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Term Life Insurance & Keyman Insurance

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  • Cover all forms of death and critical illness
  • Get quotes from best term life insurance companies such as HDFC, ICICI, Max Bupa and Religare
  • Cover loss of income due to accidental disability
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Advantages of Term Life & Keyman Insurance

Comprehensive Plan
Term life insurance covers natural and health-related death. Options to enhance the cover by including extensions such as critical illness rider and accidental death benefit are also available.
Flexible Plan
Term insurance policy offers different policy tenures ranging from 5 to 30 years. Also, the policy offers the flexibility to pay the premium on monthly, quarterly, semi-annually and yearly basis.
Affordable Premium
Term life insurance offers larger cover at an affordable premium, unlike any other life insurance products. Moreover, once the policy is bought, the premium gets fixed for the whole tenure.
Tax Benefit
The premium paid against term insurance is tax deductible under Section 80C. Also, the payout of a term insurance claim is exempted from tax under section 10(10D), hence saving the money.

Benefits of Term Life & Keyman Insurance

Death benefit

  • Primary benefit of a term policy is to cover the policyholder in case of death. A lump sum benefit is payable to the beneficiary as compensation up to the full sum insured under such condition.
  • The sum insured of the policy may remain constant, increase or decrease over the tenure of the plan.
  • The policy also offers the option to pay the death benefit as a lump-sum amount or lump-sum with annuities for a specified number of years.

Financial Protection

  • Term life insurance offers financial protection to the insured's family in case of unfortunate event of death so that they can live without sacrificing their standard of living.
  • It also protects policyholder's family against the liabilities by paying for the debts like a home loan or car loan.
  • The policy also offers the annuity payouts which will help insured's dependents to deal with any financial repercussions in their absence.

Additional Riders

  • There are many additional extensions available which can be included in term insurance on paying the extra premium. For example, a critical illness rider can be included which will pay the lump sum amount to insured upon the diagnosis of critical illness.
  • The accidental death benefit can also be introduced in which if the insured dies due to the accident, the beneficiary will get an additional amount of sum insured.
  • Other such extensions include accidental disability rider, hospital cash rider, waiver of premium rider and income benefit rider.

FAQs

In term insurance, additional extensions to the basic cover are generally referred as a rider. You can include the riders in your policy in order to enhance the coverage to cover certain situations like accidental death and disability and coverage for critical illness. These riders offer compensation over and above the basic sum insured.

Yes, term insurance covers death due to illness. It will be treated as health-related death and can be due to any hereditary condition or while undergoing any medical treatment. Death due to critical illness like cancer, stroke, kidney failure and heart attack is also covered by the policy.

It is recommended to buy the life cover with the sum insured of 10 to 15 times of your annual income. For instance, if your annual salary is 5 Lakhs, then you should buy the term cover with 50 to 75lakhs of sum insured. The idea behind this is that the dependent should maintain the same standard of life after the demise of the policyholder.

There are no maturity benefits in this policy. Term plan is basically a death benefit plan in which the beneficiary will get the sum insured only in case of insured's death. If the insured survives till maturity, nothing will be paid and policy ceases. However, there are special term insurance plans which offer a return on premium

The first important thing to do while filing the claim is to notify the death of insured to the insurance company and register the claim with them. Next, you should arrange all the required documents accordingly. These documents vary accordingly with the type of death caused. Once the documents are submitted, they will be verified by the insurer and the claim will be processed within a specified period.

While filing the claim under term insurance, you should submit the filled claim form with the other required documentation. This include death certificate from municipal authority, age proof of the deceased, nominees' ID proof, original policy documents and medical certificates like the proof of the cause of death. Apart from this, some additional documents may also be required by insurer depending upon the type of death.

In order to ensure smooth claim settlement, you should avoid some common mistakes such as providing incorrect information about your lifestyle and non-disclosure of medical history in proposal form while buying the term insurance. These are the important factors and fraud in such information can suspend the policy benefits. Also, you should make sure that the details of your nominees are updated with the insurance company.

In the condition where the nominee is minor, the claim amount will be paid to the appointee. If it is not mentioned, then the amount will be paid to the legal guardian or legal heirs of the nominee. In such cases, you need to submit all the relevant proof of guardianship or heirship.

The premium for a life insurance policy depends upon various factors such as age, gender, designation, salary, and the sum insured of policy. Also, any history of tobacco consumption plays a major role in premium calculation. If you want to cover additional benefits or riders then you will be charged extra on the base premium.

The premium rates generally do increase if you have a smoking history before buying the policy. While applying for the term insurance policy, you will be asked for your smoking history. If you are a smoker, then you will be charged higher tariff than a non-smoker. This high premium is due to the fact that the risk of claims because of tobacco addiction is always higher.

Premium paying term is the total number of years or months the policyholder has to pay the term insurance premium. This term is generally equal to the policy term. But some term insurance policies offer an option to choose premium term less than the policy tenure, hence allowing the insured to enjoy the policy benefit even after premium payment is stopped after a certain period.

Term life insurance is one of the important factors while planning for tax. All the premium amount paid for the term insurance is exempted from tax under section 80C of Income Tax Act. You can avail tax exemption up to a maximum of Rs 1.5 Lakhs. Also, the claim amount paid under term insurance to the nominees of the deceased will not be taxable under Section 10(10D).

It is important to buy the term insurance as it offers payment of sum insured to the nominee in the case of insured's death. This offers financial protection to your family and protects them against any liabilities like a home loan or car loan and meeting their other expenses. It also offers additional protection in the form of a rider. Moreover, you will also get the tax benefit for the premium paid against life insurance.

Yes, buying the term insurance policy at an early age will benefit you as the premium charged will be lower. The earlier you buy, cheaper the policy you will get. Also, once the policy is bought, the premium does not change with the increasing age. Also, due to good health at a younger age, the chances of getting term insurance cover is also higher.

Yes, you can have multiple term life insurance policies. But you should make sure to disclose about your existing term insurance while buying the new one. At the time of claim, multiple policies will pay the sum insured to the nominees without any hassle, if you disclose this information before.

Yes, even if you are covered under corporate insurance provided by your employer, it is advised to buy personal term life cover as well. This is because the coverage offered under group policies may not be enough and also you will be left uncovered if you leave your job. Also by taking personal term insurance policy, you can customise the coverage of policy as per your requirements.

Insuropedia

What is covered in a Term Insurance Policy?

A term insurance policy is the simplest and inexpensive form of life insurance available to individual life. Under this policy, the insurer promises to pay a large sum assured amount to the nominee of the insured individual, in case the insured dies within the policy term.

There are many benefits of the term cover for the families as well as the economies...
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What are the conditions for a new employee to be covered under Group Term Life Insurance of the employer?

Most of the companies offer group term life insurance policies to their employees. The policy ensures that even after the death of the employee, his/her family’s future is secure.

At the time of buying group term life insurance, the insurer takes into account all the current employees, in case, more employees join the organisation...
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What Are The Benefits Offered Under Group Term Life Insurance?

Group Term Life Insurance Policy Benefits both employers and employees in multiple ways:
  • Benefit for Employers
  • Group term insurance helps in retention of talented employees.
  • The premium or cost of such policy is tax deductible for the firm.
  • Helps maintain a healthy relationship with employees and retain the preferred employer brand...
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