Term insurance is the simplest and most affordable form of life insurance
Term plans provide peace of mind to you by ensuring that your family is financially secure and independent, in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals during the policy term. In the event of your unfortunate demise during the policy term, your nominees will receive the ‘Sum Assured’ which you had selected while purchasing the plan.
Term insurance is a form of life Insurance that is active for a fixed period of time (popularly referred to as the term). These plans are easy to understand and provide financial protection that your family will need if you are no longer around.
New age Insurance companies like ICICI PRU, Tata AIA & HDFC LIFE, Kotak, PNB Metlife provide term life Insurance up to age 99
ICICI Pru life also provides additional protection through optional benefits like Critical Illness Cover and Accidental Death Cover.
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Plan Type:
- Term till age 99 is available with selected Insurance companies. Regular term plans covering till age 85 is also available.
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Riders available:
- Double Accident Benefit (Additional Sum Assured is payable on death due to accident).
- Critical illness Benefit (coverage for list of selective critical illnesses)
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Special Features:
- Protect your wife and children with Creditors. Ask for free Married Women Property Act (MWPA) endorsement in the proposal form.
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Companies recommended:
- ICICI Prudential , Tata AIA , HDFC Life, PNB Met Life...etc
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Procedure:
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1) Proposal form
2) One Passport size Photo
3) Premium cheque / Online payment
4) PAN Card (Photo Copy)
5) Aadhaar Card (Photo Copy)
6) Income tax returns for last 3 years including P&L , B/S and computation of income
7) Salary slip for last 3 months (If salaried)
8) Medicals can be arranged at door step (Except TMT & ECG)
9) Premium paying options available: Monthly, Quarterly , Half yearly and Annual
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Income Tax Benefits
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Term Insurance plans offer tax benefits on premiums paid under Section 80C. New-age term plan with critical illness cover also offer additional tax benefits on premiums paid under Section 80D. You also get tax benefits under Section 10(10D) on the money that your family receives in case of an unfortunate event.
- Maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC will be limited to Rs. 1,50,000
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Pure Term Life Insurance - Check List
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PURE TERM LIFE INSURANCE - CHECK LIST
1 ID PROOF PAN / PASSPORT / DRIVING LICENSE / VOTER'S ID / RATION CARD / EMPLOYEE ID CARD 2 AGE PROOF AADHAR DOB / PAN / PASSPORT / DRIVING LICENSE / GOVERNMENT ID / BIRTH CERT / SCHOOL(OR)COLLEGE RECORD 3 ADDRESS PROOF AADHAR / PASSPORT / DRIVING LICENSE / BANK STATEMENT LATEST 3'MONTHS / VOTER'S ID / RATION CARD 4 PHOTO PASSPORT SIZE PHOTO 5 PAN CARD COPY REQUIRED 6 Bank Details Cancelled Cheque Leaflet with Name Printed 7 FULL NAME OF PERSON TO BE INSURED To be filled 8 COMMUNICATION ADDRESS To be filled 9 PERMANENT ADDRESS To be filled 10 MOBILE NUMBER To be filled 11 E-MAIL i.d To be filled 12 MARITAL STATUS MARRIED / UNMARRIED / WIDOW 13 EDUCATION QUALIFICATION To be filled 14 OCCUPATION To be filled 15 NAME OF THE BUSINESS/Website To be filled If Applicable 16 ANNUAL INCOME To be filled 17 INCOME PROOF Income Tax Returns 18 HEIGHT 19 WEIGHT 20 NOMINEE NAME 21 NOMINEE DOB 22 RELATIONSHIP 23 SUBSTANCE CONSUMED TOBACCO / ALCOHOL / ANY NARCOTICS 24 HEALTH DIAGNOSAD,CANCER, SUGAR (OR) ANY OTHER BELOW ASSURED 25 PROPOSED SUM ASSURED 26 SUM ASSURED ALREADY COVERED UNDER EXISTING POLICIES Note: Usually 10 to 25 times of Annual Income is considered as Sum Assured under Pure Term Life Insurance Plan depending up on the age and health
If Additional Sum Assured is required the following additional supporting documents are required:
1 Home-Loan Documents / RC & Insurance copy of a car owned by the Life Assured 2 Bank-statement for last 6 months 3 Any documents regarding Investments like Mutual Funds, FD..etc.
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