

How much time does it take for a claim settlement?

Your loved ones can stay hassle-free when it comes to claim settlement. The procedures vary from one insurer to another. The claim settlement can take anywhere from 8 – 15 days depending on the prevailing conditions of your medical claim.

What will happen if death occurs within one year of purchasing the policy? Will the claim be settled still?

Usually, once the policy is issued, even if death occurs within one year of purchasing the policy, the claim will still be settled. Once again, this depends on the terms and conditions of the insurance company. You will have to carefully note it in the policy document and clarify it with the insurer.

What will happen if my claim gets rejected and my nominee wishes to re-apply for same?

Sometimes, it occurs that your claim a get rejected due to certain discrepancies in the policy document or due to any other specific reason. In such case, your nominee can re-apply for the same. The nominee can approach the grievance redressal cell of the insurer. If he/she does not get a valid response, then the IRDAI can be approached to resolve the claim.

What is the procedure to reduce the life cover if I do not accept the counter offer?

In such a situation you have three options: You can either accept the cover as it is with extra premium, or you can reduce the term of your plan, or you can reduce the cover.

Should I split my desired life cover under multiple policies?

Sometimes, you may have different needs. But, if you are planning to purchase different covers falling under various durations, you might as well buy multiple policies. However, it is always advised to avoid splitting your policy if you wish to have the desired life cover.

What will be the impact on the premium amount if my medicals show adverse results?

There are numerous underwriting factors that play a vital role in determining increase in premium. Some of them are aspects such as severity of health condition, changing family history, chosen term and life cover have an impact on your premium.

What mandatory documents are required to buy Online Term Plan?

A list of documents are required to purchase term insurance online. They are listed below.

  • Proof of income/ employment
  • Proof of age
  • Proof of education
  • Proof of address - residence and correspondence
  • Proof of identity
  • Photograph
  • PAN Card copy

What is endowment plan and should I buy it?

An endowment plan is a combination of insurance and investment. Any life insurance plan that has a saving component along with a lump sum benefit is called as an endowment plan. If you pass away during the term of your policy, your nominee will receive the benefits of the sum assured amount and guaranteed returns. However, since the biggest advantage of an endowment plan is that if you survive throughout the term of your policy, then at maturity you will be paid the sum assured along with the other benefits in the form of bonus. It is totally recommended to people. Just make sure you read the fine print before purchasing a policy.

Why is term insurance better than any other life insurance policy?

Term insurance is a “no frill” type of a life insurance that provides coverage only for a particular ‘term’ or for defined number of years. These terms can be for 10, 20 or 30 years. It is a “pure” life insurance simply because, you actually pay for the value of the death benefit for your family members in the form of either monthly or yearly premiums. Term insurance is actually designed to safeguard you from uncertainties.

Term insurance offers those benefits that you may not get from other traditional life insurance plans in India. Let’s have a look at these benefits:

  • Term insurance is a pure protection plan while other insurance plans offer insurance plus investment
  • It is easy to understand and are uncomplicated
  • The premiums for term insurance remains unchanged during the term period, whereas, in other whole life insurance plans, age matters and therefore the premiums tend to increase with the increasing age
  • Offers flexibility to choose the policy term up to 35 years
  • Offers death benefit only, in case of the death of the insured during the policy period. Therefore, the sum assured as per the policy agreement is paid to the nominee/beneficiary
  • Offers riders at an additional cost to enhance your term plan such as waiver of premium, accidental death etc.
  • Term insurance is appropriate if you have a tight budget since cash value insurance are higher in cost
  • Offers higher coverage at a lower cost
  • Suitable for businessmen too, since they can save on certain costs by opting for term insurance. By doing this, they can certainly utilize their balance capital to grow their business further
  • It is the best option to offer financial security to your family members, because it is inexpensive
  • It is the cheapest option to safeguard your future income from the risk of death before you have earned it
  • It is the most superior ways to any other savings scheme because it offers what one desired to save rather than what one has saved actually when death surpasses the savings plan

Can one change his/her nominee - say include spouse after marriage?

Yes. When you buy a term insurance plan before the marriage, usually, either of the parents is the nominee, which you can change or include an additional nominee.

So, yes you can change the nominee.

You have the option to change the nominee as your spouse after marriage or in case, or if the nominee passes away before the life assured.

In both the cases, one can request to the insurance company to assist you to do changes. Although, the documents are not required. However, some insurance company may ask to support the change with the ID proof, as it will help the insurance company and the nominee at the time of claims.

Should you split cover in two companies?

Splitting term insurance cover is a highly debatable and subjective topic. Some experts say you should split the cover to diversify your risk while others say you should go for a single policy, as that is more cost effective.

We will look at the advantages and limitations of splitting the cover so you can take a sane decision yourself as per your individual circumstances:

Advantages:

  • Flexibility to plan: You can be flexible on how much cover you need in each of the policy. For example - You can split the cover in half or in different ratios. Depending on the plan and requirements, you will have the flexibility to plan your policies.

  • Freedom to exit from one policy: Our need for insurance cover changes as per the different stages of life. It is highest during the early stages of our family life when we have dependents to take care of. The risk gradually decreases once we have managed to gather enough assets to protect us from unforeseen circumstances. If you are passing from a stage where you feel your risk has been reduced, then you can always exit one of the policies and save money on the future premiums.

  • Benefits of two policies: Today, due to cutthroat competition in the market, insurance companies are getting innovative with the coverage on their policies. Having two policies from two different companies , means you can enjoy more benefits than what you would have got with just one policy.

  • Different maturities Instead of buying one single policy for 30 years, you could buy one for 30 years and another for say 15 or 20 years. This way you can work out the premium payable fitting in your disposable income bracket.

  • Multiple nominees for a different sum assured: Many times people want to select different ratio of the sum assured for different nominees. Having two term insurance policies can help you solve this issue.

Limitations:

  • More documentation: If you have policies from two companies, the document requirements might vary. The document process for you will get double and might be a hassle to manage it.

  • Medical Test: You will need to undergo two different medical tests separately with each of the insurer. This can be time consuming and cumbersome.

  • Premium payment: Two policies mean two separate premium payments to manage. Although should not be a very difficult task to manage, but it increases your pain of managing more than one premium.

  • Filling claims: If an unfortunate incident does happen then the claim process will also double. With two policies your nominee will have to approach two different companies with their specific documentation requirements. The follow up process will also double with your nominee having to contact and follow up with two separate companies for claim.

  • Delay in full sum assured: You can have a case where one company releases the claim amount and another company does not. The sum assured from one company might not be enough for your nominee and the delay from other company might lead to problems. This case could have been avoided if you have a single policy in place.

  • Expensive Premiums: The premium payables on compound sum with two policies work out costlier than what would otherwise pay with one single policy.

  • Miss out on discounts: Insurers provide a discount on the higher sum assured. With splitting the sum assured in two separate policies, the sum assured would be less in each policy. This way you will miss out on attractive discounts that insurers provide on the higher sum assured.

Like two sides of a coin, there are pros and cons of splitting the cover in two policies. Splitting the policies does increase the cost of the overall insurance cover. For example – Two term plan of Rs.50 lakh each will work out more expensive than Rs. 1 crore term plan from a single company. So, make sure you have logical reasons to split your term insurance.

What is the best insurer to opt for?

There are two factors you must take into consideration while picking an insurance company – Affordable pricing and reputation in the market.

While pricing is apparent, reputation depends on brand image, claim settlement ratios and quality of service a company provides. If you don’t have any preferences, we can help you pick one.

Who ranks best on Claims Settlement Ratio?

Claim Settlement Ratio (CSR) of a company can be affected by various reasons. The number of claims received by the insurer also includes fraudulent claims and misrepresentations. These type of claims are included in unsettled claims which reduces the claim settlement ratio of the insurer. Thus, it is not advisable to shortlist a company solely on the basis of CSR.

Also, under section 45 of the Insurance Act, 1938, an insurer cannot deny a claim made after 3 years of issuing a life insurance policy.

While buying a Term Insurance it is of high importance that you reveal your correct information to the insurer as that helps the Insurance companies provide you with the most appropriate plans, & at the same time ensures a hassle-free claims process.

Isn’t LIC better than the Private Brands?

All the Insurance companies in India are regulated by Insurance Regulatory and Development Authority (IRDA) Though LIC is one of the oldest brands, it is still just one of the 24 life insurance companies registered in the country!

Other companies like Aegon Life Insurance, Bharti AXA Life Insurance, Bajaj Allianz and many more offer insurance plans which are trustworthy and are easy on the pocket too. Private firms often have better customer service in place.

For example: If we consider the cost of a term insurance policy for a 30 year old male who does not smoke. If this person is looking for a 1 crore cover up to the maturity age of 60 years.

These are the annual premiums amounts for a Term plan:

LIC: Rs. 23,246/-ICICI: Rs. 10,906/-Aegon: Rs. 7,497/-

How can I be sure that my family will not face problems while making a claim?

According to section 45 of the Insurance Act, 1938, an insurer cannot reject any life insurance claim after 3 years of issuing the policy. This ensures that your family is financially protected in case of your death.

Having said that, it is important that you keep your side of the promise. While buying a policy, you are expected to fill the proposal form with correct information, to avoid rejection.

Through a medical exam the insurer ensures that your health status is accurately recorded. This reduces the chance of a claim getting rejected to a great extent.

In case you are not sure about how to declare a certain piece of information to your insurer, you can get expert advice from Coverfox.com.

Why is Term Insurance important?

Term insurance is a death benefit product. Yes, we get that ‘death’ and ‘benefit’ don’t look nice so close to each other. What it means is that in case of an untimely death, a term plan ensures that the insured person’s dependents get some financial security to recover from sudden loss of income.

Other than acting as a financial safety net for your family, term insurance has advantages for you as well. These include tax benefits and much lower premiums as compared to other Life Insurance products.

Are riders important? Which one should I opt for?

Riders are add-on covers through which you can customize your policy for certain situations like death by accident, critical illness, permanent disability etc. These riders provide added benefits to you term plan.

For example: Accidental Death Benefit rider gives double cover in case of accidental death at just approximately 20% higher premium .

The choice of riders will depend upon your way of living, requirements as well as financial stability. If you are not sure whether you need one, we can help you find the best fit.

Is natural death covered in term insurance?

Yes, deaths are covered in term insurance, whether be it natural or caused due to illness or accident, on certain terms and conditions.

What does a term life insurance cover?

Term life insurance offers death benefit, which is the lump sum payable to the policyholder’s beneficiary on the death of the policyholder during the policy term as a result of natural death or death due to illness or accident.

Which is the best term policy?

The top 5 term insurance policies in India in 2018 are:

  • Aegon Life iTerm Plan

  • Max Life Online Term Plan

  • ICICI Pru iProtect Smart

  • HDFC Click 2 Protect 3D Plus

  • SBI eShield

What is the average cost of term insurance?

The average cost of term insurance policies varies among individuals based on various factors like current age, income, lifestyle habits (whether he/she is into excessive drinking, drugs or is a regular smoker), personal or family history of critical illnesses (cancer, Alzheimer’s, etc.), gender, preferred policy tenure, etc.

Do you get your money back at the end of a term life insurance?

The return of premium term life insurance policies enables the policyholder to receive his/her premium money back after the end of the policy tenure.

Does term insurance come under 80D?

Term insurance policies are eligible for attracting tax benefits under Section 80C of the Income Tax Act, 1961. Tax benefits under Section 80D can be availed only for premiums paid for health insurance riders attached to the policy.

Is term insurance payout taxable?

The amount of sum assured paid in the event of death of the policyholder are completely tax-free for the beneficiary according to Section 10(10D) of the Income Tax Act, 1961.

Are there chances that the premium of a term plan bought today might change in the future?

Term Life Insurance policies offer the maximum death benefit at the lowest cost. The premiums under a term insurance are guaranteed to stay same throughout the term of the plan.

Is term insurance claim accepted in case of accidental death?

Yes, term insurance can be claimed in the case of the accidental death of the policyholder. However, some exceptions are accidents caused as a result of the driver being under the influence of drugs or alcohol, or the accident was pre-planned or was caused by a driver without a valid driving license.

What are the exclusions of death that are not covered by term insurance?

The following types of accidents are not covered by term insurance policies:

  • Death by suicide

  • Homicide

  • Accidental death cause as a result of the driver being under the influence of alcohol or drugs

  • Accidents caused during car or bike racing

  • Deaths due to pregnancy-related reasons like childbirth

  • Death caused during adventure and sports activities

  • Death due to health conditions that existed before the policy was opted for

  • Deaths caused in geographical locations that are not covered by the policy

  • Deaths caused due to illegal activities

Are NRIs allowed to buy term insurance?

NRIs are eligible for purchasing term insurance policies in India, provided they meet certain terms and conditions related to their age, maximum and minimum eligibility for premium and sum assured, etc.

If I become NRI after purchasing term plan, what happens then?

If you become an NRI after buying a term plan in India, you can still remain its owner on certain terms and conditions.

How do you know how much term insurance to buy?

It may be a challenging task for you to estimate a suitable sum assured in advance. You need to take your decision based on some essential parameters like existing income and expenditures, current and future investments, and future financial objectives. There are some financial tools, like online Human Life Value (HLV) calculator and income multiplier, which you can utilise to get results regarding a suitable sum assured.

Enlist the type of deaths that are covered in term insurance?

Natural deaths, accidental deaths and deaths caused due to illnesses are covered by term insurance policies on certain terms and conditions.

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