Buying the Best Term Life Insurance Policy Just Got Easier. Read to Find Out

Finding the ideal term life insurance policy might be difficult. First, you must choose a budget-friendly policy that provides the required coverage. If you have a family, you would want to ensure that it would take care of them financially if something were to happen to you.

The good news is that you can do a few things to simplify purchasing a term life insurance policy or a health insurance policy. You must first comprehend the type of term life insurance policy you require. 

We’ll be telling you all about a term life insurance policy in this guide. But first, let’s start as to why you should consider buying term life insurance policy in the first place. 

Reasons to Choose Term Life Insurance Policy

• Budget-Friendly Premiums

The rates for a term life policy are relatively cheap for the type of coverage it offers. The cost of the premiums is reasonable for high coverage.

• It Helps to Save on Taxes.

Tax savings are a significant benefit of getting a term insurance policy. Section 80C of the Income Tax Act allows for tax savings on premium payments for term insurance policies up to Rs. 1.5 lakh.

• Adding Riders is an Option

You can expand the extent of coverage under a term life insurance policy by including extra coverages known as riders.

• Offers Financial Security

A term life insurance policy is referred to as a “Pure Protection Plan,” which aids in giving the life assured’s family financial security in the event of the assured’s untimely death during the coverage period. You can also consider investing in a health insurance policy to provide extra financial protection to your family in case of medical emergencies. 

Reasons to Buy Term Life Insurance Policy Online

• Easy Comparisons

One key benefit of buying a term life insurance policy online is the ease of comparing various term insurance policies using a term insurance calculator.

• Lower Premium Rates

A term life insurance policy is one of the most budget-friendly types of life insurance. Since, it comes with only death benefit, the premiums are comparatively lower. 

• Quick and Secure Purchase

Term insurance coverage can be readily purchased online whenever you choose, from the convenience of your home.

Points to Keep in Mind While Buying Term Life Insurance Policy

Following are some crucial considerations while purchasing term insurance online:

• Future Premiums Could Change.

Your online pricing quote is based on the presumption that you carry an average level of risk in terms of your health, occupation, and family’s medical history. This may change as you age, and as your lifestyle habits change. 

• Don’t Allow Insurance to Get Lapsed.

Purchasing an insurance policy online is undoubtedly a wise choice. However, it would help if you didn’t let the policy expire by failing to pay your premiums on time.

• While Applying, Don’t Omit any Important Information.

Your insurance premium will be 25% and 30% more expensive if you smoke or use tobacco in any other way than someone who doesn’t.  This doesn’t mean you have to hide information such as this. Omitting any relevant information can lead to claim rejection. Hence, to retain the benefits of your policy and protect your investment, it’s essential you make a full disclosure while buying a term life insurance policy. 

Criteria for Term Life Insurance Policy Eligibility

A person must be eligible to buy term life insurance policy if they meet the following criteria: 

• The policyholder must be at least 18 years old to enrol in the plan.
• The minimum policy tenure will determine the maximum entry age.
• Most insurances have a maximum maturity age of 75 years; however, it varies from insurer to insurer.
• Since many policies have a set minimum sum assured, the sum assured will also be considered when determining eligibility.

Required Documents for Term Life Insurance Policy

The list of paperwork that the policyholder must submit to purchase a term insurance plan is shown below: 

Identification Proofs

Identification documents like a passport, voter ID card, Aadhaar card, or driving license as proof of identity

Age Proof

Use documents such as a passport, birth certificate, driver’s license, PAN card, etc.

Proof of address can be shown by documents such as a passport, bank statement, voter ID card, or ration card.

Income Documentation

Income documentation includes employer certifications, income tax assessment orders, or tax returns.

Final Thoughts

Finally, it’s now simpler than ever to purchase the best term life insurance policy. You may use the internet and term insurance calculator to compare prices and find incredible deals.