Are you the breadwinner and having dependants and large liabilities on your head? Well, listen, Term Life Insurance is the one that can help you cover your dependants from any financial instability.

What does Term Insurance cover?

Term Insurance, also known as pure Risk Insurance is one of the cheapest ways to cover a large liability for a specific duration. The policy undertakes to pay the full sum assured to the nominee in case of death during the specific term. In case the person survives, then there is no maturity benefit payable. Though, there are ‘Return of Premium” options available, but these don’t turnout be cost-effective.

How much Term Insurance you need?:

Multiply your monthly salary by 100. So if your monthly salary is Rs. 50000 – the ideal cover you must have is Rs. 50 Lakhs.

What are the documents required for applying for a Life Insurance?

1. Filled in Proposal form

2. Identification, Residence Proof and Correspondence Address Proof

3. Income Proof – Income Tax Returns, Form 16, Salary Slips etc.

4. Photographs

5. Medical Tests – minimum, fitness test would be mandatory.

Points to note:

1. The higher duration of the cover the better, since as you grow older the risk increases.

2. Term Insurance cover needs regular upgrades as per your new income and inflation.

Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy.

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