The majority of the insurers will offer the coverage till 75 years (as it is the average age of a person). There are a few life insurance companies which provide coverage for 100 years as well. So, if you buy a term plan at an early age, you and your family can enjoy its benefits for a long time.
Inform the Insurance Provider About the Claim At times, you may not be sure about the policy. It happens when you buy term insurance in a hurry. As a result, many people make the wrong decisions. All insurance companies allow a grace period of 15-30 days to change your decision. If you are unhappy with the policy, you can return the original policy documents (in that duration) to cancel the policy.
Inform the Insurance Provider About the Claim When it comes to payment, you can always choose the premium payment mode according to your convenience. You can pay monthly, quarterly, half-yearly or annually. Many people prefer to pay the amount of term Insurance monthly as it comes at a very nominal price. Payments can be easily made online. You can do it either through NEFT, Net banking, IMPS, or wallet banking.
Inform the Insurance Provider About the Claim Yes, this is an additional benefit of investing in a term insurance plan. On buying a Term Insurance policy, you will be liable to get tax benefits as per Section 80C of the Income Tax Act, 1961.
Term Insurance plans are available at a very nominal amount. It may be as low as some hundreds or thousands per month. As compared to that, the sum assured can be in lakhs and crores (depending on the customization of policy options).
IFast Delivery: As soon as you enter the required details and make the payment, you will get the policy documents in your Inbox.
Inform the Insurance Provider About the Claim Yes, you don't have to beg your insurance provider and wait for days to get your hands on the duplicate copy of your policy documents. Thanks to digitalization, you can access your details and documents with a click of a button. For example, if you have bought a term plan from PolicyX.com, you can check your details by logging into your account.
You don't have to browse the internet like a crazy person to get the details of the policy. From comparing several insurance providers to premium calculation, everything is done on a single web page.
Since there are no middlemen involved in the entire process, the cost of online term plans is less. Many other overhead costs such as the cost of office, commission to the middlemen and distribution channels, etc are saved as well.