TERM INSURANCE

TERM INSURANCE

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TERM INSURANCE KYA HOTA HAI?

Term Insurance ek Tarah ka Life insurance hai jo Fixed duration(Tenuer) k liye hota hai, Agar Term Insurance Policy Duration(Tenue) k bich Policyholder ki death ho jati hai to Nominee ko Claim Amount(Death Benifits) milta hai.Ye ek Tarah ka Best Protection plan hai jo family ko Economicaly help karta hai,Is plan me kisi tarah ka Investment aur Saving nhi hai.Policy expired hone ka baad agar policy holder ki death nhi hoti hai to baad me koi bhi Policy Amount(Bima Rashi) nhi milta hai

TERM INSURANCE PLAN KYU LENA CHAHIYE?

  • Policy totaly Life Covered hota hai.
  • Agar Aap Term Insurance Policy lete hai or aap par bank ya kisi Financial Instution ka aap per loan hai to death benefits amount par phla haq bank/fianancial instution ka hoga fir nominee ka hoga lekin agar aap apne policy me married women property act liya hai to kisi bhi bank/financial institution ka death amount pe koi haq nhi hoga,sirf Nominee ka hoga.
  • Nominee ko kam Premium pe lakho ya crore ka fixed Amount mailta hai.(After Policyholder death)
  • Term Insurance ka Premium other Policies k Premium se less hota hai isliye ye kafi affortable hai.
  • Ye ek Simple & Straightforward Policy hai.
  • Isme riders addon se extra benefits milta hai.
  • Policyholder k death hone pe family ko financial security deta hai.
  • Term insurance k Premium pe aap Income Tax Act(80C) k tahat benefits le sakte hai.

NOMINEE KO DEATH BENEFITS

Policy holder ki death hone k baad sum assured(Bima Rashi) kai tariko se Nominee ko milta hai
  1. Total Sum Assured(Bima Rashi) Nominee ko milta hai or
  2. Nominee Total Sum Assured(Bima Rashi) ko monthly / quarterly / halfyearly or yearly bhi le Sakata hai
  3. Agar Policyholder ne Policy lete time ek ya ek se adhik nominee deta hai to Bima Rashi divide hoke milta hai.Eg: Nominee A-30%, B-40%, C-30%(Ratio-A:B:C=30%:40%:30%=100%)

RIDERS ADDON

Life Insurance me ek optional extra service suvidha Riders hai jisko aap apne policy me add kar sakte hai jisse aapko extra benefits milte hai,
Niche kuch riders hai jo aap k liye benefits ho sakte hai
  1. Critical Illness Riders(Approx 64 diseases)- 64 types ki bimari ko cover karta hai.
  2. Accidendal Cover- Policyholder ko isme accidental cover bhi milta hai.
  3. Permanent Disability- Policyholder agar permanent disability ho jaye to cover milta hai.
  4. Return of premium- Is rider ko lene se policy duration k andar Policyholder ko kuch nhi hota hai to usne jitna premium pay kiya hota hai Policyholder ko mil jata hai.
  5. No Income Husband proof- Ye Policy women agar leti hai to unko apne husband ka koi income proof nhi dena hota hai.(Eg: widow,divorcee,etc)
  6. Cover upto 85yrs- Is Rider me Premium aap 60yrs or 65yrs tak premium pay karte hai but cover aapko 85yrs tak milta hai.
  7. Video MER facility- Isme aapko kahi jane ki need nhi hoti hai ghar pe video k madyam se aapka health checkup hota hai.

TERM INSURANCE POLICY LETE TIME DYAN DENE WALI BAATEIN

  • Jab bhi aap Term Insurance Policy ya koi bhi policy le apne family ka sath shared kare.(shared with your policy)
  • Policy lete time Ideal Cover(sum assured) ko apne expence k hisab se le.
  • Aap ko ek basic calculation provide karta hu jisse aap ideal cover amount nikal sakta hai.

  Life Insurance Amount= {Current year expence*(65-CURRENT Age)*20}/7

  • Kisi bhi company ka Policy buy karte time us Company ka CSR(Claim Settlement Ratio) & ASR(Amount Settlement Ratio) ko jarur dhyan se dekhe.
  • Claim Settlement Ratio(CSR) check kariye company ka kya hai (Highest Percentage is good),CSR se jyada jaruri hai ASR check karna,kabhi kabhi kya hoya hai CSR heigest hota hai but ASR thik nhi hota ASR bhi good hona chahiye.{EG:Maan lete hai kisi company ka CSR 99% to claim to sahi hai but kya ASR kam ho, ho sakta hai wo lakh wala claim process jyada kar raha hai lekin crore wala claim process kam kar raha ho, to aapko check karna hai big amount ka claim kitna jyada hai isliye ASR check kariye.
  • Policy lete time company ko apni sari jankari sahi de.(Give currect details,Dont hide anything to company)
  • Aap kisi Compamy me kaam kar rahe hai to Company ki taraf se aapka insurance tab tak valid hai jab tak aap us Company me ho uske baad nhi, isliye aapni family ko dekhte hue 1 term plan alag se jarur le.
  • Married Women Property Act- Agar Aap Term Insurance Policy lete hai or aap par bank ya kisi Financial Instution ka aap per loan hai to death benefits amount par phla haq bank/fianancial instution ka hoga fir nominee ka hoga lekin agar aap apne policy me married women property act liya hai to kisi bhi bank/financial institution ka death amount pe koi haq nhi hoga,sirf Nominee ka hoga.

TERM INSURANCE(IN ENGLISH)

WHAT IS TERM INSURANCE?

Term insurance is a type of life insurance that is valid for a fixed duration (tenure). If the policyholder dies during the policy term, the nominee receives the claim amount (death benefit). This is a type of excellent protection plan that provides financial support to the family. This plan does not involve any investment or savings component. If the policyholder does not die before the policy expires, no policy amount is paid out afterward

WHY SHOULD YOU BUY A TERM INSURANCE PLAN?

The policy provides total life coverage.

  • If you take out a Term Insurance Policy and you have a loan from a bank or any financial institution, the bank/financial institution will have the first claim on the death benefit amount, followed by the nominee. However, if you have included the Married Women’s Property Act in your policy, no bank or financial institution will have any claim on the death benefit amount; only the nominee will receive it.
  • The nominee receives a fixed amount of lakhs or crores of rupees at a low premium. (After the policyholder’s death)
  • The premium for Term Insurance is less than the premiums for other policies, making it quite affordable.
  • It is a simple and straightforward policy.
  • It offers extra benefits through riders (add-ons).
  • It provides financial security to the family upon the policyholder’s death.
  • You can avail of benefits on Term Insurance premiums under the Income Tax Act (Section 80C).

NOMINEE RECEIVES DEATH BENEFITS

After the policyholder’s death, the sum assured is paid to the nominee in several ways:

1.The nominee receives the total sum assured, or

2.The nominee can receive the total sum assured monthly, quarterly, half-yearly, or annually.

3.If the policyholder designates one or more nominees at the time of purchasing the policy, the sum assured is divided among them. For example: Nominee A – 30%, B – 40%, C – 30% (Ratio – A:B:C = 30%:40%:30% = 100%)

RIDERS ADDON

In life insurance, there’s an optional extra service called Riders that you can add to your policy to receive additional benefits.

Below are some riders that might be beneficial for you:

1.Critical Illness Rider (Approximately 64 diseases) – Covers 64 types of illnesses.

2.Accidental Cover – The policyholder also receives accidental coverage.

3.Permanent Disability – Provides coverage if the policyholder becomes permanently disabled.

4.Return of Premium – With this rider, if nothing happens to the policyholder during the policy duration, they receive a refund of all the premiums paid.

5.No Income Proof for Husband – If a woman takes out this policy, she doesn’t need to provide any income proof for her husband (e.g., for widows, divorcees, etc.).

6.Coverage up to 85 years – With this rider, you pay premiums until age 60 or 65, but the coverage extends until age 85.

7.Video Medical Examination Report (MER) facility – You don’t need to go anywhere; your health checkup is conducted at home via video.

THINGS TO KEEP IN MIND WHEN BUYING A TERM INSURANCE POLICY

  • Whenever you take out a Term Insurance Policy or any other policy, share the details with your family. (Share your policy details with your family)
  • When taking out a policy, choose the ideal cover (sum assured) based on your expenses.
  • Here’s a basic calculation to help you determine the ideal cover amount:
  • Life Insurance Amount = {Current year expenses * (65 – CURRENT Age) * 20} / 7
  • When buying a policy from any company, be sure to carefully check the company’s CSR (Claim Settlement Ratio) and ASR (Amount Settlement Ratio).
  • Check the company’s Claim Settlement Ratio (CSR) (the highest percentage is good). Checking the ASR is even more important than checking the CSR. Sometimes, a company might have a high CSR, but a low ASR. This means they might be processing many small claims but fewer large claims. You need to check how many large claims are being processed, so check the ASR.
  • When taking out a policy, provide the company with all your information accurately. (Give correct details, don’t hide anything from the company)
  • If you are working for a company, your insurance provided by the company is only valid as long as you are employed there. After that, it’s no longer valid. Therefore, considering your family’s needs, you should definitely take out a separate term plan.
  • Married Women’s Property Act – If you take out a Term Insurance Policy and you have a loan from a bank or any financial institution, the bank/financial institution will have the first claim on the death benefit amount, followed by the nominee. However, if you have included the Married Women’s Property Act clause in your policy, no bank or financial institution will have any claim on the death benefit amount; only the nominee will have the right to it.

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