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Term Life Insurance

Simplest and a very popular Life Insurance in India. 

    insurance Quote

    Term Insurance

    “Term insurance is the simplest and purest form of life insurance, offering financial coverage to the policyholder against fixed premiums for a specified duration – hence the name ‘term’ insurance policy. Choosing and investing in the right term insurance plan is of utmost importance to anyone who has dependents and the right term insurance plan provides security as well as value for money. The premium for the best term insurance plan depends on various crucial factors including age, gender, ppt, policy term, sum assured, etc chosen by you and policy term.” 

    What is Term Insurance?

    Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.

    EXAMPLE: A 24-year-old healthy, non-smoking male can secure a cover of Rs. 1 crore for his dependents for the next 25 years. If he buys a term insurance policy, he will only pay approximately Rs. 537 per month, exclusive of taxes (Premium for Max Life OnlineTerm Plan).

    Family’s Financial Planning Starts Here
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    Tax exemptionup to Rs.54,600~#

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    High life cover at affordable premiums

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    Claim Paid Ratio^99.35%

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    Coverage against 64 critical illnesses@

    Why should you Buy Term Insurance

    People from all walks of life realize the importance of buying a term insurance plan best suited for their need. Amidst the fast pace of life and rising uncertainties in the form of COVID 19 disease, every family needs financial protection under a term plan to deal with the financial impact of losing a loved one, especially the breadwinner. It also helps the family in paying off the debts, such as car loan and home loan, if any.
    Here are a few reasons why buying term insurance is worth it:

    To Secure Your Family’s Future
    Being an earning member of your family, you are responsible for the overall well-being of your spouse, parents, and children. Buying term insurance is essential to ensure that you meet the obligations for your loved ones even when you are not around.
    To Protect Assets
    You might have built assets like a home, office, or vehicles through loans. With a term insurance plan by your side, you can ensure that the load of these borrowings will not cause any hardship to your loved ones after you.
    To Minimize Lifestyle Risks
    The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. Term insurance benefits, on the other hand, can make the life of your loved ones easier in such a situation, though financially.
    To Stay Prepared for Uncertainties
    Uncertainties in life can affect us in unpresented ways. This can be well understood while witnessing the current global Coronavirus pandemic. What a term plan does best is that it makes us stay prepared for such eventualities. You can opt for a significant life cover at an affordable premium under a term insurance plan.
     
     

    Who should Buy Term Insurance Plan?

    Death, disability, disease, all are realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty. Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions.Hence, all individuals who have financial dependents should buy a term insurance policy. They can be:

    parents
    PARENTS

    A term policy will act as a source of financial support for the children, ensuring that they do not miss life’s opportunities.

    young individuals
    YOUNG INDIVIDUALS

    Young professionals who do have many financial liabilities can benefit from lower of term premiums insurance plans.

    newly married
    NEWLY-MARRIED

    With a term insurance plan, you can secure the financial future of your spouse, giving her a truly long-lasting gift.

    Consider, for example, a family of four, where the father is the primary breadwinner & has bought a term insurance policy. The family needs about Rs.50,000 a month to fund regular expenses like rent, food, other groceries, electricity, water, education fee, etc. Debts, if any, are over and above this.


    In case of an unfortunate event, life continues, and so do these quintessential expenses. The family will still need Rs. 30,000 to 40,000 a month to meet all their needs. Here,adequate term insurance cover comes into the picture. It provides for the family with the following:• A lumpsum to meet their immediate needs
    • A regular income to meet their household expenses (if opted)
    The loss of life cannot be compensated. However, a term insurance plan can help to tide over the financial requirements of a family.

    Benefits of Buying Max Life Term Insurance

     
     
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    High Life Cover at Affordable Premiums

    Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for specific life cover

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    Protection from Illnesses

    Various term insurance plans also offer critical illness benefits to help you avail good treatment for life-threatening diseases without worrying about the costs. You can avail critical illness cover for more than 64 diseases by opting for Critical illness.

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    Long Term Coverage

    You can choose long term insurance cover till the age of 85 (subject to maximum policy term of 50 years) to leave a legacy for your family at a price you can afford.

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    Disability Benefits

    Accidents can happen unexpectedly and may lead to temporary or permanent disability.Disability benefit with a term plan will provide you financial support in case of accidental disability(available on payment of additional premium).

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    Income Options in case of Unfortunate Events

    You can get a regular income stream along with a lump sum benefit under a term insurance policy to ensure day to day living expenses of dependents are met.

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    Protection Against Liabilities

    The sum assured offered under a term plan will ensure safety for dependents from your financial liabilities like a loan and any other debt. They can easily pay off the debt from the insurance benefits received.

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    Riders for Additional Benefits

    Term plans come with add-ons/riders that you can select to get additional insurance benefits. offers the benefit of waiver of all future premiums based on conditions specified in the term insurance policy document.

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    Multiple Premium Payment Options

    With term insurance plans, you also get the flexibility to choose the premium payment tenure. You can either choose regular pay through the policy period or limited pay options with your term plan.

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    Tax Benefits

    A term insurance policy offers tax savings up to Rs. 1.5 lakh on the premium paid under section 80C on Income Tax, as per prevailing tax laws. Also, the lumpsum benefit paid under a term plan is tax-exempted u/s 10(10D).

    How Does a Term Plan Work?

    • A lumpsum amount is payable to your family in case of death of the policy holder under the chosen term insurance plan.
    • You can opt to receive the benefits under term insurance in the form of regular monthly income, along with lumpsum payment basis the variant opted.
    • Riders can be added to the base term insurance plan for improved benefits in case of accidental death, disability, or critical illnesses at an affordable price.

    Why Buying Term Insurance is a Must During COVID-19 Pandemic?

     

    During COVID-19 times, many people have lost their lives. In such challenging times, it has become crucial to buy term insurance that provides option to add COVID-19 rider.Term insurance plans.

    Features of a Term Insurance Policy

    Term insurance is that form of life insurance that is most easy to understand. There are several advantageous features of a term plan that you should know before buying one.

    Save Tax U/S 80C & 80D (Income Tax Act 1961)

    The premium you pay for your term insurance plan can save tax for you. Critical illness premium paid under the term insurance policy saves tax for you u/s 80D, while term insurance premium is counted u/s 80C of Income Tax, subject to conditions. Tax benefit are as per prevailing tax laws which are subject to change.

    Long Policy Term

    You can opt for a longer term for your term plan to stay protected. You can stay covered for up to 50 years with a term life insurance.

    Low Entry Age

    Most term insurance plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.

    Death Benefit as Regular Income

    Modern term insurance plans allow you to give your dependents a regular income along with the lumpsum benefit in the event of your unfortunate demise.

    Premiums Returned on Survival

    You can now receive all your money back if you survive the term insurance tenure. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.

    Disability Benefit with Term Insurance Plan

    Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit rider with your term insurance plan at affordable prices. The disability cover is available on payment of additional premium with the base term insurance premium.

    Cover Against Life-Threatening Diseases

    Cancer, heart attack, renal failure are some curable diseases that can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available with term insurance plans on payment of additional premium.

    High Maturity Age

    Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue term insurance cover up to the age of 85 with term insurance plans.

    Basic Term Insurance Plan

    Basic term insurance plan is the one with life cover and pays a death benefit in a lump sum only. This type of term insurance plan does not have any maturity benefit.

    Term Insurance Plan with Monthly Income

    A term insurance plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit.

    Term Insurance Plan with Return of Premium (TROP)

    Term plan with return of premium is a specific kind of term insurance plan where all the paid premiums are returned back to you at the end of the maturity.

    Group Term Life Insurance Plan

    Financial security is one of the essential needs of your employees. Group term life insurance plan is the most affordable way to ensure financial security for your employees families.

    Term Insurance Plan with Growing Monthly Income

    Inflation is a major factor when it comes to regular household expenses. Term plan with growing monthly income gives the death benefit as growing regular income to your family along with a lump sum amount.
    Term Insurance Plan Variants
     
    Plan VariantsBenefits in Brief
    Basic Term PlanDeath benefit in a lump sum amount for an affordable premium
    Term Insurance with Monthly IncomeRegular stable income for family along with death benefit
    Term Insurance with Growing Monthly IncomeGrowing income for family along with death benefit
    Term Plan with Return of PremiumReturn of premiums paid on maturity, along with death benefit during the policy period
    Group Term InsuranceLife cover for a group of people under one policy

    How to buy Term Insurance?

    Step One
    Estimate Your Sum Assured

    Analysis of financial need and visit the website and click on Calculate Premium to start the process of term insurance purchase. The first form of our term insurance calculator only asks a few basic questions related to age, contact information, smoking habits,and annual income.

    Step Two
    Choose Your Benefits & Get a Quote

    You can select multiple benefits of term insurance plan like, such as the regular monthly income payout option, return of premium option, critical illness benefit.

    Step Three
    Fill the Details & Pay the Premium

    Once you are satisfied with your choices of benefits under our term insurance plan, , you can pay the premium and fill the additional details. After filling the details, submit the documents required to complete your application of buying a term life insurance policy.

    How to Choose the Best Term Insurance Plan?

    While selecting a term insurance plan, you need to look for the following factors and ensure that your family has the best financial protection under the term life insurance policy:

    Check Claim settlement/paid record of the Insurer i.e. claims paid ratio

    The claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. It can be assessed through a percent number(Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.A consistently good claim settlement ratio or claims paid ratio indicates a robust and quick settlement process for claims filed under life insurance plans. It means your dependents will easily receive the death claim benefit from the insurer under the chosen life insurance plan.Max Life’s claim paid ratio for the year 2020-21 is 99.35%.^(Source:As per IRDAI Annual Report 2020-21^)

    Know the Existing Customer Experience

    Buying a term insurance plan is usually only the start of the story. You need to manage your term insurance policy to maximize the benefits. Engaging with an insurer, which not only offers the best suitable term insurance plan but also helps you stay updated on the terms of the policy.The customer service from life insurers can help the policyholders stick with them longer. Persistency Ratio declared by IRDAI annually can help you judge the insurer’s service quotient.Max Life’s persistency ratio has been 84%, which is a testament of the customer’s satisfaction and loyalty towards the company*(Source:Public Disclosure FY 2020-21)

    Check Solvency Ratio

    Solvency ratio, as per its basic definition, the solvency ratio of an insurance company is the size of its capital relative to all risks it has taken. In other words, it represents the financial situation of the insurer as per solvency norms.By checking solvency ratio of an insurer, you can identify whether the company has enough funds to settle claims in both long and short term.Max Life Insurance has a solvency ratio of 202%, which is way above the IRDAI mandate of 150%#* .(#* Source:Public Disclosure FY 2020-21)

    Know About the Benefits of a Term Plan Before Buying It

    Lack of awareness about the term insurance policy benefits often creates confusion in the minds of policyholders. It may also cause hassles at the time of filing a claim under the policy.As a policy buyer, you should first look into the benefits offered by an insurer under a term policy and then match them with your financial needs. A careful analysis of benefits and needs helps a lot in selecting the most suitable term insurance policy.

    Choose Term Insurance Riders Carefully

    Death is not the only risk you need to cover against. Apparently, disability and life-threatening diseases can also damage your financial health. Adding rider which covers these benefits into your term insurance plan along with few additional value-added riders like ‘critical illness cover’ can ensure better financial backup.Max Life Insurance offers the benefit of Critical Illness coverage against 64 life-threatening health conditions as an additional benefit with Max Life Smart Secure Plus Plan (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan UIN:104N118V02). Also, term insurance premiums are not as high compared to other types of life insurance plans. Hence, adding these rider as added benefits to your term insurance plan does not burden your pocket much.

    Look for Regular Income Payout of term insurance plan

    Traditionally life insurance policies have been paying a large sum of money to the dependents of insured in case of any unforeseen circumstances. Often the dependents are not equipped to handle such a large sum of money to meet all their needs and goals. Term insurance plans also offer option to choose variant which offer as regular income options along with the lump sum so that they can look after their immediate needs while investing the lump sum for future goals.Thus, selecting a regular income payout option while buying a term insurance plan may save a lot of hassle for your dependents later.

    Consider Service Quality and Online Availability

    Service quality is yet another parameter that you must consider while choosing an insurer to buy term insurance. You must know and ask about this quality from your peers or check online reviews to ensure that you are dealing with a renowned insurance company.Also, you should check the online availability of the customer support team of an insurer for faster resolution of queries.

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