Quick Guide to Your Plan
100% Premium Refund Option°
Receive your premiums back with Smart Exit Benefit°. This option can be exercised in any policy year greater than 25 but not during the last 5 policy years, provided the age of the life assured is 60 years or more at the time of exercise. No additional premium is payable to avail this option.
1 Day Claim Settlement
The claim settlement process has been made quicker and simpler, wherein we are settling claims in 1 day, provided that the policy has been active for 3 continuous years, all mandatory claim documents have been submitted at the branch, and the total claim amount of all policies held by the Life Assured is ≤ ₹1.5 Crore. The claim should not require any on-ground investigation.
Over ₹1,800 Cr Volume Of Claimsε Closed
In Financial Year FY2023-24, this Life Insurance has paid individual death claims amounting to ₹1,867 Crε.
Extra Cover Option for 34 Illnesses
Our term insurance plan gives you additional protection against 34 life-threatening illnesses such as Cancer, Heart Attack, and Kidney Failure. Claim paid out on first diagnosis, no hospital bills needed. Policy will continue with the life cover reduced by the extent of the critical illness benefit paid.
Quick Guide to Your Plan
What is a term plan?
Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a large amount of term insurance cover (sum assured) at affordable premiums. The nominee receives the term insurance amount in case of death of the policyholder.
When should I buy a term plan?
The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan later, as you grow older.
Who should buy a term plan?
Parents
If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan.
Young individuals
The premium for term insurance increases with age. So it makes smart sense for young professionals without financial liabilities to buy term plan early & this way they get lower premium rates and the rates will not increase over time.
Newly married couples
A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around.
Home loan repayment
In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans.
How much insurance cover do I need?
While it’s recommended that the life cover be 10 to 15 times your annual income, you also need to take into account your current expenses and the impact that inflation would have on your future expenses. If you are the sole breadwinner, you have dependent family members whom you need to always protect financially. Also, if you take a home loan or an education loan for your child, you need to ensure that, in case something happens to you, your family should not be burdened by loan EMIs. All these factors should be considered when choosing the ideal life cover amount. New age term insurance plans also give one the flexibility to decide how they want their loved ones to receive the life cover payout as a lumpsum, in the form of a monthly income or a combination of both.
What is limited pay option?
With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7, 10 or 15 years) and enjoy the term insurance cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65%** over the entire policy duration with this option.
Which payout option should I choose?
Before choosing the ideal payout option, you need to thoroughly evaluate your current lifestyle and the reality of your dependent family members. This will give you fair idea as to how the life cover amount needs to be paid out to your family which will not only take care of their financial needs but also ensure that they are able to manage huge sum of money (the life cover amount) without any hassle in your absence.
Monthly Income :Your term life cover will be paid to your nominee as a monthly installment for a period of 10 years/20 years/30 years (chosen at inception). This option is ideal for those who want to ensure that the burden of outstanding liabilities and monthly household expenses does not befall their loved ones while also paying affordable premiums.
Increasing Monthly Income :Increasing Monthly Income : Your term life cover is paid out to the nominee in the form of a monthly income, which increases by 10% every year for 10 years. It has been designed to keep in mind that the financial needs of the family will keep increasing due to inflation, and they should be able to manage these without any burden.
Lump-sum : Your entire term life cover amount is paid to your nominee in one go. This is the most preferred option for our online buyers. It can help your family possibly close the pending home loan EMIs. They can also use the huge sum of money (life cover amount) to further invest it in instruments that will ensure needs like sending children abroad for higher education, is taken care of, as such an amount invested as principal and can reap high returns thus fulfilling all your family’s dreams even in your absence.
Lump-sum + Monthly Income : You can choose for your family to receive the life cover payout in 2 parts. In case of death of the policyholder, your family will get one installment as a lumpsum payout immediately and the rest in the form of monthly income for a period of 10 years/20 years/30 years (chosen at inception). This will ensure that the life cover amount can help the family with immediate needs (lumpsum) like loans as well as take care of day-to-day expenses (monthly income).
Rider Options
Below are the four riders offered Life Insurance