Term Insurance
Term Insurance Benefits
Everything You Want To Know
Term insurance plan is an extra security contract which offer you monetary inclusion in the event of death toll during the term. You pay a yearly expense against the strategy to the insurance agency. This strategy gives a passing inclusion to the approach holder and offers the total guaranteed to the family or closest relative. Term insurance contract offer a high inclusion for a low expense. This plan guarantees that the fate of your family is protected even after your end.
Term insurance is the Least expensive method for getting the most noteworthy extra security inclusion. As a matter of fact, it is the most flawless type of insurance where just the gamble of passing on is covered without really any component of reserve funds connected to it. In any case, it is as yet prescribed to look at term extra security plans prior to buying it.
A term insurance contract is viewed as one of the most secure and most tied down monetary devices which give insurance to the policyholder as well as his family in troublesome times. Insurance is a basic idea wherein you purchase a strategy that offers your chosen one total guaranteed of the approach as pay on death. It gives a singular amount sum or pay-outs in determined portions as might be commonly concluded by the safeguarded and the insurance agency. Online term extra security plans are additionally accessible which can be purchased online at your own accommodation.
A term insurance plan isn't a speculation that you make to procure capital increases, rather a contract shields the monetary eventual fate of your loved ones. It is an agreement where you pay a specific expense to the insurance agency and thus, the organization offers your life cover for a particular timeframe.
Types of Term Insurance Policies
Different Types of Term Insurance Policies
LEVEL TERM PLAN : A level term insurance plan is basic. There is a decent total guaranteed during the term. This aggregate is proposed to the family assuming the protected kicks the bucket inside the approach residency. This is the most widely recognized kind of term insurance plan accessible in India. Practically all term insurance agency offer this arrangement.
SINGLE LIFE AND JOINT LIFE TERM INSURANCE PLAN : A single-life is a regular Individual term insurance plan. A Joint Life Term Insurance plan is best suited for couples with children. They offer the same advantages and benefits to both the policyholders.
INCREASING & DECREASING TERM INSURANCE PLAN : The coverage of an Increasing term insurance plan increases every year. Whereas the coverage for decreasing term insurance plan decreases every year. Usually, this type of plan is taken to cover increasing or decreasing liabilities. An increasing term plan could be taken to combat inflation while a decreasing one could be against a loan. If the insured dies within the policy tenure, the increased or the decreased sum assured would be paid to the nominee as death benefit and the policy would be terminated.
TERM RETURN OF PREMIUM (TROP) PLAN : A term insurance plan with a return of premium options is when the entire premium paid towards the term insurance plan is returned to the insured by the insurance company, at the end of the policy tenure, provided the insured survives. If the person insured dies within the policy tenure, the sum assured would be paid to the nominee and the plan would be terminated.
DOCUMENT REQUIREMENT FOR CLAIMING & BUYING OF TERM INSURANCE PLAN
Documents Required for Claiming a Term Insurance Policy
The nominee has to submit the following documents in order to receive the death benefit:
Documents Required - Natural Death
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Policy documents/bond
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Copy of the death certificate of the insured
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Claim form, duly filled and signed by the nominee
Documents Required - Accidental Death
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Police investigation or FIR report
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Report of the post-mortem or panchnama
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Medical reports – hospital reports inclusive of the admission and discharge cards, test reports, etc
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Statement of the doctor, releasing the body of the policyholder
Additional documents for all claims:
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Identity and address proof of the nominee
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Bank details of the nominee along with cancelled cheque and NEFT form
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Any other documents asked by the insurance company
Documents Needed to Buy Term Life Insurance with PayBima
Following are some of the required documents for buying a term insurance policy online.
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Address Proof - Driving License/Bank statement or passbook with latest entries/Passport/Voter ID/ Aadhaar Card/Ration Card
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Identity Proof - Aadhaar Card/Voter ID/ Passport/ PAN Card
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Standard Age Proof - PAN Card/ Aadhaar card / Passport/Voter Id card/Marriage certificate/Ration card/Birth certificate/Driving License
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Passport-size photographs of the individual
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Salary slips of last 3 months/ Income Tax Returns/ Employer Certificate/ Latest bank statement/ Latest Form 16
