Term Life Insurance

Term insurance is a type of life insurance policy that provides coverage for a specified period. If the policyholder passes away during the term of the policy, their beneficiaries receive a lump sum payout from the insurance company. It covers the life of the insured, due to any kind of death including suicide after a certain waiting period. It provides a lump sum support to the nominee in the event of the death of a policyholder.

Unlike other types of life insurance policies, such as whole life insurance or endowment policies, term insurance policies do not have a savings or investment component. They are designed to provide pure life insurance coverage at an affordable premium

The main advantage of term insurance is that it provides a high amount of coverage at a relatively low premium, making it an affordable option for individuals who want to ensure that their dependents are financially secure in the event of their untimely demise. However, if the policyholder survives the term of the policy, they do not receive any payouts and the policy lapses.

An Individual who is the age between 18 years to 65 years of Age can buy this cover provided he/she has an annual income of a minimum of Rs.3 Lakhs & above. Eligibility criteria also require minimum educational background.

To buy a policy, one should provide income proof (Salary certificate for 6 Months, with Bank Statement of salary credit), Aadhar Card, Pan Card, Disclosure of any life insurance policy, and ITR with computation for the last three years.

At the time of a claim, the documents required to be provided are: -Aadhar Card, Pan Card, Income proof, Death Certificate, Death Summary, Burial Ground Cremation Receipt, and Legal Heir details. In case of accidental death then additional documents like Police F.I.R, Post-mortem report, Panchnama, Viscera report (In case of snake bites or suspicious deaths).etc.