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Term Insurance Policy

Term Insurance is the most economical life insurance which provides benefit to the nominee on death or critical illness of the insured during the policy tenure. Term plan is the best way to secure yourself and your family as you get higher life cover at a lower premium as compared to other life insurance plans.

On completion of set tenure, the term policy can be renewed or ended at the discretion of policy holder. At Value Money, we help you pick the best term policy that secures your family and ensures their financial stability in case of any unfortunate event.

Features & Benefits

Below are the features & benefits of Term Insurance

  • The premium on term plans are less when you are relatively young and increases with your age
  • The nominee gets lumpsum amount in the event of sudden death or critical illness of insured
  • Term Insurance plans are cheaper as compared to other life insurance plans
  • There are certain riders that can give you additional benefits like cover on losing job, cover on disability, premium waiver, etc
  • Get tax benefits under Sec 80 C and Sec 10 D of the Income Tax Act,1961
  • Some insurance companies allow you to increase the insurance cover at critical stages of your life
  • The minimum tenure of term plan is usually 5 yrs and the maximum can be 25 yrs or lifetime
  • Term Plan can be for a single policy holder or joint policy holder which pays the sum insured to either or both parties
  • There are several add-on benefits given by insurance companies on term plan such as extra discounts on premium to non-smokers, no medical tests, etc
  • Many companies offer TROP (Term Return of Premium) plans which return the premium amount in case of no claim till the end of the tenure
Eligibility

Some of the below eligibility criterias varies a little for few banks as per their own requirement

Entry Age 18-60
Maturity Age 28-75
Policy Term 10-40 years
Smokers Depends on policy. Some policy covers smokers, some have different criterias for smokers
Rebate for Female applicants As per bank's criteria
Documentation

You have to submit the following documents to apply for a term insurance

Identity Proof (Any One)

  1. Aadhaar Card/ e-Aadhaar Card
  2. Passport
  3. Driving License
  4. Voter ID
  5. PAN Card

Age Proof (Any One)

  1. PAN Card
  2. Passport
  3. Certificate from Statutory Authority

Residential Address Proof (Any One)

  1. Telephone Bill
  2. Electricity Bill
  3. Piped Gas Bill
  4. Ration Card
  5. Election Card
  6. Passport
  7. Driving License
  8. Certificate from Statutory Authority

Income Proof

Recent Salary Slips/ Income Certificate/ Recent Income tax returns along with computation of income

Claim Process- Procedure & Documents

Please check the process and documents required to file a claim

Claim Procedure

  • 1. Filling up the claim intimation form
  • 2. Submitting the necessary documents
  • 3. For online term insurance policies, you can usually claim & apply online itself

Documents Required

  • 1. Duly signed claim intimation form
  • 2. All term policy documents in original
  • 3. Medical records of the the claimant
  • 4. Copy of death certificate of the insurer
  • 5. Age, ID, Address proof of the claimant
  • 6. Bank account details of the claimant
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