Best Term Insurance Plans for
Your Needs
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What Is
Term Insurance
Term insurance is a straightforward and cost-effective way to obtain financial protection.
Essentially, when you purchase a term insurance plan, you agree to pay regular premiums to the insurance company. In return, the company guarantees a specified lump-sum payment (the death benefit) to your beneficiaries if you pass away during the term of the policy.
How DoesTerm Insurance Work?
The most apparent feature of term insurance is that it provides pure coverage for a fixed ‘term’ or duration. For example, 10 years or 30 years. If the insured person dies within this period, death benefits are paid to the beneficiaries. Opportunely, if they outlive the term, the policy expires.
Depending on the type of your term policy, the sum assured (coverage amount) can remain constant or ‘level’ throughout the policy term or it can change gradually over the policy term.
Level term plan premiums remain fixed and are suitable for covering long-term financial needs such as income replacement. Decreasing term insurance usually has lower premium rates and is suitable for covering liabilities such as home loans or business loans. Finally, increasing term policy helps keep up with inflation over the years during the policy term.
Benefits of Term Insurance
Long-term life insurance benefits your long-term financial goals.
High sum assured at low premiums
Term insurance typically has lower premiums because it does not extend a cash component. Instead, it provides a handsome coverage for a fixed period, making it an affordable and robust life insurance option.
Simple and pure coverage
Unlike permanent policies, term plans are easier to grasp. The focus is on a death benefit with straightforward payout.
Tax Benefits
Section 80C and Section 10(10D) of the Income Tax Act provide tax benefits on premiums paid and the death benefits received for life insurance.
Who Should Buy a Term Insurance Plan?
An increasing number of studies indicate that term insurance sales have grown rapidly over the past few years. This surge is often linked to the growing purchasing power of women and the addition of the millennial and Gen Z pool who are increasingly turning to financial planning.
Today, term insurance offers something for everyone. If you’re looking to check off any of these items on your list, term insurance could be the right choice for you.
Younger you start the better
Nearly two-thirds of individuals in India regret not starting their term insurance earlier, a recent survey suggests. Getting a term plan early on helps lock-in lower premiums and offers better and more flexible coverage options.
Providing financial security to dependents
A term insurance plan ensures that your family and dependents can maintain their standard of living in case of your untimely death.
Covering Liabilities
Term insurance can provide the funds required to settle obligations such as personal loans, business loans, and home loans, thereby saving your family from bearing a financial burden.
Sustaining Businesses
Business owners can use term insurance as a tool to protect and expand their business. If a key person passes away, the payout can help cover transition costs and sustain operations.
Short-Term Coverage Needs
Term insurance can be an ideal solution for these short-term needs. Individuals may require coverage up until a finite point, such as until a child's graduation or mortgage payment.
Budget-Conscious Buyers
For those looking to maximize their insurance benefits for minimal cost, term insurance is ideal.
Overall, anyone looking for affordable financial protection for their loved ones during critical life stages may benefit from term life insurance in India.
How to buy Term Insurance?
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Choose the Right Policy
Assess your future financial goals to identify the ideal term coverage life insurance for you.
a. Consider your financial responsibilities
b. Decide how long you need coverage
c. Compare policies based on premium rates, features etc.
d. Pick optionals riders you need to customize your policy
Get Quote
Submit details
Make payment
Post purchase
Claim process
Health Insurance Plan Eligibility Criteria
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Age
The minimum age to buy life insurance is 18 years. The maximum age may vary (usually 60-70 years) depending on the policy terms and prevailing market conditions.
Income
Although there is no set income limit, insurers require income proof to identify the financial responsibilities of the policy buyer and assess the appropriate coverage amount.
Health
Disclosure of any pre-existing medical conditions is required. Applicants may need to undergo medical examinations, especially for older applicants or those seeking higher coverage amounts.
Nationality
Most term insurance policies are available primarily to Indian citizens. Non-resident Indians (NRIs) may also be eligible.
Occupation
High-risk jobs may impact eligibility or lead to higher premiums.
Insurers typically specify minimum and maximum sum assured limits, which applicants must adhere to.
Rider for your
Term insurance
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01.
Accidental Death Benefit
Provides an additional sum assured if the policyholder dies in an accident.
02.
Critical Illness
Offers a lump sum payment if the policyholder is diagnosed with a critical illness specified in the policy (e.g., cancer, heart attack).
03.
Total or Permanent Disability
Provides a benefit if the policyholder becomes totally and permanently disabled due to an accident or illness.
04.
Waiver of Premium
Waives future premium payments in case of disability or critical illness, ensuring the policy remains active.
05.
Income Benefit
Provides a regular income to the beneficiaries in addition to the death benefit.
06.
Hospital Cash
Offers daily cash benefits for hospital stays, helping cover medical expenses.
07.
Surgical Benefit
Provides a lump sum payment for specific surgeries listed in the policy.
Why To Buy
Term insurance
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Convenient Paperless Transactions
Online purchases require less paperwork which is convenient and eco-friendly.
Comprehensive Information
Detailed plan comparison from top companies in one place.
Easy Policy Management
Simplified processes for policy renewals or upgrades available online.
Live Support
Get instant assistance. Ask questions and resolve doubts immediately.
Documents Required to Buy
Term Insurance Plan in India
Completed and signed application form.
Identity proof (Aadhar card, passport, voter ID, PAN) [ Note: most are compulsory for NRI applicants.]
Address proof (driver's license, utility bill, rental agreement)
Age proof (Birth certificate, passport, school leaving certificate)
Income proof (Salary slips, bank statement, ITR)
Medical records (may be required for age and health verification)
Recent passport-sized photographs.
Nominee details
How do you buy term life insurance from Oneassure?
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1
Connect with Us
Connect with us via website or phone number (+91 6364334343) to book a free consultation.
2
Receive Unbiased Recommendations
Get 100% unbiased recommendations based on your needs and select the best term insurance option that suits you.
3
Complete KYC Details
Provide us the required KYC details for further processing. Additional reports may be required for any pre-existing conditions.
4
Make Payment and Receive Your Policy
Once your application is processed, you will receive a secure payment link via your phone or email. Your policy will be issued instantly upon successful transaction.
Don't Just Take
Our Word For It
Why Choose Oneassure For Buying Term Insurance?
We are committed to helping you secure your financial future with confidence.
24/7 assistance
Our dedicated support team is available around the clock to assist you.
a. Policy Inquiries: Get answers to your questions about different term insurance plans, coverage options, and premium rates.
b. Guidance: Receive personalized advice on selecting the best policy for your specific needs and financial goals.
c. Claims Support: Whether it's a query about the claim process or assistance during a claim, our team is here to help you at any hour.
Simple purchase
Securing your financial future should be easy and hassle-free.
a. User-Friendly Interface: Our online platform is designed for simplicity, allowing you to compare policies and make informed decisions quickly.
b. Streamlined Application Process: Complete your application in just a few minutes with minimal documentation required, ensuring a smooth purchasing experience.
c. Transparent Information: We provide clear and straightforward details about coverage options, premiums, and terms, so you can make decisions with confidence.
Quick claim support
Straightforward claim process to support you through difficult times.
a. Efficient Claim Process: Our claims process is designed to be fast and efficient, minimising the time and effort required from your side.
b. Dedicated Claim Representatives: Each claim is handled by a dedicated representative who will guide you through every step, ensuring you have the support you need.
c. Timely Payouts: We strive for quick resolution and settlement of claims, so your beneficiaries can receive their benefits without unnecessary delays.
Swift upgrades
As your life evolves, so do your insurance needs.
a. Flexible Policy Options: Easily upgrade your coverage or add riders as your financial responsibilities grow, such as after marriage or the birth of a child.
b. Seamless Process: Our upgrade process is designed to be hassle-free, allowing you to modify your policy without extensive paperwork or delays.
c. Continuous Support: Our team is here to help you evaluate your changing needs and suggest suitable upgrades to ensure you remain adequately protected.