Term insurance is the simplest and most affordable form of life insurance.

Term plans provide peace of mind to you by ensuring that your family is financially secure and independent, in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals during the policy term. In the event of your unfortunate demise during the policy term, your nominees will receive the ‘Sum Assured’ which you had selected while purchasing the plan.

Term insurance is a form of life insurance that is active for a fixed period of time (popularly referred to as the term). These plans are easy to understand and provide financial protection that your family will need if you are no longer around.

New age term plans provide additional protection through optional benefits like Critical Illness Cover and Accidental Death Cover.

This is the most basic, simple form of term insurance where the sum assured or death benefit is constant throughout the policy tenure, and benefits will be paid to the nominee on the death of the life insured.

These type of Term plans come with maturity benefit wherein the total premium paid will be returned to the life insured if she/he survives the policy tenure.

In these plans, the policyholder has the option to increase the sum assured on annual basis during the policy tenure, while maintaining the premium amount at the same value. Due to this reason, the premium for these plans is naturally on a bit higher side as compared to level term plans.

In this type of term plans, the sum assured keeps on decreasing every year in these plans to meet the decreasing insurance requirements of the life assured. This kind of plan is helpful to get the cover in cases where the policyholder has taken a home/personal loan and is paying an EMI (Equated Monthly Instalment) on the same.

These plans come with an option wherein the policyholder can convert these plans into any other type of plan at a future date.  For instance, a term insurance can be converted into an endowment plan, a whole life insurance plan, etc. after the specified number of years.

This type of plan comes with rider options such as accidental death cover, critical illness cover, waiver of premium etc. which can be purchased along with the normal term plan by paying a small premium amount.

Uncertainty is the second name of life. However, in our busy life, we always live in today and don’t think about uncertainties of tomorrow

One of the biggest uncertainties is the life itself. Nobody is sure about the continuity of life. However, the question “What if I die tomorrow” is never asked.

In case of sudden unfortunate incident like death, the family is faced with the following unpleasant questions:

How they will be able to maintain same lifestyle?
What happens to various liabilities like Car Loan, Home Loan and other EMI?
Whatwill happen to education of the kids?
What will happen to medical bills of the parents?
How will family bear the marriage expenses of kids?
How long will the savings last?
Term Insurance provides the answers to the above-mentioned questions.



What is Critical Illness Insurance?
Critical Illness plan is a health insurance plan that pays a lump sum amount, equal to the sum insured, to the insured on acquiring a serious ailment such as cancer, Heart attack, stroke etc. A Crtical Illness cover provides a lump sum benefit which can pay for the cost of care and treatment, recuperation expense and even pay off any debt if taken. Regardless of your hospital expenses, the insurer pays the full sum insured. There are various pre specified plan which covers one illness and plans which covers more than one ( Kidney stone, Heart disease, Cancer etc. ). Critical Illness Insurance policies may also cover such conditions as Heart transplant, Coronary bypass surgery, Angioplasty, Kidney (Renal) failure, Major organ transplant, Paralysis etc.

Why should I purchase Critical Illness Insurance?
Critical Illness Insurance provides you and your family, the additional financial security on diagnosis of a critical illness. The policy provides a lump sum amount which could be used for:
Costs of the care and treatment
Recuperation aids
Debts pay off
Any lost income due to a decreasing ability to earn
Fund for a change in lifestyle.
What is a benefit policy?
Under a benefit policy on happening of an insured event, the insurance company pays the policyholder a lump sum amount.

What are the benefits under Critical Illness Insurance?
Normally, the Insurance company will pay the Sum Insured as lump sum on first diagnosis of any one of the Critical Illness, provided that the Insured Person survives a period of 30 days from the date of the first diagnosis.

The following are normally covered Critical Illnesses with various Insurance Companies:-

Heart Attack (Myocardial Infarction)
Coronary Artery Bypass Surgery
Kidney Failure
Major Organ Transplantation
Multiple Sclerosis
However, the coverage may differ from policy to policy and hence it is important to compare the illnesses covered before buying the Critical Illness Insurance. Also, the survival period may vary from company to company.

Is there any tax benefit under Critical Illness Insurance?
Yes, you can avail uptoRs.15,000 as tax benefit under ‘Section 80D’. In case of senior citizens, you can avail uptoRs.20,000 as tax benefit under 'Section 80D'.

What does pre-existing disease mean?
Any condition, ailment or injury or related condition(s) for which insured person had signs or symptoms and/or was diagnosed and/or received medical advice/treatment within 48 months prior to your first policy with the Insurance Company.

What is meant by disease?
Disease means a pathological condition of a part, organ, or system resulting from various causes, such as infection, pathological process, or environmental stress, and characterized by an identifiable group of signs or symptoms.

What alldocuments are required at the time of the Claim?
The Insured shall arrange for submission of the following documents required for processing of claim within 45 days from the date of Intimation.

Duly Completed Claim Form
Original Discharge Summary.
Consultation Note/ Relevant treatment papers.
All relevant medical reports along with supporting invoices and doctors requisition advising the same.
Original and Final hospitalization bills with detailed breakup.
Pharmacy Bills along with prescriptions.
Any other documents as may be required by the Insurance Company.
On receipt of claim documents claim will be processed in accordance with the terms and conditions of the Policy.