Term Insurance Plan: If you want to take a term life insurance plan for the financial security of your family, then today you will know in this post how you can take a term life insurance plan. And also in this post, you will know who can take term insurance, and what documents you should have to buy term insurance plan, according to your income, you should take a term plan of how much and you can buy term life insurance plan. How to buy it.
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Term Insurance Eligibility Criteria:
Insurance offers vary from company to company, but generally, you should be at least 18 years of age to take a term insurance policy. And the maximum age limit can be 60 years or even 65 years in any company. That is, if your age is between 18 years to 65 years, then you can take a term life insurance plan.
It is true that you can take a term insurance plan even at the age of 60, but the higher the age you buy term insurance plan, the higher its premium i.e. its cost has to be paid. That’s why you should take a term insurance plan as soon as possible.
Apart from this, when you apply for a term insurance plan, the insurance company can also ask for your health checkup. The insurance company wants to make sure that your health condition is really good through a health checkup.
Note that, health checkup in term insurance is beneficial for both you and the company. Because after taking out the health report, you have proof that the company was well aware of your health before taking the policy. And at the same time, the advantage of the company is that it gets a guarantee about your health at the time of taking the policy and according to your health the company can increase or decrease your premium.
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What are the documents you need to have to buy term insurance plan?
The main documents you should have to buy term insurance plan are –
- PAN Card (On which your date of birth should be unclear).
- Proof of Identity: Passport, Voter ID card, Aadhaar card, Driving license (Can give any one or two of these documents).
- Proof of address: electricity bill, telephone bill, ration card.
- Proof of income (Proof of income means if you work for proof of income, then you have to give a Salary Slip, Bank Account Statement or you have to give your Appointment Letter. And if you do business, then you have to last two years. A copy of the Income Tax Return has to be given and apart from this you also have to give your passport-size photo).
How much should you get term insurance for?
So usually the insurance company offers term insurance plans up to an amount equal to 20 times your total annual income.
Example: If your monthly income is 25 thousand, then in this way your annual income is 3 lakhs. The insurance company offers an insurance plan up to 20 times your annual income of 3 lakhs i.e. up to Rs 60 lakhs. Now it is up to you whether you want to take a term plan equal to 20 times your income or less.
Another point to note here is that the higher the amount you take a term plan, the higher your insurance premium will be accordingly. And if you take a low amount term plan then your insurance premium will also come down accordingly.
So you have to think for yourself that according to the needs of your family in the future, when you are not in this world, then how much amount will be needed by your family. Thinking like this, keeping in mind the financial security of your family, you should take a term plan of at least 10 times or more of your income.
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How can you buy term insurance plan?
You can buy term insurance plan in two ways. First offline and second online.
Offline: To buy a term plan offline, you have to go to the office of an insurance company or you can also buy term insurance plan with the help of your bank. Almost all the big banks like SBI, HDFC, Axis, ICICI, Kotak and big banks keep on offering many different term plans. You can buy a term plan by visiting the nearest branch of these banks by completing offline paperwork.
Note that while buying this type of term insurance plan, banks act on behalf of an insurance agent and in such a situation, if you take an offline term insurance plan, then some commission is paid by the insurance company to the bank. Due to this your offline insurance premium may be slightly more expensive than online. But if you are not comfortable buying insurance online yourself, then it would be a good idea for you to take a term insurance plan by visiting an offline branch.
Online: To buy term insurance plan, you first have to do a little research online. You must follow some steps to do research such as –
- You have to understand the requirement of your insurance. And to understand your insurance requirement, you should always know two things. First, how much amount you have to take a term insurance plan and second, how much premium you can easily afford.
- After this, you can do some searches based on your requirement after visiting www.policybazaar.com or www.bankbazaar.com.
- As soon as you visit these websites, you have to first fill in some information about yourself to get insurance. For example – which city you are from, your name, your date of birth, what you earn a salary or your business, how much is your annual income, how much amount you need term plan, your email id and your mobile number.
- Now as soon as you fill up all these details, then this website shows you the offers of different insurance companies. And in all these different offers, you can choose the plan of whichever company you like and whichever insurance company you consider good.
Note that before finalizing any insurance policy, you should read the offer document of that insurance company, which is called policy details. They can also be downloaded and kept in PDF format by clicking on the details on these websites. And if you do not understand a policy very well, then by directly calling the customer care of the insurance company mentioned in the offer document, you can get to know about that policy better. Or by calling customer care on these websites www.policybazaar.com or www.bankbazaar.com you can understand the offer, term conditions and all the terms and conditions of the policy.
Apart from this, if you also give your mobile number and email id details on www.policybazaar.com or www.bankbazaar.com, you will soon get a call or message from these websites. And whatever calls you to get from these websites, you can also get information about different policies as per your requirement on that call.
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