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Frequently Asked Questions on Term Insurance

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