Term Insurance plans in Jaipur
Term insurance is one of the most popular types of insurance scheme in the market. You must have come across term insurance once in a while. A term insurance is a protection plan for your family. It pays a certain sum to take care of your family’s financial needs in case of your unfortunate demise. Are you the sole breadwinner of your family? Take a minute to think about this question – What would your family do if something were to happen to you soon? What about your child’s education and future? How will your family survive in your absence? This is where a term insurance plan will come to your rescue! Read more about it on Investmentsahihai. Besides, you can also buy a new term policy with multiple cover options online on Investmentsahihai.
What is Term Insurance?
Term insurance is an insurance built to protect a family in case of policy holder’s untimely death. There are two things to remember about term insurance. best term plan in jaipur
1. Guaranteed Amount
Term insurance plan pays a guaranteed amount of nearly 1 CR if the policy holder dies.
2. Fixed Premium
In term insurance, you pay a fixed premium either once or annually for a few fixed years.
Main Reasons to buy Term Insurance
Life is Uncertain
Sudden death can happen in anyone’s case. In case of your sudden death, how will your family survive? How will they pay the loans and live without a source of income?
In case of your death, your family receives either a one-time large amount or financial support on a monthly basis for a pre-fixed time period.
Why Buy Term Insurance Plan?
- 1 CR Cover Huge cover amount of Crores for a low premium amount.
- Pay Loans In case of your death, term insurance helps pay off all your loans.
- Disability Protection In case of a permanent disability, you get a huge amount for your loss of income.
- Lifetime Cover You get a lifetime coverage of up to 99 yrs.
- Low Premium The younger you are, lower the premium.
- Tax Benefit Save up to 46,000/- in taxes on your term insurance premium.
Best Term Insurance Plans in India
If you are looking for the best term plan in India, look no further. You can get all of these term insurance plans mentioned below, online on Investmentsahihai Do check us out today.
Note: The following information has been sourced from the official website of the respective insurers.
eTerm Plans – Online Term Plans
Regular Term Plans
Benefits of Term Insurance Plan
Low Cost of Premium
The best feature about a term insurance plan is that you can get a large cover at an affordable premium. Plus, the earlier you buy, the lesser the premium you pay.
Complete Life Cover
May term plans come with an option of coverage till the age of 100 years. This is known as a whole life term insurance plan. best term plan in jaipur
Your family will receive the sum assured from the insurer in the form of a regular payout or as a lump sum in case of your death. The payout will take care of your family’s needs.
Premiums paid towards a term insurance plan and the money received on death are eligible for tax exemption under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
You can get multiple rider options for your existing term insurance plan such as Terminal Illness Cover, Critical Illness Cover, Accidental Death Benefit, Waiver of Premium, Daily Hospital Cash, Personal Accident Cover, Partial/Permanent Disability Cover, and many more. Riders come at the cost of an additional premium.
How Does Term Insurance Work?
Step 1 – Buy Term Insurance
Suppose you are 30 yrs old and you purchased a term insurance of 1 Crore for the next 5o yrs. Your annual premium is 20,000/-.
Step 2 – Unfortunate Incident Happens
In case you pass away anytime during the next 50 years, your family will receive Rs. 1 Crore
Step 3 – 1 Crore Amount Paid
Roughly speaking, you will be paid 100x the amount of premium you pay during your policy period.
Why Buy Term Insurance Early?
A 1 Cr term insurance premium will be 10,000 at 25 & may become 20,000 at 35. Younger you are, the less you pay.
In term insurance, your premium remains the same throughout the policy period. Hence, buying term insurance while you’re young saves money.
There’s no guarantee to life. We may fall prey to accidents or may have heart attacks or cancer. If this happens, your family will be secured after you pass away due to the 1 Cr amount.
As you get old, your premium gets doubled. Secondly, if you get diagnosed with any critical disease, you won’t get a term insurance policy.
Features of Term Insurance Plan
AffordabilityThis is so far the most lucrative option as it will help you save money. A term plan is less expensive in comparison to other types of insurance schemes. Buying a term insurance plan will help you plan your finances and budget effectively.
Online Buying FacilityBuying a term insurance plan is not different from online shopping from an eCommerce website. All you need to do is visit investmentsahihai.com, enter your necessary details and let us do the rest. When you buy online, you are getting the policy directly from the insurance provider. Plus, the entire process is paperless and hassle-free.
Multiple Payout OptionUnder a term plan, your family can receive the death benefit in the form of a lump sum amount or at regular intervals. You can select either of the options during the start of the policy cover.
Rebate and DiscountMany insurance providers offer high discounts and rebates if you go for a high sum assured. Since there is no agent involved in the online mode, there is more room for a discount.
Premium Payment TermUnder a regular term plan, you have complete flexibility to select the premium payment option – annually, semi-annually, quarterly, or monthly. You can also choose limited pay or regular payment options.
Types of Term Insurance Plans
Just like every other insurance plan, there are different variants of term insurance. Each is unique with its own set of features and benefits. But the underlying death benefit payout remains the same.
Here are the most popular term plans in the market:
Standard Term Insurance Plan
In case of your death, the sum assured will be paid to your family members. No maturity and survival benefit.
Term Return of Premium
You get back all of the premium paid in case you survive till the end of the policy period.
Increasing Term Insurance Plan
Similar to a standard term insurance plan with the cover regularly increasing by a specific percentage, usually 5%-10% of the original cover annually.
Decreasing Term Insurance Plan
Under this policy, your life cover decreases on an annual basis at a specific percentage.
Life Stage Event Term Insurance Plan
Under this plan, you have the option to increase the life cover at a particular milestone of life such as marriage, the birth of children, children’s graduation, etc.
Convertible Term Insurance Plan
You have an option to convert your standard term policy into an endowment savings plan or a whole life insurance policy.
Joint Life Term Insurance Plan
You can cover yourself and your spouse. In case of death of anyone, the surviving partner will receive the death benefit.
Group Term Insurance Plan
It covers all the members employed by a company. You will lose this benefit once you resign.
Term Life Insurance Plans Offered by the Government of India
The Indian Government has taken multiple steps to ensure the financial security of the people and their dependents. These plans are also known as Government-sponsored social security schemes.
- PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana – 2 lakhs cover to the family of the deceased policyholder. The premium is 330/- per year. Individuals between 18 to 50 yrs. old are eligible.
- PMSBY (Pradhan Mantri Suraksha Bima Yojana) – 2 lakhs cover for accidental death & full disability and 1 lakh for partial disability. The premium is only 18/- per year. Individuals between 18 and 70 yrs. old are eligible.
- PMJDY – Pradhan Mantri Jan Dhan Yojana – Cover of 30,000/- upon the death of the life assured and a build-in accident insurance cover of 1 lakh.
- Aam Aadmi Bima Yojana (AABY) – This is group insurance for the low working section of the society. It covers death due to natural causes, accident, partial disability, or permanent total disability.
Compare Term Insurance Plan
Online comparison of term insurance will help you determine the right policy as per your financial budget and capacity. With Coverfox, you can make the best out of this opportunity. Once you have entered your necessary details on the website, our super-smart algorithm will do all the hard work for you. You can sit back and compare multiple plans and their features on a single page altogether, and buy your favourite plan in under 5 minutes.
The premium is the first thing that should cross your mind. It will determine the amount of coverage that you want. A high cover at the cost of an affordable premium should be your goal. This will reduce the strain on your wallet and will keep your family protected. Please don’t go for a lesser premium amount as you might regret it later in the future.
Features of Term Plan
If you want to drill down to the core of your term plan, always go through each feature/benefit that comes with the policy. Read the entire policy document carefully—double-check all the terms and conditions, rules and regulations, inclusions and exclusions, and more.
As an existing policyholder, this thought must have come across your mind, ‘can I add more benefits and features to my term policy?’ Yes, you can. This is where a rider option will come to your rescue. Riders (personal accident cover, critical illness rider, terminal illness, and more) enhance your term plan’s cover. Note: Riders come at the cost of an additional premium.
Claim Settlement Ratio (CSR)
When it comes to CSR, you need to apply this simple rule; the higher the claim settlement ratio, the greater the chances of your claim being settled on time. When you are looking to compare a new term policy, keep an eye on the insurers’ CSRs.
Term Insurance Company Reliability
Look at the insurer’s financial health & stability, outstanding debt, Claim Settment Ratio, plans, etc. However, Regardless of the insurer, the consumer is protected by the IRDAI. Even if the insurer shuts down, IRDAI will facilitate the claim settlement.
Regular Payout Option
Many insurers offer the option of a regular payout. Under this option, the death benefit will be given to the policyholder’s family in the form of regular payouts on an annual, semi-annual, quarterly, or monthly, basis.×
Term Insurance Comparison Chart
Here is the comparison of a few term insurance plans:
|BEST TERM INSURANCE PLAN||AGE AT ENTRY||SUM ASSURED||POLICY TERM|
|ICICI Pru iProtect Smart||18-65 years||Rs. 10 lakhs min, no such limit on max amount||5-40 years|
|Aegon iTerm Plan||18-65 years||Rs. 25 lakhs min, no such limit on max amount||5-40 years|
|HDFC Click 2 Protect Plus||18-60 years||Rs. 10 lakhs min, no such limit on max amount||10-40 years|
|Max Life Term Insurance Plus||18-60 years||Rs. 25 lakhs min Rs. 100 Cr max||10-40 years|
|LIC’s e-Term Plan||18-60 years||Rs. 50 lakhs min, no such limit on max amount||10-35 years|
Factors Affecting Term Insurance Premium
Your term insurance premium depends on a lot of different factors. These factors influence the price of your policy. Here a few:
How Old Are You?
Age is one of the most prominent factors that influence the price of your term insurance premium . That is why insurers always say, ‘it is better to buy a policy when you are young, and the premium is less because the amount of premium payable increases with age.’
What Do You Do?
Insurers consider individuals based on the type of occupation. If you work in a hazardous environment such as a coal mine, chemical factory, oil rig, fire department, you carry more risk than people employed in a stable office environment. Thus, the premium is expensive for high-risk occupations.
Insurers consider women’s lives less risky than men as men throughout the world do most of the dangerous workload. Therefore, the premium is cheaper for women.
Body Mass Index
If you do not live a healthy lifestyle and are overweight, you are more likely to develop harsh health conditions during the latter years of your life. Insurers charge a higher premium for such individuals.
Family History or Existing Medical Complications
If you are genetically prone to lifestyle diseases or have a history of terminal illness in your family, your premium payment amount is going to be expensive. best term plan in jaipur
Place of Residence
If you live in a geographical location that is subject to natural calamities such as floods or earthquakes, your premium payment amount will be expensive.
Smokers and alcoholics have no option but to shell out more money for the premium payment amount.
Factors to Look before Buying a Term Insurance Plan
To help you make the best decision possible, we at investmentsahihai have created a list of things you should consider before getting a term insurance plan.
Read more about it here:
Amount of CoverageThis is your first step, to begin with. Determine how much coverage you need for your family to live a happy life after you are gone. Keep a check on the inflation, current economic condition, future expenses, and liabilities. Always go for a plan that provides 15 to 20x of your annual income as the sum assured.
Time PeriodWith a term plan, you can quickly determine the tenure of the policy. The tenure should not be less as it might not meet your outstanding long-term debt. At the same time, it should not belong as the amount of premium will get higher annually.
Options for RidersEnhance your existing term policy with rider options. Look for terminal and critical illness riders/personal accident cover/disability cover/waiver of premium. These options will protect you from life-threatening diseases/medical hospitalization in the long run.
Corona Covid-19 CoverDue to the ongoing pandemic, it is advisable to buy a term plan that provides a death benefit if the policyholder passes away due to Covid-19.
Claim Settlement Ratio or CSRAlways go for an insurer that has a high claim settlement ratio. This will ensure that your claims are more likely to get settled.
Term Insurance Claim Process
Buying a term policy is half the battle won. You and your family members need to be completely aware of the term insurance claim process . At Coverfox, we have a dedicated customer service and nominee assistance team. We want you to get the best outcome from your term plan in a hassle-free manner.
How to File a Claim on Death?
In case of the policyholder’s unfortunate demise, the family members/beneficiaries/nominees must inform the insurance company as soon as possible. Delaying things will only make it difficult during the time of claim settlement. You can do the same via:
- Online mode – Visit the official website of the insurer and intimate a claim.
- Phone Banking – Contact the insurer via phone banking or email.
- Branch Banking – Physically visit the bank branch or insurer’s office with the relevant documents.
For details on claims info, connect with our experts.
Once you have submitted the application form and the relevant documents, the insurer will thoroughly investigate and approve the same. Post verification, the claim will be processed.
Once the claim has been successfully processed, the payout will be directly transferred to the beneficiary’s bank account.
Documents Required in Case of Natural Death
- Policy Document
- Duly Filled Claim Form/Application Form
- Death Certificate of the Policyholder
- Medical Practitioner’s Report/Autopsy Report
- Claimant’s Statement
- KYC of the Beneficiary/Nominee/Family Member
Documents Required in Case of Unnatural Death
Claim Intimation FormFIR form the Police StationPolicy DocumentPost Mortem Report / Chemical Analysis Report (Viscera)Physician’s StatementMedical/Hospital RecordsDriving License of the Policyholder (in case of a car accident)Settlement Option FormCremation CertificateWitness ReportKYC of the Beneficiary/Nominee/Family Member
Exclusions of Term Insurance Plan
There are certain instances which are not entertained by any term insurance provider, do keep an eye out for these:
- Self-inflicted Injury
- Death due to Mental/Psychological Imbalance/Abnormality/Disorder
- Any Pre-Existing Illness or Health Condition
- Participation in Extreme Sports or Illegal Activities
- Criminal and Delinquent Behaviour
- Participation in Defence Activities
- HIV/AIDS/STDs/Venereal Diseases
- Driving without a valid license or under the influence of alcohol/Intoxication
- Substance Abuse and Narcotics
- Pregnancy and Childbirth
- Cosmetic Surgery and Dental Treatment
- Congenital Defects and Genetic Diseases
Frequently Asked Questions
Life Insurance Agents in Jaipur, India
If you have plans up your sleeves of buying a life insurance policy, then your go-to is a life insurance agent. A common point of contact for the life insurance policy providers and the policy buyers, the life insurance brokers mediates between the two. Through life insurance, one can provide financial security to the family’s dependant members. It is the duty of an insurance agent to impart knowledge on the insurance policies to the interested buyers so that they can be clear on the benefits and risks associated with their policies. Life Insurance Agents in Jaipur City, Jaipur make the complicated subject of LIC a piece of cake for the clients. The role of a life insurance agent is wide as the person has to generate leads for insurance, set appointments with the leads, persuade them to buy policies, process the matter and also get them the best rates. There is also an option for the policy buyers to tie up with other policies like one can get auto insurance at an affordable rate with LIC. Scroll up the page to find a list of Life Insurance Agents.
Which are the top Life Insurance Agents in Jaipur City?
The top 5 Life Insurance Agents near you in Jaipur City are:
- ▪ Treasure Equity
- ▪ GST & IT BUDDIES (OPC) PVT LTD
- ▪ Sk Insurance Associates
- ▪ R K Maheshwari
- ▪ Smart Bull Investment
Life insurance agents in Jaipur City, Jaipur guide people to invest in life insurance policies for a secured future
Life insurance is not necessary but an important purchase or a smart investment that provides financial security to the dependents of policy owner, even after the death of the policy holder. Life insurance is an agreement between an insurance company and a policy holder. The insurance company provides financial security by guaranteeing to pay a certain amount to the nominated beneficiary of the policy holder in the event of the insured person’s death within the period of the policy. The policyholder agrees to pay a certain amount of money as premium in exchange for the financial security. To keep the policy active the policyholder is expected to pay the premium regularly on monthly, quarterly, half-yearly, annually basis or as agreed while purchasing the insurance policy. Life insurance agents are licensed professionals who work independently or are associated with an insurance company. They sell life insurance policies for a particular company or from a range of companies. Life insurance agents in Jaipur City, Jaipur understand the needs of every individual and suggest life insurance policies that would be best for their respective clients. These agents discuss the financial situation and investment plans with their clients and accordingly share details of life insurance policy that would cover the risk of life and ensure a secured financial future of the insured person’s family.
Types of life insurance policies
There are various types of life insurance policies that cover the risk of financial loss due to untimely death of the insured person. Life insurance agents sell policies that can be used to plan upcoming and unforeseen expenses by earning substantial returns through investment in the financial markets. Different types of life insurance policies are:
Term insurance policies
Term insurance plans are designed to secure the immediate financial needs of beneficiaries of the policy in the event of sudden or unfortunate demise of the policyholder. The policyholder of a term plan does not get any monetary benefit at the end of the policy term; however, in the event of the death policyholder, the sum assured is paid to their beneficiaries or nominees. Term life insurance plans are the most affordable type of life insurance with relatively cheaper premiums as compared to other life insurance policies.
Money back policy
Money back policy is designed to provide a portion of the sum assured at regular intervals throughout the duration of the policy to the insured as a survival benefit. In the event of the death of the policyholder, the full sum assured is paid to the beneficiaries or nominees. The policyholder can achieve short-term financial objectives by purchasing this policy.
Whole life insurance policy
A whole life insurance plan offered by life insurance agents Jaipur City, Jaipur has, covers the insured over their life and provides protection up to 100 years of age. This insurance policy offers death benefits along with saving benefits. In case of any unfortunate event or death of the policy holder the nominee is paid the death claim and applicable bonuses. However, if the policy holder lives beyond 100 years of age, the insurance provider gives the life insured with a maturity benefit equal to the endowment corpus.
Unit Linked Investment Plan (ULIP)
Unit linked insurance plan is a multi-faceted life insurance product which is a combination of life insurance and investment. The premium paid for ULIP plan is partially used as an insurance cover and partially invested in various types of funds that invest in debt and equity instruments.
Endowment plans are a blend of insurance and savings where a portion of the premium goes toward the death benefit, while the remaining is invested by the insurance provider. If the premiums are paid on schedule for a specific number of years, the insurance company pays the assured sum to the nominee, in case of an untimely death of the policyholder. However, if the policyholder survives the policy term, the insurance company provides maturity benefit to the policyholder.
Child life insurance plans aim at building a corpus for the future development of a child. Future premiums are waived off if the insured parents meet with an untimely death during the policy term, however, the policy benefits continue without disruption. This insurance plan is designed to fund the education or marriage expenses of a child. Some child insurance policies do allow intermediate withdrawals at certain intervals.
A retirement plan let individuals determine a fixed stream of income post-retirement and build a stable financial source for the policyholder. Most retirement life insurance plans offer an annual pay-out or a one-time lump sum pay-out on completion of 60 years of age of the policyholder. A portion of the premiums goes toward creating a retirement corpus for the policyholder which is available as a lump-sum or monthly payment after the policyholder retires. The monthly pay-out after retirement entirely depends on the capital invested, the investment timeframe, and the age at which the insurer wishes to retire.
Benefits of purchasing a life insurance policy
Life insurance provides financial support to surviving dependents or other beneficiaries of the policyholder, especially after the death of the insured person. When the insured person dies, the policy’s named beneficiaries receive the assured sum amount or death benefit as mentioned in the policy terms and conditions. In Jaipur City, Jaipur life insurance agents help people select the best life insurance policy and minimize the impact of ﬁnancial loss to the policy holder’s family by helping them complete the claim settlement formalities in case demise of the policyholder. The benefits of purchasing life insurance policy are: best term plan in jaipur
Comprehensive plan for different stages of life
Life insurance policy serves as a long-term investment plan to meet financial expenses for a peaceful retired life. The policy also covers life risk by providing financial support to the beneficiary in case of unforeseen and accidental death of the policy holder.
People who buy life insurance policies can avail a loan against their insurance policy. This helps them meet their urgent financial needs at any stage of life without having an impact on the benefits provided by the policy they have purchased.
Frequently Asked Questions
1. What is the duration of term life insurance?
Usually, a term life insurance policy is for ten, twenty, or thirty years. Some insurers provide longer or shorter-term duration ranging from five to forty years.
2. Can the premium for my life insurance policy be paid online?
Yes. It can be paid online. You don’t have to go to the office to pay your life insurance premium. Net banking, wallets, UPI, credit and debit cards are available to make payments online. Life insurance agents in Jaipur can assist you in comprehending all of the intricacies.
3. What is a retirement plan?
A retirement plan allows you to determine a predictable stream of income after retirement and develop a steady financial source.
4. What are the types of life insurance policies?
Unit Linked Investment Plan (ULIP), money-back policy, child plan, and whole life insurance policy are some of the types of life insurance policies that life insurance agents in Jaipur offer.
5. Can a life insurance agent help me select a suitable insurance policy?
Yes, life insurance agents in Jaipur assist you in choosing the appropriate life insurance policy and maximizing the financial benefits as per your requirements.
6. What is the frequency of paying the premium?
You can pay your premium in various time frames including monthly, quarterly, annually, or in a single payment.
7. How much does a life insurance agent charge as commission?
Generally, 2-7 percent of the sale is charged by the life insurance agents.